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March 3, 2024

UAE, UK explore opportunities to bolster economic ties

Top UAE and UK ministers met in London to explore new opportunities for economic and investment cooperation, as well as new avenues for deepening collaboration at the private sector level, a report said.

Abdulla bin Touq Al Marri, UAE Minister of Economy, who is leading a UAE delegation to participate in Investopia London (January 31), met Greg Hands, British Minister of State (Department for Business, Energy Industrial Strategy), Emirates News AgencyWAM, said.

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, he said.

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.

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.

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.