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London / WAM
The volume of foreign trade in non-oil goods between the UAE and the UK was estimated at approximately 9 billion pounds (AED 42.69 billion) in 2018, recording a growth rate of 10 percent over the previous year, according to a senior UAE official.
Mohammed Bin Abdul Aziz Al Shehhi, Undersecretary of Economic Affairs in the Ministry of Economy made the remarks on behalf of Sultan bin Saeed Al Mansouri, Minister of Economy during the 5th UAE-UK Joint Economic Committee (JEC) which was held in London in the presence of a high-level official delegation from the UAE.
The latest session of the committee focussed on ensuring the integration between development visions of both countries, through developing broader economic partnerships across priority fields according to objectives of the UAE Vision 2021, and the UK’s Industrial Strategy and Export Strategy.
The JEC also discussed opportunities for cooperation in the areas of energy, healthcare, life sciences, information technology, space, infrastructure, education, financial and professional services, as well as fields based on technology, innovation, Fourth Industrial Revolution (4IR) and artificial intelligence (AI). In terms of tourism, British market occupies an important place, with the number of British tourists to the country in 2018 nearing 1.5 million.
Al Shehhi added that trade and joint investment figures indicate that the UAE is the largest market for UK exports in the region, and the fourth largest outside the European Union (EU).