Sign In
The UAE-UK Joint Economic Council discusses mechanism to boost joint working teams in seven sectors

News Details

​​​​

 

 Catalog-Item Reuse ‭[1]‬

 Catalog-Item Reuse ‭[2]‬

News Details

The UAE-UK Joint Economic Council discusses mechanism to boost joint working teams in seven sectors

Monday, November 05, 2012
The Chairman of Abu Dhabi Department of Economic Development, HE Nasser Ahmed Al Suwaidi, chaired the third meeting of the UAE-UK Joint Economic Council, held today in the Meydan Hotel -Dubai. The meeting discussed the recommendations of the second meeting which took place in London on May 5, stressing the activation of joint working groups that were formed in many sectors, and strengthening their role in developing economic and investment cooperation between the two friendly countries.The meeting was attended by HE Mohammed Omar Abdullah Undersecretary of ADDED and Mr. Samir Brikho, the CEO of AMEC company and the head the British side of the Council, in addition the members of the Council of the two countries.HE Nasser Al Sowaidi, delivered the opening  speech in which he expressed the keenness of the United Arab Emirates to strengthen bilateral ties with the United Kingdom in various fields, most importantly the economic, investment and trade areas, to help achieve more of the common benefits of the peoples of the two friendly countries.Al Sowaidi pointed out that the UAE for more than 50 years, was keen to strengthen ties with the UK as one of the most important strategic partners in Europe and the world especially in the economic and political sides, which contributed to the development of foreign trade between the two countries and the escalation of its size at all levels. He also added that in recent years, the United Kingdom showed considerable interest in strengthening ties and cooperation with the UAE,  which is clearly evidenced by the number of British companies operating in UAE, exceeding 2,500 firms, which played a significant role in the development of the SMEs sector which comprises more than 85% of the economic activity.HE Al Sowaidi emphasized the importance of investments, primarily the London Array” of offshore wind power, which “ Masdar” contributes to its implementation in the British capital; in addition to  the London Gateway project of the Dubai Ports World, with total investments of 1.5 billion pounds (AED 8.8 billion ), which also stands as the largest infrastructure project undertaken by a foreign company ever in Britain.The Chairman of Abu Dhabi Department of Economic Development, HE Nasser Ahmed Al Sowaidi, said that the periodic meetings of the UAE-UK Joint Economic Council, provide an opportunity to develop mechanisms of action to strengthen economic cooperation and raise the volume of bilateral trade and investment between the two countries, by exploiting the existing potential in order to build strong economic ties in the coming period.For his part, Mr. Samir Brikho, the CEO of AMEC company, said that the political and economic relations between UK and UAE are stronger today than before, in view of the development of trade and investments shared between the two sides, adding that the UK views with admiration and praise the UAE’s great achievements at all levels, especially economic and trade, which turned into a model for development and growth in the Middle East.Brikho commended the future visions developed by the UAE government reflected in the UAE Vision 2021, and Abu Dhabi Economic Vision 2030, which mirror the prudence of the UAE leadership and government; and the promising future ahead which awaits the UAE.He add  highlighted the need encourage and support the private sector in both countries, and to take advantage of the existing investment opportunities, calling on the UAE private sector avail of the spectrum of joint opportunities available in the UK market; which would contribute to strengthening economic development and increase bilateral trade. It is worth mentioning that the United Arab Emirates and the United Kingdom are planning to augment bilateral trade to AED 69 billion by 2015. Currently the tourist traffic between the two countries, increasing , as the annual flow of UK tourists to UAE exceeds million persons., and flights per week reached 140, while the UAE is home to about one hundred thousand British nationals, in addition to four thousand British businessman running successful business ventures in the state.The value of trade exchange between the UAE and Britain during the first half of this year amounted to more than 11 billion and 724 million dirhams. Imports from UK constituted 9 billion and 866 million dirhams, while non-oil exports to UK amounted to 336 million and 902 thousand dirhams, and re-exports to Britain stood at one billion and 522 million dirhams.
Follow us