Mohammed's visit gives fresh impetus to UAE-UK trade ties |
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Trade between the UAE and Britain jumped by nearly 30 per cent in the first half of 2009 despite a slowdown in their economies because of the global financial turbulence, according to the British Embassy in Abu Dhabi.
Bilateral exchange climbed to a record £5.1 billion (Dh31.6bn) in 2008 and the two countries aim to expand this figure to £12bn by 2015, said Ian Wood, the British Charge d'Affaires in the UAE.
Replying to questions by Emirates Business, Wood said the visit to Britain by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, will give a strong push to ties between the two nations.
"We have no more an important partner in the region than the UAE. Commercial, cultural, political and defence ties are excellent, and ever improving. The recent meeting of the new UK-UAE Joint Economic Committee in London and visit by British Foreign Secretary David Miliband bore testament to the depth and breadth of co-operation," Wood said.
"We expect this week's visit to London by Sheikh Mohammed bin Rashid to deepen our relationship even further."
His figures showed the UAE's exports to Britain stood at around £1.3bn and imports at nearly £3.7bn, creating a surplus of around Dh14.9 billion in favour of the United Kingdom.
"Despite the global trade difficulties, trade between the UAE and the UK increased by 30 per cent or around £1bn in the first half of 2009," he said.
He noted that at a recent meeting in London, UK Secretary of State for Business, Innovation and Skills, Lord Mandelson and UAE Minister of Economy, Saeed Al Mansouri, pledged to increase bilateral trade to £12bn by 2015, while the two countries agreed to organise a forum in the UAE in 2010 to establish new joint business partnerships. "The UK is considered one of the largest foreign investors in UAE as this country has great investment potentials... the British Embassy and UK Trade and Investment authorities have worked to promote UAE to major investors in UK," Wood said.
Embassy figures showed Britain already maintains strong economic and business presence in the UAE, with the British Business Group in Dubai having 1,783 registered companies and the number in Abu Dhabi is steadily increasing. There are also more than 100,000 British citizens living in the UAE, while Britons make more than a million visits to the Emirates every year
"The UK and the UAE are enhancing co-operation in education and training, energy, small and medium enterprises and financial services including Islamic banking, infrastructure particularly mass transport," Wood said.
"The UK is already a major foreign investor in the UAE, and the UAE is a key investor in the UK. We fully expect this relationship to grow as UK and UAE investors identify new opportunities to carry out business."
Wood gave no figures on investments but Britain is already a major contributor to the UAE's energy sector, with a large shareholding in Abu Dhabi's oil industry.
Although the UAE does not export oil or gas to Britain, one of its key government-controlled companies has become a major investor in the UK's energy sector. Last year, the Abu Dhabi National Energy Company bought six offshore oilfields in the North Sea within its long-term investment drive.
Taqa Bratani, a wholly-owned subsidiary of Taqa, signed a sale and purchase agreement with Shell UK and Esso Exploration and Production UK to add nearly 40,000 barrels of oil equivalent (boe) to its existing energy reserves. ?The deal boosted Taqa's total oil and gas resources to around 119,000 boe per day at the end of 2008. They were split between Taqa North (96,700 boe/day), Taqa Energy (7,400 boe/day) and Taqa Bratani (15,100 mboe/day).
By Nadim Kawach
© Emirates Business 24/7 2009
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