UAE, UK explore opportunities to strengthen economic partnership

In a bid to enhance economic ties between the UAE and the United Kingdom, Abdulla bin Touq Al Marri, Minister of Economy, recently met with Greg Hands, British Minister of State (Department for Business, Energy Industrial Strategy). The bilateral meeting explored new opportunities for economic and investment cooperation, as well as new avenues for deepening collaboration at the private sector level.

The meeting took place during a UAE delegation's visit to the UK to participate in Investopia London, which will be held on January 31, 2024. The event, organised by Investopia, will bring together over 200 participants, including the UAE and UK leaders, businessmen, investors, and entrepreneurs.

Bin Touq emphasised that the UAE-UK relations serve as a prime example for advanced strategic ties and exceptional economic partnership, thanks to the visionary leadership in both countries. He highlighted the UAE's commitment to strengthening economic cooperation with the United Kingdom, particularly in emerging sectors that drive the transition towards the future economy. These sectors hold significant importance since both nations share common visions and economic strategies aimed at driving expansion and investment in these future sectors.

The minister said: “The meeting marks a significant milestone in boosting efforts to explore more opportunities and broaden the scope of existing cooperation between the UAE and the UK, particularly in relevant economic sectors. The UAE has a vital role as the UK’s primary economic partner in the region, thanks to its strategic geographic location. Likewise, the UK serves as a promising economic hub for UAE businesses in Europe.”

The two sides discussed strengthening prospects for economic partnerships and facilitating dialogue between the UAE and British private sectors. This will open up new avenues for cooperation, especially given the diversity of economic opportunities in both markets and the possibility of providing more facilities and incentives to exporters and importers in the two countries, thereby supporting the growth and sustainability of both economies.

Bin Touq highlighted the UAE’s vision to promote economic openness and build fruitful partnerships with leading regional and global strategic markets. He also underscored its vital role in supporting major economic clusters, which will shape the future of the global economy. These efforts are supported by the UAE’s position as a competitive and vibrant economic hub, which offers direct connectivity to more than 400 cities around the world and boasts extensive shipping lines connecting 88 ports worldwide.

To this end, the Minister of Economy held a bilateral meeting with Bim Afolami, Economic Secretary to the Treasury, to discuss strengthening cooperation in the sectors of fintech, digital transformation, entrepreneurship, circular economy, financial services and renewable energy.

During their meeting, the two sides shared views on leading global entrepreneurship practices. They also discussed ways to strengthen bilateral cooperation and support SMEs in the markets of the two countries, empowering them with possibilities to enhance growth, financing mechanisms and competitiveness in various UAE-British economic activities and to expand into foreign markets.

Moreover, the meeting saw the exchange of experiences in the development of flexible economic policies and their role in promoting the growth and sustainability of the two countries' economy. Bin Touq reviewed the UAE’s advanced economic legislative system and its role in enhancing the competitiveness of the national business environment and consolidating its leadership regionally and globally. These include the promulgation and development of new legislation for the sectors of cooperatives, commercial transactions, commercial registry, and family businesses; the granting of 100% foreign ownership to companies; facilitating business establishment procedures; and promoting openness to the world by establishing international partnerships with targeted strategic markets. In addition, he drew attention to the UAE’s promising investment opportunities in the sectors of tourism, family businesses, e-commerce, manufacturing, sustainable transport, and technology.