UAE, UK ways to enhance economic

Sultan Bin Saeed Al Mansoori, UAE Minister of Economy, met with Lord James Sassoon, Commercial Secretary to the Treasury in the United Kingdom, and discussed ways to enhance economic co-operation between the two countries. Both discussed ways to boost ties in the areas such as small and medium enterprises (SMEs), renewable energy, and the possibility of boosting mutual trade. During the meeting, Al Mansoori highlighted the vital role of the UAE-UK Joint Economic Committee in enhancing mutual trade and investment and maintaining good relations between the two countries. Al Mansoori explained to the visiting dignitary that the UAE has succeeded in positioning itself as a preferred investment destination, attracting businesses and investors from all over the world. He also invited UK companies and industries to take advantage of the UAE’s favourable business environment, stating that the country’s support for innovation, its modern legislative systems, ease of doing business and other factors facilitating foreign investments have helped many businesses to meet their growth and development objectives. Lord Sassoon praised the historical relation between the UAE and the UK and expressed keen interest in developing these relations further to achieve mutual goals. The mutual trade and investment between the two countries reached 9.6 billion Pounds in 2011 compared to 8.9 billion Pounds in 2010. The common objective is to expand trade investments to 12 billion Pounds by 2015. Economically, the UAE is the UK’s largest export market in the Middle East and North Africa. It is the UK’s 16th largest export of goods market at around £4.7 billion and is designated as one of the UK Trade & Investment High Growth Markets. Key sectors for the UK in the UAE are: infrastructure (construction and mass transport); energy; defence and security; education and training; financial and professional services; and creative and media. From Gulf Today