UAE economy minister to visit Britain to further bilateral trade

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The UAE’s economy minister will lead a high-level delegation to Britain this week to discuss deepening trade ties between the two countries, the Gulf country’s ministry said on Sunday.

Abdulla Bin Touq al-Marri and the delegation “will hold meetings with senior government officials and British private sector representatives to discuss ways to facilitate trade and double non-oil trade exchanges,” the ministry added.

The delegation will focus on enhancing cooperation in the fields of trade, investment, and small and medium enterprises, health care, renewable energy, food security, the financial and banking sector, transportation and logistics, education, innovation and technology, and intellectual property, state news agency WAM reported.

Britain is the UAE’s third largest European trading partner with the volume of non-oil trade amounting to nearly $8.1 billion in 2020.

The announcement of the visit comes days after the UK Office of Investment and Abu Dhabi’s wealth fund Mubadala Investment Company signed an agreement for the UAE to invest 10 billion pounds ($13.7 billion) in the UK over the next five years.

Earlier this month, the UAE announced comprehensive global campaigns to attract foreign investment and initiatives to boost partnerships with major economies across the world.

The Gulf country plans to attract 550 billion dirhams ($150 billion) in foreign direct investment over the next nine years.

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