DUBAI: The value of UAE non-oil exports to the United Kingdom rose 25 percent to nearly $500 million in the first eight months of 2020, according to Abdulla bin Touq Al-Marri, the UAE minister of the economy.
“The UK is the UAE’s third leading partner in non-oil commodities trade today. The UAE was the UK’s top Arab trading partner in 2019, accounting for 32 percent of the UK’s foreign trade with other countries,” Al-Marri was quoted as saying by WAM, the UAE state news agency.
“The non-oil foreign trade between both countries in the first eight months in 2020 was valued at about $5.5 billion at that time and the UAE’s non-oil export to UK accounted for nearly $500 million, which reflected a growth rate of 25 percent,” the minister said on Tuesday during a virtual ministerial briefing with UK Minister for Investment, Lord Grimstone.
Al-Marri also said “strong bilateral relationships with the UK are also evident on several non-trade related fronts. For instance, the UAE is home to several British companies today, in terms of investment with a value of $20.5 billion. The UK accounts for 16 percent of the total FDI (foreign direct investment) balance in the UAE as of the end of 2018.”
The UAE is also an investor in the UK, accounting for $7.2 billion by the end of 2018, the minister added.