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UK, UAE Trade Boost Expected

by Robert Lee, Tax-News.com, London

12 November 2012


Plans to boost trade between the UK and the United Arab Emirates (UAE) to GBP12bn (USD19.2bn) by 2015 are on track, according to the UK-UAE Business Council.

The Council brings together business leaders from the UK and UAE with the aim of further driving commercial ties between the two countries. It is headed up by the Chairman of the Abu Dhabi Department of Economic Development, Nasser Ahmed Alsowaidi, and Samir Brikho, CEO of AMEC.

At its most recent meeting, the Council discussed plans for a leadership development programme and cooperation between UK and UAE companies in third countries. To date, the UAE has invested over GBP5bn in the UK's energy, infrastructure and regeneration sectors, while a number of UK companies are exploring opportunities to participate in the UAE's GBP1.4 trillion construction and infrastructure development programme. Development of the UAE healthcare sector will see its worth soar to GBP7.4bn by 2015, and UK companies are expected to seek involvement in projects in this area.

Commenting on the meeting, Lord Green, the UK's Minister of State for Trade and Investment said: "The UK is committed to making it quicker and easier for British businesses and Gulf states to do business together. Both countries are targeting a 60% increase in trade from 2009 levels, to reach GBP12bn by 2015. I was delighted to hear about the progress that the Business Council has made in deepening the ties between the UK and the UAE."

TAGS: United Arab Emirates | business | energy | international financial centres (IFC) | United Kingdom | offshore | construction | trade | Dubai

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