Dubai: Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, First Deputy Ruler of Dubai, and Deputy Prime Minister and Minister of Finance of the UAE, as we speak met with Andrew Griffith, UK’s Financial Secretary to the Treasury.
The assembly, held on the Dubai Worldwide Monetary Centre, reviewed industrial and commerce partnerships between the UAE and the UK in a variety of sectors and mentioned new alternatives to construct on the 2 nations’ deep historic financial ties. Sheikh Maktoum mentioned the UAE is eager to advertise world financial cooperation to boost sustainable financial progress and navigate worldwide challenges. Sturdy financial ties are vital to strengthen world provide chains and create a extra built-in worldwide financial ecosystem, he mentioned.
The UAE continues to discover financial complementarities and synergies with the UK that may open contemporary progress avenues. Whereas persevering with to strengthen ties in established industries, He mentioned that the UAE is dedicated to pursuing new mutual alternatives to drive innovation in future-oriented sectors. The assembly examined prospects for better cooperation and data alternate in fintech, renewable power, house trade, software program, e-commerce, logistics, the inexperienced and round economic system and agricultural know-how.
Sheikh Maktoum mentioned that as a pivotal world industrial and buying and selling hub, Dubai continues to function a catalyst for the expansion of UK-UAE financial ties. Dubai’s strategic initiatives to foster innovation, enterprise and expertise provide vital new progress and funding alternatives for the UK enterprise neighborhood. He famous that the UK continues to be one in every of Dubai’s largest buying and selling companions and a key vacation spot for the emirate’s international investments.
Non-oil commerce between the UAE and the UK amounted to almost Dh37 billion in 2022, up 26 per cent from 2021. The UK is the UAE’s fourth largest European buying and selling accomplice as of 2022 whereas the UAE is the UK’s primary Arab commerce accomplice. The UAE accounts for almost 30 per cent of the UK’s whole commerce with Arab nations. The UK can be one of many prime supply nations for FDI capital inflows into Dubai, which in 2022 retained its No. 1 spot globally for attracting Greenfield FDI initiatives.