Sheikh Maktoum meets UK’s Financial Secretary to the Treasury

The UAE continues to discover financial complementarities and synergies with the UK that may open contemporary development avenues. Whereas persevering with to strengthen ties in established industries, He stated 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 trade in fintech, renewable power, area business, software program, e-commerce, logistics, the inexperienced and round financial system and agricultural expertise.

Sheikh Maktoum stated that as a pivotal international business 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 supply important new development 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 just about 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 practically 30 per cent of the UK’s complete commerce with Arab international locations. The UK can also be one of many high supply international locations for FDI capital inflows into Dubai, which in 2022 retained its No. 1 spot globally for attracting Greenfield FDI initiatives.