Page 222 - MOE ENGLISH PR REPORT- NOVEMBER 2024

"The UAE and Albania enjoy a growing strategic partnership, driven by a shared commitment to
fostering economic growth and sustainable development," said Al Zeyoudi. "The launch of the Joint
Economic Committee provides a vital platform to turn our shared vision into tangible results. By
aligning our priorities in key sectors such as renewable energy, logistics, agriculture, and advanced
industries, we are building a foundation for deeper collaboration that benefits both nations."

He added, "The UAE, with its advanced infrastructure, global connectivity, and business-friendly
policies, has become a gateway to international markets. This presents a unique opportunity for
Albanian businesses to expand their reach, tap into new markets, and leverage the UAE's
competitive ecosystem. Equally, we recognize the vast potential that Albania holds for UAE
businesses. With its strategic location, dynamic economy, and commitment to regional integration,
Albania offers promising prospects for UAE companies to invest and contribute to its development."

From the Albanian side, Belinda Balluku said, "The convening of the first session of the UAE-Albania
Joint Economic Committee reflects our deepening bilateral relations and shared commitment to
accelerating joint economic growth."

Discussions during the meeting centred on advancing joint projects in renewable energy, logistics,
infrastructure, and agriculture. The UAE's Masdar and Albania's KESH announced plans to
collaborate on clean energy projects, targeting up to 3 gigawatts of solar and wind capacity, with an
initial 100-megawatt solar plant set to launch soon.

In logistics, both sides committed to exploring opportunities to enhance connectivity, with a focus
on strategic transport projects, including the Durres-Pristina railway line, which will streamline
trade routes across the Western Balkans.

Efforts to bolster tourism were also a key focus, with plans to increase cross-border travel and
investment in hospitality infrastructure.

Upon conclusion of the JEC meeting, Al Zeyoudi and the UAE private sector delegation participated
in a networking session with Laura Saro, General Director of the Albanian Investment Development
Agency (AIDA), and the agency's business community members to further explore potential areas of
collaboration to expand and strengthen business ties between the two nations.

Non-oil trade between the UAE and Albania reached US$80 million in 2023, a 117% increase over
2022. The upward trend continued in the first half of 2024, with trade valued at US$66.4 million, a
64% year-on-year growth. This positions the UAE as Albania's leading GCC trading partner and a
pivotal player in its broader Arab trade relations.

RM / ES

https://www.wam.ae/article/b6bohuu-uae-albania-convene-inaugural-joint-economic