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His Highness Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, First Deputy Ruler of Dubai, and Deputy Prime Minister and Minister of Finance of the UAE, immediately met with Andrew Griffith, UK’s Financial Secretary to the Treasury.
The assembly, held on the Dubai Worldwide Monetary Centre, reviewed business 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.
His Highness stated the UAE is eager to advertise international financial cooperation to boost sustainable financial development and navigate worldwide challenges. Sturdy financial ties are important to strengthen international provide chains and create a extra built-in worldwide financial ecosystem, he stated.
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, His Highness stated that the UAE is dedicated to pursuing new mutual alternatives to drive innovation in future-oriented sectors. The assembly examined prospects for larger cooperation and data change in fintech, renewable power, area business, software program, e-commerce, logistics, the inexperienced and round financial system and agricultural know-how.
HH 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 provide important new development and funding alternatives for the UK enterprise neighborhood. He famous that the UK continues to be considered one 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 AED37 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 tasks.
The assembly was attended by His Excellency Mohamed bin Hadi Al Hussaini, Minister of State for Monetary Affairs; His Excellency Helal Al Marri, Director Normal of Dubai’s Division of Economic system and Tourism; and His Excellency Essa Kazim, Governor of the Dubai Worldwide Monetary Centre.
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