‘UAE to in­vest $1.965b in UK re­new­able en­ergy sec­tor’

The Gulf Today - Business - - FRONTPAGE -

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.

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