Trade exchange between the United Arab Emirates and Britain amounted to AED22.85 billion ($6.22bn) in the first six months of 2014, a new report reveals.
Foreign trade between the two countries reached AED15.75bn ($4.29bn) while the two-way free zone-oriented trade stood at AED7.1bn ($1.93bn), bringing the total to AED22.8bn, Al Bayan reports, citing figures by the UAE Ministry of Economy.
In the six-month period, the UAE’s imports from Britain totalled AED15.12bn ($4.14bn), while exports to the European nation stood at AED2.92bn ($797.9 million), the figures show.
Analysts believe that the deal Emirates airlines sealed with aircraft engine manufacturer, Rolls-Royce, to supply the airline’s A380 fleet with Trent engines for a staggering AED33.79bn will push UAE-Britain economic ties to new heights.
The report indicates that non-oil trade between the two countries has been on an upward trend over the past few years.
According to the data, the UAE’s investments in Britain amounted to more than GBP5bn (AED28.2bn), while British investments in the UAE, according to 2011 statistics, reached AED30.8bn.