‘UAE to invest $1.965b in UK renewable energy sector’
ABU DHABI: Baroness Rona Fairhead, UK Minister of State for Trade and Export Promotion at the Department for International Trade (DIT), has said that the UAE is to invest 1.5 billion Pounds ($1.965 billion) in the UK in areas of renewable energy.
“Brexit will help the UK pursue a more open economic policy. We are accelerating relations with more countries around the world and we are working extremely well with the UAE across multiple investment domains, particularly in areas of R&D, clean energy and new technologies,” the Minister said on the sidelines of the Abu Dhabi International Petroleum Exhibition and Conference, which opened in the UAE capital on Monday.
“The UAE is UK’S 4th largest partner outside Europe. You come only next to US, China and India, which means that the UAE is a very significant partner for us. Over the coming period, we will build on our strengths and continue our investments, improving efficiency and investing heavily in new technologies. We will share technology.
“More importantly, we have a lot of people here. We have more than 120,000 UK nationals in the UAE, and more than 6,000 UK companies operating in the country, which means a good basis, but more needs to be done.” British exports to the UAE cover a wide spectrum of sectors, including telecommunications, power generation machinery and equipment, electrical goods, transport, office machinery, interior and retail goods and nonmetallic mineral manufacturing, the minister added.