UAE, Austria discuss strategies for increasing trade, investment

Dr. Thani bin Ahmed Al Zeyoudi, UAE Minister of Foreign Trade, met a delegation of Austrian business executives, led by Dr Wolfgang Hattmannsdorfer, Austrian Federal Minister of Labour and Economy. At the UAE-Austria Roundtable, the two sides discussed strategies for increasing trade, investment, and private sector collaboration between the two countries.

The meeting underscored the UAE's commitment to strengthening its economic ties with Austria, a key partner within the European Union.

During the discussions, Al Zeyoudi emphasised the importance of the UAE-Austria economic relationship and noted the substantial growth in trade between the two countries, with non-oil bilateral trade reaching US$1.8 billion in 2024 – a significant increase of 26.6% from 2023. This momentum continued in H1 2025, with non-oil trade rising 57% year-on-year to reach US$1.1 billion.

Speaking of the deep bilateral ties that exist between the two nations, Al Zeyoudi said: “Austria is a vital partner for the UAE in Europe, as we share deep trade and investment ties that continue to grow. Today's discussions at the UAE-Austria Roundtable focused on expanding avenues for private sector collaboration that will be mutually beneficial. We look forward to exploring new projects in advanced manufacturing, renewable energy, tourism, and technology that can drive growth for both our nations.”

For his part, Dr Hattmannsdorfer said: "It is a great honour and pleasure to visit the United Arab Emirates for the second time this year, underlining the strength of our growing strategic partnership. Following our successful roundtable in Vienna in April, I am very pleased that we could continue this dialogue here in the UAE on the invitation of Dr Thani Al Zeyoudi. Today’s meeting, bringing together over 30 leading Austrian and more than 10 distinguished Emirati companies, demonstrates the strong mutual interest and the great potential between our economies.

I see my role as a door-opener for Austrian businesses — because every new partnership strengthens not only our economic cooperation, but also the trust and friendship between our countries. Together, we are building on the bridges we established earlier this year and creating new opportunities for sustainable growth and innovation."

The meeting served as a platform to discuss various ongoing initiatives and agreements aimed at leveraging the existing trade and investment framework for mutual benefit. Al Zeyoudi emphasized the importance of investing in sustainable and innovative projects that create jobs and generate lasting economic value in both countries.

Al Zeyoudi also commended the strong ties shared by companies in both nations’ private sectors, highlighting the multi-billion-dollar joint venture between ADNOC and OMV to create the world’s fourth-largest polyolefins company.

The meeting concluded with a shared commitment to further explore collaborative projects that will enhance trade relations and economic ties between the UAE and Austria, paving the way for a mutually prosperous future.