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UAE to get special trading status with UK

posted on 21/12/2006: 632 views



The UAE will become one of the British Government's top 10 priority business partners in the next five years, according to Prime Minister Tony Blair. Blair said the links between the two countries "are stronger than ever with news coming in almost every day” of UAE acquisitions in the United Kingdom.



UK exports to Dubai rose 134 per cent in 2005 to Dh30.9 billion and UK exports to the UAE as a whole increased by 106 per cent in 2005 to Dh36.2bn. Total trade between the UAE and the UK increased in 2005 to Dh45.4bn from Dh24.7bn in 2004. "The UAE is the UK's ninth-largest export market; we export more here than to China,” Blair told business leaders in Dubai yesterday.



"Over the last five years, the UK trade figures have risen by a factor of six and they doubled again last year.” He added that British companies were heavily involved in Dubai's big projects, with banks such as HSBC, Standard Chartered, Lloyds TSB and Barclays all committing to the Dubai International Finance Centre. "The investment relationship is important to us. We strongly welcome UAE investment – for example, DP World's takeover of P&O,” Blair said. (Emirates Today)

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