Page 152 - MOE ENGLISH PR REPORT - JANUARY 2024

1/31/24, 9:28 AM UAE, UK explore opportunities to strengthen economic partnership - Eye of Dubai
The two sides discussed strengthening prospects for economic partnerships and facilitating dialogue between the UAE and
British private sectors. This will open up new avenues for cooperation, especially given the diversity of economic opportunities
in both markets and the possibility of providing more facilities and incentives to exporters and importers in the two countries,

thereby supporting the growth and sustainability of both economies.

Bin Touq highlighted the UAE’s vision to promote economic openness and build fruitful partnerships with leading regional and
global strategic markets. He also underscored its vital role in supporting major economic clusters, which will shape the future

of the global economy. These efforts are supported by the UAE’s position as a competitive and vibrant economic hub, which
offers direct connectivity to more than 400 cities around the world and boasts extensive shipping lines connecting 88 ports
worldwide.

To this end, the Minister of Economy held a bilateral meeting with Bim Afolami, Economic Secretary to the Treasury, to discuss
strengthening cooperation in the sectors of fintech, digital transformation, entrepreneurship, circular economy, financial
services and renewable energy.

During their meeting, the two sides shared views on leading global entrepreneurship practices. They also discussed ways to
strengthen bilateral cooperation and support SMEs in the markets of the two countries, empowering them with possibilities to
enhance growth, financing mechanisms and competitiveness in various UAE-British economic activities and to expand into

foreign markets.

Moreover, the meeting saw the exchange of experiences in the development of flexible economic policies and their role in
promoting the growth and sustainability of the two countries' economy. Bin Touq reviewed the UAE’s advanced economic

legislative system and its role in enhancing the competitiveness of the national business environment and consolidating its
leadership regionally and globally. These include the promulgation and development of new legislation for the sectors of
cooperatives, commercial transactions, commercial registry, and family businesses; the granting of 100% foreign ownership to
companies; facilitating business establishment procedures; and promoting openness to the world by establishing international

partnerships with targeted strategic markets. In addition, he drew attention to the UAE’s promising investment opportunities
in the sectors of tourism, family businesses, e-commerce, manufacturing, sustainable transport, and technology.

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