His Excellency Sultan Bin Saeed Al Mansouri and Spain's Secretary of Trade Explore Enhanced Economic Cooperation

Bilateral Trade between UAE and Spain Grew by 75% to AED8 billion between 2009-2012

Abu Dhabi-UAE: 24 February, 2014 - His Excellency Sultan Bin Saeed Al Mansouri, Minister of Economy, today affirmed that the bilateral relations between the UAE and Spain has registered remarkable progress and continues to offer new areas for collaboration in the economy, trade and investment sectors.

Al Mansouri said that the UAE serves as a bridge between Europe, the Middle East, Africa and South Asia, just as Spain acts as a crossroads between Europe and Latin America. He also pointed out the synergy between the UAE and Spain has paved the way for enhanced economic cooperation and flow of investments between Europe and the wider Middle East.

Al Mansouri’s comments came during a meeting with Jaime García-Legaz, Spanish Secretary of State for Trade, at the headquarters of the Ministry of Economy in Dubai.

The meeting was attended by His Excellency Engineer Mohammed Ahmed Bin Abdul Aziz Al Shehhi, Undersecretary of the Ministry of Economy, His Excellency Abdullah Ahmed Al Saleh, Undersecretary of the Ministry of Economy, and His Excellency Jose Eugenio Salaric Fernández Valderrama, Spanish Ambassador to the UAE, and a number of senior officials from the Ministry of Economy.

During the meeting, the two sides discussed ways to further increase trade and strengthen cooperation in key economic sectors, such as small and medium enterprises, industry, and renewable energy. The vital role of the business community in opening up new horizons for bilateral cooperation was also commended.

His Excellency Sultan Bin Saeed Al Mansouri noted that the economic relations between the UAE and Spain have witnessed a steady increase in recent years, clearly reflected in the volume of trade exchanged that increased by 75 per cent over three years, rising from AED4.7 billion (€ 1 billion) in 2009 to AED8 billion (€ 1.75 billion) in 2012. These figures are set to rise further in the coming years through new partnerships and untapped opportunities. Additionally, the number of trade missions and mutual high-level visits has also registered an exponential increase. Spanish companies, meanwhile, have strengthened their presence in the UAE, while the UAE’s investments in Spain have witnessed sustained growth.

Reiterating the UAE’s importance as the primary trading partner for Spain in the GCC region, Al Mansouri highlighted the Gemasolar thermosolar plant project as a prominent example of mutual cooperation. Gemasolar was developed in partnership with Abu Dhabi's multi-faceted renewable energy company Masdar, and international engineering and construction specialist ‘SENER’. It is the first commercial-scale plant in the world that generates energy 24/7, supplying clean, safe power to 25,000 homes and reduce atmospheric carbon emissions by more than 30,000 tons a year. The project reflects the UAE's commitment to finding ways to diversify energy sources and integrate renewable energy and clean technology into its energy mix.

Jaime García-Legaz congratulated the UAE for Dubai’s successful winning bid to host Expo 2020. García praised the growth momentum and resurgence taking place in the UAE and its significant achievements across diverse sectors in a short period. The Secretary also applauded the country’s long-term investments in modern infrastructure including airports, ports and roads.

He added that Spain’s economy currently ranked 15th globally and was the fourth largest in the euro zone. He also focused upon the unique investment advantages offered by the country such as simplified procedures for establishing new companies and a reasonable taxation rates to help draw investments and foreign capital.