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ABU DHABI/WAM
Lorenzo Fanara, Ambassador of Italy to the United Arab Emirates, has shared insights into the dynamic and flourishing relationship between Italy and the UAE.
In a statement on the Italian Republic Day, the ambassador highlighted the remarkable growth across various sectors, including the economy, tourism, trade, culture, and investments.
Emphasising the recent advancements, Ambassador Fanara remarked, “Since I arrived in Abu Dhabi one and a half years ago, we have strongly relaunched bilateral relations between Italy and the UAE.” Over the past year, the frequency of political exchanges between Italy and the UAE has reached 17 political visits by members of the Italian government, underscoring the commitment to strengthen ties. Additionally, Italian exports to the UAE soared to €6.6 billion in 2023, reflecting a deepening economic partnership.
Regarding the volume of trade exchange between the two nations, Ambassador Fanara stated that the UAE stands as the leading destination market for Italian exports in the MENA region. He emphasised, “The trade interchange has surpassed EUR 8 billion, with Italian exports alone accounting for as much as EUR 6.6 billion. Key sectors of our exports include jewelry, machinery, and fashion. Moreover, there is a notable surge in demand for Italian goods across various sectors, particularly in the food industry.”
Additionally, as per Ambassador Fanara, over 600 Italian companies are operating in the UAE, drawn by the favourable investment climate and strategic partnerships, including ENI’s collaboration with Abu Dhabi National Oil Company (ADNOC), and Fincantieri’s recent memorandum of understanding with EDGE Group.
Cultural bonds between the two nations have also flourished, as evidenced by the enthusiastic hosting of iconic Italian cultural events in the UAE, such as performances by Milan’s Teatro Alla Scala and the Puccini Festival, showcasing the profound appreciation and appeal of Italian culture in the UAE.
Ambassador Fanara commended Italy for its cultural, scientific, and economic successes, emphasising its heritage and focus on innovation and entrepreneurship, aligning well with the UAE’s vision. He said, “Italy’s development model complements the UAE’s, offering significant synergies and investment opportunities in both directions.”
Looking ahead, Ambassador Fanara expressed optimism for further advancements in bilateral cooperation and economic projects in 2024, anticipating an increase in Italian investments in the UAE and Emirati investments in Italy.