UAE and UK to explore new partnership opportunities

Minister of Economy Abdulla bin Touq will head a delegation of government entities and business representatives this week

Abdulla bin Touq, the UAE Minister of Economy, will lead a delegation to the UK to explore investment opportunities. Photo: UAE Government Media Office

The UAE Minister of Economy Abdulla bin Touq plans to visit the UK this week to discuss economic relations and explore opportunities to boost co-operation and strengthen trade and investment ties between the two countries.

Mr bin Touq’s visit follows the official visit of Sheikh Mohamed bin Zayed, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the Armed Forces, to the UK.

He will be accompanied by a delegation comprising several government entities, investment companies and private-sector representatives, the Ministry of Economy said on Sunday.

“During the visit, the UAE and the UK will discuss the expansion of partnerships at both public and private sector levels in addition to the development of new frameworks for co-operation in all fields to serve the comprehensive development visions of the two friendly countries,” the ministry said.

The delegation will review the plan launched by the UAE government within the “Projects of the 50” framework, which is set to pave the way for a new phase of economic growth.

Sheikh Mohamed bin Zayed launched a new era in ties between the two countries during his recent visit to the UK. Much of the focus was on the UAE-UK Sovereign Investment Partnership, in which the UAE will funnel £10 billion ($13.73bn) over five years into promising companies that operate in the clean energy, technology and infrastructure industries. The two countries also signed a number of other business deals.

The visit by the UAE economy minister will focus on enhancing co-operation in areas including trade, investment, small and medium enterprises; healthcare, renewable energy, food security, finance and banking; transport and logistics; education, innovation and technology; and intellectual property, the ministry said.

Officials from the ministry, Abu Dhabi’s Department of Economic Development, Dubai FDI, Dubai Industries and Exports, Shurooq, Sharjah Investment and Development Authority; Invest in Sharjah, Abu Dhabi Investment Authority, Masdar and Dubai Ports will accompany Mr bin Touq.

The UK is the UAE’s third-largest European trade partner in non-oil goods. The volume of non-oil trade between the two countries in 2020 amounted to nearly $8.1bn, the ministry said.