Portugal's support contributed to UAE's winning Irena headquarter bid: Al Mansouri

He praised the efforts of Portugal's president, cabinet and the foreign Minister who stood by the UAE.

Mr Al Mansouri said that during his participation at the Islamic Banks Conference in Lisbon organised by Arab Portuguese Chamber of Commerce and Industry, there was considerable interest in strengthening UAE-Portugal business relations.

"The UAE is keen to benefit from the Portuguese experience in the fields of renewable energy and to enhance cooperation in this vital sector, especially with Masdar city, the Abu Dhabi Future Energy Company," he said.

Mr. Al Mansouri has praised the accomplishments of the Portuguese Government in the fields of economic and social development, including a commitment to investing in renewable energy, encouraging tourism, and creating a climate that is conducive to foreign direct investment.

More than 17 cooperation agreements have been signed between Portugal and the Arab world in the fields of economic cooperation, tourism, exchange of investments, environment, science and technology. " The UAE is dedicated to sharing best practices and exploring strategic investment projects in Portugal. We are confident that the returns from this association will benefit the economies of both our nations," he added.

He said:

"Trade between the UAE and Portugal last year reached $125m and the UAE is keen to increase bilateral trade levels in the years to come. Portugal has made significant investments in wind and hydropower - areas that can be further explored by the UAE."

He said that the United Arab Emirates¸ led by the vision of its wise leadership, has achieved great progress in the fields of economic and social development in the last few decades. "Our leadership focuses on enhancing the role of the private sector and updating legislation and regulations to cope in line with international best practice standards," he added.

He said that the second quarter of this year has been marked with a note of confidence and optimism. "While economists continue to debate how long the global financial crisis will last, we, in the UAE, are convinced that the worst is behind us. We see clear indications that the crisis is bottoming out," he said.