Spain sees potential to up investment in the UAE

ABU DHABI: The United Arab Emirates’ Foreign Direct Investment (FDI) in Spain has reached over $7.3 billion, according to a senior Spanish official.

Xiana Mendez, Spanish Minister of State for Trade, also said in an interview that Spanish FDI in the UAE is valued at around $3.65 billion.

“UAE’S investments in strategic sectors in Spain, such as renewable energy, mines and other industries are impressive,” she added in an interview in Abu Dhabi during her first official visit to the UAE this week.

“I think that we can do more and beter and also diversify the scope of the sectors receiving these investments (into Spain),” the minister emphasised.

“There is a lot that we can do in order to boost the Spanish investment here in Emirates. Even though these figures €3 billion are impressive and important, especially because they have increased in recent years; still we can do more. There’s a scope for improvement.” Spanish investments in the UAE are mostly concentrated in some sectors related to agro-industry, she said. The minister revealed that Spain has initiated talks on a bilateral investment protection agreement with the UAE and once it is concluded, it will further enhance the investment flow between both countries.

“I think there’s a lot of interest from both sides in having this institutional framework to boost foreign direct investment in both directions,” she explained.

Mendez said Spain’s plan of increased investments in the UAE’S infrastructure sector will have preferenceinsustainablemobility,renewableenergy, water and waste treatment.