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26-02-23

UAE, Spain host discussions on growing financial collaboration

(MENAFN) The UAE’s minister of state for foreign exchange lately held a meeting with his Spanish governmental fellow to talk about methods to grow financial ties among the two nations and diversify into industries of mutual interest, as reported by Emirates News Agency.

Throughout Dr. Thani bin Ahmed Al-Zeyoudi’s discussions with Xiana Mendez, Spain’s secretary of state for exchange, at the Ministry of Industry, Trade and Tourism, the two sides accepted to grow investment trades in entrepreneurship, tourism, innovation, technology, food security, real estate, logistics, mining, transformative industries, as well as renewable energy.

The minister pointed out that the historical relations that bound Spain and the UAE cooperatively and noted that the two countries were keen to reinforcing operating ties regarding their respective financial development visions.

Al-Zeyoudi stated that “The bilateral trade figures demonstrate the rapid growth of the UAE-Spain economic relations. Our non-oil trade exchanges exceeded USD2.6 billion in 2022. The UAE’s non-oil exports to Spain totaled USD360 million last year while re-exports amounted to USD181 million.”

Adding, “We are keen to strengthen our economic and trade partnership with Spain. Spain became the UAE’s third-biggest European partner in 2022 as it received 8 percent of the UAE’s total non-oil exports to EU countries.”

He continued: “In addition, the Spanish market is a key global market that enjoys special attention from the UAE’s business community. The UAE’s total investments in Spain reached approximately USD3.8 billion by the end of 2021, while Spanish foreign direct investment in the UAE totalled USD72 million by the end 2020.”

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