Complex Made Simple

UAE – UK trade exchange exceeds ADE72 billion two years ahead

UAE-British Business Council, created in 2011, took lead in working to achieve this target

The volume of trade exchanges between the UAE and the United Kingdom amounted to £12.36 billion (AED72bn) in 2013, figures showed.

This means that the target of £12bn (AED70bn) in trade exchanges by 2015, which the two governments set in 2009, has been achieved and exceeded two years ahead of the deadline, according to figures released by the British Office for National Statistics.

The UK Foreign and Commonwealth Office said that the UAE-British Business Council, which was created in 2011, took the lead in working to achieve this target, Al Bayan reports.

The Business Council’s mission is to increase trade and investment exchange between the two countries, and to encourage British companies to do business in the United Arab Emirates, and vice versa, to identify opportunities for cooperation between the United Kingdom and the UAE in other markets.

It is worth mentioning that when the target was set in late 2009, the bilateral trade stood at £7.5bn a year.

This increase has been achieved across a wide range of sectors, including energy, financial and professional services, education, healthcare and infrastructure, in addition to the sectors of defense and aviation.

His Excellency Ambassador Abdulrahman Ghanem Almutaiwee, the UAE’s Ambassador to the UK, said that the bilateral relationship between UAE and UK has gone from strength to strength in the past years. He added that “this is only a building block to our longstanding relationship dated from the 1950s”.