The ambassador of the United Arab Emirates hopes that Expo Dubai 2020 will strengthen "even more" the economic relationship with Spain
A few days before the official start of the Dubai World Expo 2020, Majid al-Suwaidi, Ambassador of the United Arab Emirates in Spain, and Xiana Méndez, Secretary of State for Trade, attended a breakfast organised by The Diplomat in Spain and ATREVIA, with the collaboration of Técnicas Reunidas, Barceló and Hospitales de Madrid, as a prelude to the big event, in which details and expectations were anticipated and the suitability of the UAE as the setting for an event that is already breaking records before it has even begun was underlined: It is the first Expo to host 191 countries and the first to be held in the Middle East and South Asia regions.
The forum began with Xiana Méndez, who wanted to anticipate the main axes into which the meeting will be divided and which, in turn, will organise the Expo site in districts: Sustainability, Mobility and Opportunity. The essence of the Universal Exhibitions is to contribute to designing a better world through active collaboration between people. To this end, these three themes have been defined as the main ones; because they are, without a doubt, issues that are at the centre of the international debate and will be addressed with the prominence that such a transcendental event as this one demands,'' the Secretary of State for Trade declared in this respect. The aim is to focus on the main challenges facing the world, not only economic but also environmental, without forgetting urgent social issues such as gender equality,'' she added.
For his part, Ambassador Majid al-Suwaidi wanted to highlight the "future-oriented model" that the UAE represents for the Middle East: "It is a country that empowers women, welcomes diversity, fosters innovation and incorporates global commitments", he said, while remaining optimistic and convinced that "Dubai will witness, with this event, the latest and best innovations in business, science and technology, art and culture''.
They agreed on the potential of the UAE as a business centre and investment hub, "not only because of its political and economic stability, but also because of its long-term vision to drive the engines of its economy. We sincerely believe that it is the most suitable platform in the region to expand business, and the Expo will undoubtedly be a great opportunity to demonstrate this, and for companies to increase their activity,'' Méndez stressed.
"In 2019 alone, the UAE recorded the highest growth in renewable energy investments globally, realising an increase of 1223% compared to 2018'', highlighted Al-Suwaidi, who did not hesitate to state the UAE's desire to "lead in shaping the global economy for the next 50 years''.
To support this vision, he said the government has established more than 34 free and specialised zones operating under different legislations in a low-tax environment, as well as introduced a number of new initiatives to promote foreign direct investment, including laws that will allow 100 per cent ownership of local companies by global investors in the UAE, as well as other incentives to encourage foreign investors to choose the UAE as a strategic partner. ''This is how we have managed to attract more than 3,200 foreign companies that are now doing business in our territory,'' he said.
The ambassador also highlighted the excellent economic relations between the two countries, with a bilateral investment flow of more than 9 billion dollars and the presence in the country of more than 170 Spanish companies "that benefit from the strategic location of the UAE" and its advantages in terms of business and economic stability.
He also highlighted the importance of agreements such as the one reached between CEOE and the Emirates International Investors Council, noting that "although economic relations are already solid and stable, both countries can do much more and Expo Dubai will serve the objective of further strengthening ties between the two territories".
For her part, Xiana Méndez stated that "UAE and Spain are closely intertwined strategic partners. The UAE is one of the largest foreign investors in Spain and the leading investor among GCC countries. In 2018, it accounted for more than €6 billion in foreign direct investment in terms of equity, mainly through its Sovereign Wealth Funds. Mubadala is our largest Emirati investor with a large stake in several top-tier Spanish companies such as CEPSA, Enagas, Matsa or Glovo. But the most important thing is that there are large investment projects ahead that invite us to look to the future with enthusiasm''.