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Al Falasi, British Minister of Investment discuss partnerships in SME, tourism sectors

Economic cooperation between the UAE and the UK and how to diversify their partnership


Abu Dhabi– Dr Ahmed Beloul Al Falasi, Minister of State for Entrepreneurship and SMEs, discussed, with Lord Gerald Edgar Grimstone, Minister of Investment at the Department of Foreign Trade, Business, Energy and Industrial Strategy of the United Kingdom, UK, ways of reinforcing the economic cooperation between the UAE and the UK and how to diversify their partnerships in the small and medium-sized enterprise, SME, and tourism sectors.

The meeting, which was held remotely, witnessed a presentation on the growth of the SME sector in the two countries, their plans for supporting and advancing the sector, and ways of developing partnership in areas related to innovation and entrepreneurship.

The two ministers also discussed the strong economic ties between the UAE and the UK, noting that their non-oil trade totalled some US$10 billion in 2019.

Both sides also talked about the daily trends that affect investment and economic growth, and opportunities for cooperation and exchanging expertise in managing current economic strategies and their effects on vital sectors, such as the global implications of the coronavirus, COVID-19, pandemic, Brexit, and benefit from the new economic situation.

Dr Al Falasi highlighted the UAE’s keenness to strengthen cooperation and develop a strategic partnership between the two countries in advanced sectors.

“The tourism sector is one of the drivers of economic development in the UAE and one of the key areas of cooperation between the two countries. The UAE received around 1.4 million visitors from Britain in 2019, and UK citizens accounted for some seven per cent of hotel guests in the UAE during the same year,” he said.–WAM

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