Tuesday, May 28, 2013

Trading between UAE and UK


                                               Trading between UAE and UK.

Trade is a great and economical activity that takes place locally, regionally and internationally. The UAE has a lot of trade activities with neighboring countries and a lot of the countries worldwide. The United Kingdom and the UAE have bilateral relationships, not only in tourism, education, politics and culture but also in the trade field in particular. Since the establishment of the UAE in 1971, it began to have more and more trade activities with the United Kingdom. These activities are increasing every year and a lot of companies in both the UK and the UAE are very enthusiastic on carrying out more projects to increase the volume of trade. The UAE imports a lot of products from the UK. The UAE is considered the14th largest market for the UK. In 2009, the value of the trade for the UK in the UAE's market was estimated at 3.2 billion pounds which is considered the largest market for the UK in the Middle East.

 

 Britain's exports to the UAE include a lot of telecommunications, transport, machinery equipment, electronic goods, electric goods and retail goods. The UK's imports from the UAE were also estimated at approximately one billion pounds. Moreover, a lot of companies in the petroleum sector such as Shell and BB have contributed significantly in the development of the UAE, especially petroleum industries in the country. There is a great volume of trade and co-operation between the two countries in the field of petroleum. Britain also has a prominent role in the service sector. It provides the UAE with financial, legal and various other professional services. Masdar City, which is the only project of its type in the region, is being carried out by a British company called Fosters & Partners.

 

 Furthermore , the UAE has great  investments in Britain that contribute to the long term growth in the country by injecting capital that helps to provide more jobs and refreshing the economy. The UAE has carried out projects in Britain such as London Array, the world's largest offshore wind farm and the Emirates Skyline. This has contributed positively to the development of British society. According to statistics provided by Dubai Chamber of Commerce, the volume of trade between the UAE and the UAE is going up every year. The committee also indicated that this will lead to more economic stability and growth. Added to that, there are about 100,000 British citizens working and living in the UAE. Annually, about 50,000 Emiratis visit Britain for study, tourism and investment and one million British visitors travel to the UAE. This is evidenced by the fact that there are 179 flights between the UAE and the UK every week. According to G. Duncan & S. Sahoo " Average spending by UAE travelers in the UK grew by 84 per cent (AED 2.6 billion in 2012), beating China and France last year”, (The National, 2013).In 2009, the governments of both countries signed an agreement to establish the UAE-UK   joint economic committee to increase the volume of trade between the two countries to reach 60 percent in 2015. Recently, there have been some agreements between UK companies and UAE companies in many fields. According to Mr. Malcolm Wall Morris, CEO of the Dubai Multi Commodities Centre, "The UK is a valuable trade partner of the UAE and we see great potential in developing business opportunities and attracting companies from the UK”.

 

 In conclusion, the ties and the strong relationships between the UAE and the UK have been so deep and everlasting. In the field of trade, the relationship is very strong and there is a continuous growth. The UAE invests a lot in the UK which provide more development opportunities. The UK companies and experts also help in achieving more development in the UAE by carrying out more unique projects that help make the country a leading one in the region. The visit of His Highness Sheikh Khalifa, the president of the UAE, to the UK shows how keen the two countries are on keeping their strong relationship and co-operation including a lot of fields, especially trade. The two countries also exert their utmost effort to remove all restrictions that may hinder any trade activity.

 

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Embassy of the UAE in London » UK–UAE Relations-Bilateral Relations. (2013, May 21). New Page 1. Retrieved May 28, 2013, from http://www.uae-embassy.ae/Embassies/uk/Content/570
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