Minister of Foreign Trade outlines UAE's role in global trade, solid UAE-UK ties at British Business Group meeting

Present during the event was UK Business Ambassador, Digby, Lord Jones of Birmingham as well as key business people from across the British and Emirati communities.

The Minister spoke about the importance of sustained activities among the world's trading countries to stave off the negative effects of the slumping international money markets.

She also mentioned the UAE's trade and economic vibrancy and its expanding role in global commerce.

"Needless to say, uncertainties in international economics have triggered shifts in global trading as well. As the UAE's Minister of Foreign Trade, I am pleased to say that my country's role in global commerce has expanded considerably despite the less than optimal conditions of the money markets. Just recently, we were named as one of the top 30 trading nations and the first in the Arab World by the World Trade Organization. Our share in global trade rose $41bn from $234bn in 2006 to $275bn in 2007. We recorded an impressive GDP of Dhs698bn for the same year, continuing a compounded annual growth rate of 23% over the past four years."

said H.E. Sheikha Lubna.

The Minister referred to the positive British influence on the UAE's development Dubai and its close commercial relations with Dubai and the Northern Emirates.

She reaffirmed the government's commitment to providing and maintaining a safe, enjoyable and productive environment for the more than 120,000 British citizens living and working in the Emirates.

She also confirmed the numerous UAE investments into key British sectors such as manufactured goods, telecommunications equipment, industrial machinery, vehicles and power generation equipment.

"The UK has been a steady and reliable partner in our journey to progress. Even amidst today's economic crisis, our collaboration remains highly productive. The UAE continues to be the largest market in the Middle East for the UK, and is the 9th largest British export market in the world. Total exports are highest towards our host city, Dubai, at around GBP1.97m annually. More than 85% of trade between our countries is conducted through Dubai and the Northern Emirates. We have enjoyed considerable British investments into our burgeoning real estate, construction and tourism industries, and their presence is immensely felt in our thriving free trade zones."

added H.E. Sheikha Lubna.

"We are honoured to have H.E. Sheikha Lubna Al Qasimi address the Group, and to share the strategy and vision of the UAE in terms of foreign trade particularly with the UK. The British business community is proud to remain a committed partner in the growth and future success of the Emirates. It is only through dialogue, understanding and sharing of knowledge that all communities comprising the UAE can effectively pursue and fulfill the vision of their leaders," said Lord Digby Jones.

The British Business Group for Dubai and the Northern Emirates was established in 1987 to encourage the development of British business in the UAE and to promote trade between the UK and the UAE.

Its broad range of activities include communications with decision makers; promoting social, business and cultural collaboration and understanding; testing UK products in the UAE before launch; sharing best business practices and facilitating networking events for members.

The Group operates under the auspices of the Dubai Chamber of Commerce and Industry.