The United Arab Emirates – United Kingdom Business Council today held its 19th Plenary Session in Dubai. The event was hosted by Mohammed bin Rashid Aerospace Hub at Emirates Flight Training Academy in Dubai South and co-chaired by Ahmed Al Sayegh, Minister of State to the UAE Cabinet and Chairman of Abu Dhabi Global Markets, and Lord Udny-Lister.
The event comes three weeks after the visit to London by His Highness Sheikh Mohamed bin Zayed bin Sultan Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, during which the Partnership For The Future was announced, which aims to expand the bilateral economic relationship further in sectors such as technology, education, healthcare, and life sciences, and clean and renewable energy. In parallel, the Sovereign Investment Partnership between Mubadala and the UK Office for Investment committed a further ₤9bn of investment into the technology, infrastructure, clean, and renewable energy sectors, in addition to the ₤1bn committed earlier this year.
In light of these developments, the Business Council discussed how it could align its priorities, events, and campaigns more strategically with the proposals set out in these agreements, and it was agreed that the Working Groups would be restructured and a new Strategy prepared early next year in order to maximize the support that the Business Council can give to delivering on these proposals.
2021 marks the 10th Anniversary of the Business Council’s founding, and, over the year ahead, it will strengthen its reputation as a thought leadership organization representing the interests of businesses and organizations from both markets and reflecting their interests and concerns in exchanges with the respective Governments.
Ahmed Al Sayegh commented: “This Plenary Meeting comes at a unique moment of opportunity for the trade and investment relationship between the UK and the UAE. The UAE-UK Business Council will play a key role in shaping our future trade relationship by supporting the delivery of Partnership for The Future Agreement over the years ahead.”
Lord Udny-Lister commented: “The momentum of our future trade relationship will be powered by innovation, technology, and the investor-friendly enabling environment that exists in both markets. The UAE-UK Business Council will ensure the great potential for collaboration set out in The Partnership for the Future and the Sovereign Investment Partnership is fully realized.”
Mansoor Abulhoul, UAE Ambassador to the UK, commented: “The UAE and the UK enjoy a historic partnership that has gone from strength to strength. The Partnership for the Future and the Sovereign Investment Partnership will further enrich our deep friendship through smart investment in a wide variety of sectors – from clean energy and life sciences to education and culture. I applaud the UAE – UK Business Council for the key role they play in ensuring UK and UAE businesses are able to benefit from these exciting bilateral developments – ultimately contributing to a sustainable future for all.”
Patrick Moody, UK Ambassador to the UAE, commented: “Last month, the Prime Minister and His Highness Sheikh Mohamed bin Zayed al Nahyan launched a historic new Partnership for the Future between our two countries. It sets out a shared ambition to work together ever more closely- to tackle global challenges and to promote prosperity and security for our citizens. Our trading relationship has always been at the heart of the bilateral relationship, with over 5000 British companies in the UAE. Both our governments want to increase those links. The UK-UAE Business Council plays a critical role in bringing together our major businesses both to drive that at a B2B level but also to inform our governments who will be meeting in our Joint Economic Council later this month.”
Simon Penney, UK Consul-General to Dubai and Trade Commissioner for the Middle East, commented: “Coming a week before our annual Joint Economic Committee (JEC) meeting, the UUBC Plenary is an ideal time for us to take stock of all the great work that has been achieved between both our governments and businesses this past year. During the recent Guest-of-Government visit by His Highness Sheikh Mohamed bin Zayed Al Nayhan to the UK, an extension to the UAE-UK Sovereign Investment Partnership was agreed which commits a total of ₤10bn investment into the life sciences, technology, infrastructure, and clean energy sectors, enhancing trade and investment ties between our two countries.”
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