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UAE, Spain explore fostering economic ties

Wed 07/7/2021

The UAE International Investors Council (UAEIIC) has signed a Memorandum of Understanding with the Spanish Confederation of Employers' Organisations (CEOE) to enhance investments between the UAE and Spain, and participate in promoting bilateral dialogue and coordination to attract foreign direct investments.

The signing of the MoU was on the sidelines of the virtual discussion session organised by the UAE Embassy in Madrid in cooperation with the UAEIIC and the CEOE. It was attended by Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade; Xiana Méndez, Spanish Secretary of State for Trade; Manuel Muñiz, Secretary of State for Global Spain at the Spanish Foreign Ministry; Majid Hassan Al Suwaidi, UAE Ambassador to Spain; and Jamal Saif Al Jarwan, UAEIIC Secretary-General.

The MoU was signed by Al Jarwan and Iñigo Fernández de Mesa, Vice President of CEOE, on behalf of the concerned parties.

During the session, the sides discussed the most important aspects of economic and investment cooperation between the UAE and Spain, and the conditions of the global markets after the COVID-19 crisis.

In his speech, Al Zeyoudi welcomed this step saying, "The signing of this agreement will contribute to achieving sustainable growth in investment flows between the two countries, and will allow the creation of permanent channels of communication between Emirati and Spanish business owners, in addition to participating in negotiations to enhance investment opportunities."

He re-affirmed the UAE's interest in strengthening ties with Spain in all fields, noting that this MoU will contribute to exploring the economic prospects the UAE and Spain possess in various business sectors.

Al Suwaidi, in turn, stated, "Despite the COVID-19 crisis and its impact on the global economy, the governments of the UAE and Spain are still determined to strengthen investment relations and work to increase trade flows."

He pointed out that this agreement is evidence of the strong ties between the UAE and Spain, highlighting many promising areas to enhance economic cooperation.

Al Jarwan praised the role played by the UAE Embassy in Spain in signing the current MoU and welcomed the new cooperation with the Spanish Confederation of Employers' Organisations. He said that this step will have a great impact on improving trade cooperation with Spain and enhancing investments between the two countries.

Muñiz said that his country will be one of the fastest-growing economies in Europe during the next few years, and expressed his optimism that the MoU was agreed at the right time to work with all the UAE authorities to discover new areas of trade and investment cooperation.

For her part, Méndez affirmed the Spanish Government's commitment to advance the Emirati-Spanish relations to new horizons, praising the commitment of the Emirati leadership and its interest in creating new and diverse areas of coordination.

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