UAE-UK: United in Friendship, United in Trade

President His Highness Sheikh Khalifa Bin Zayed Al Nahyan's visit to the United Kingdom is a testament to the deep and historic relations between the UAE and UK, H.H Sheikh Abdullah Bin Zayed Al Nahyan, UAE Foreign Minister, was quoted Tuesday by a Dubai-based newspaper as saying. "Sheikh Abdullah was speaking on the occasion of Sheikh Khalifa's visit to the UK upon an invitation from Queen Elizabeth II.

Sheikh Abdullah said that the visit is also a testament to the high number of opportunities for continuous cooperation between the two countries. He stressed the UAE's commitment to further bolstering relations with the UK in all fields, with a special focus on trade, education and regional and global security, the Gulf News said in an editorial today.

"The UAE is one of the top tourism destinations for British citizens, and thousands of Emiratis visit the UK every year. Many Emiratis also travel to the UK to pursue higher education.

"British citizens have helped drive UAE prosperity and have been involved in iconic projects like the Burj Khalifa and Abu Dhabi Formula One. UK oil companies, BP and Shell, have worked with Abu Dhabi for more than 70 years," he said.

"Emirati investment in the UK is also rich and diverse. Through projects like the London Array, the world's largest offshore wind farm, and the Emirates Skyline, a fantastic new cable car across the River Thames in London, the UAE is contributing positively to UK society." He indicated the leading role played by British companies in the UAE, such as Fosters + Partners who are helping design Masdar City.

"The visit will focus on forging new partnerships, whether in the field of economy, defence, politics, or assistance provided for developing countries," said Sheikh Abdullah.

Dominic Jermey, British Ambassador to the UAE, expressed pride in Sheikh Khalifa's visit, and stressed that it comes at a time in which both countries are reaping the benefits and developments of cooperation in all fields. "This is a great opportunity to reflect the developments of bilateral relations between the UK and UAE since Queen Elizabeth II visited the UAE in 2010," Jermey said.

The UAE is the United Kingdom's largest civil export market in the Middle East and North Africa. It is also the UK's 13th largest export market at around Dh29 billion and is designated as one of the high growth markets, according to UK Trade and Investment.

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.

Drawing upon close personal relationships between the British and Emirati royal families, there are now mass connections between individuals, civil society, businesses, students and charitable organisations in the two countries.

These connections are robust due to long-standing shared values and have made an ideal foundation for a thriving commercial and trade relationship, leaders on both sides have long espoused.

The latest trade statistics provided by the Dubai Chamber of Commerce and Industry indicate trade relations are steadily growing as the UAE has strived to be a source of stability, economic growth and innovation at a time of volatility in the region. Trade between the UK and UAE reached ?618.8 million (Dh3.53 billion) in January and exports rose 57 per cent, according to the British Business Council in Dubai.

In the UAE there are more than 4,000 British companies operating in various spheres, according to the council, according to the paper.

It quoted Hamad Bu Amim, Director General of the Dubai Chamber of Commerce and Industry, as saying: "Dubai and the UK have good bilateral relations and trade between our two sides has grown over recent years. According to official figures, between 2010 and 2011 non-oil trade increased by 17 per cent, up from Dh23 billion in 2010 to Dh27 billion in 2011. "In the first three quarters of 2012 non-oil trade reached Dh13.4 billion.

"In terms of UAE and UK trade, it is equally as strong as that with Dubai and has also seen strong recent growth.

"Federal statistics show that non-oil trade excluding free zones reached Dh24.2 billion in 2011, up 22 per cent from Dh19.8 billion in 2010.

"In the first half of last year, non-oil trade, excluding free zones, reached Dh11.7 billion.

"At present, the Dubai Chamber has 2,657 British partnerships and full ownership firms among its members, which are supported and represented by the British Business Council," he said.

Moreover, in October 2009, the UAE and UK set an ambitious target of increasing trade to ?12 billion by 2015, an increase of 60 per cent.

Imports from the UK to the UAE reached Dh10.6 billion in the first half of 2012 and exports were Dh475.7 million and re-exports reached Dh2.3 billion in the same period.

Compared to two years ago, the figures show a remarkably steady growth in trade. Imports increased from Dh20 billion in 2010 to Dh23.4 billion in 2011 and re-exports rose from Dh1.3 billion in 2010 to Dh1.9 billion in 2011.

British exports to the UAE cover a wide spectrum of sectors such as telecommunications, power-generating machinery and equipment, electrical goods, transport, office machinery, interior and retail goods and non-metallic mineral manufacture.

Meanwhile, Dubai is one of the UAE's emirates that has deepened cooperation on the full range of issues including trade and investment, defence and security, energy and climate change, culture and education, health and sport, international development, foreign policy and consular relations. Business-wise, cooperation between the UK and Dubai has gone from strength to strength.