Spain and the United Arab Emirates sign a Memorandum of Understanding with the aim of enhancing investments

The United Arab Emirates International Investors Council (UAEIIC) signed on Monday a Memorandum of Understanding with the Spanish Confederation of Business Organisations (CEOE) to improve investments between the UAE and Spain, and to participate in the bilateral promotion of dialogue and coordination in order to attract foreign direct investments.

The aim of this meeting was to bring Spanish companies closer to the reality of the market and the business opportunities that, despite the current global situation, still exist in the Arab country.

The Vice-President of the CEOE, Íñigo Fernández de Mesa, and the Secretary General of the Emirates International Investors Council, Jamal Saif Al Jarwan, were in charge of the signing of the Memorandum, which took place on the sidelines of a virtual discussion session organised by the UAE Embassy in Madrid in cooperation with the UAEIIC and the CEOE. 

The session was attended by Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade; Xiana Méndez, Spanish Secretary of State for Trade; Manuel Muñiz, Secretary of State for Global Spain of the Spanish Foreign Ministry; Majid Hassan Al Suwaidi, UAE Ambassador to Spain, the Spanish Ambassador to Abu Dhabi, Antonio Álvarez Barthe and Jamal Saif Al Jarwan, Secretary General of the UAEIIC.

During the session, the parties discussed the most important aspects of economic and investment cooperation between the UAE and Spain, and the conditions of the global markets after the COVID-19 crisis. In his speech, Al Zeyoudi said that "the signing of this agreement will contribute to achieving sustainable growth in investment flows between the two countries, and will allow the creation of permanent channels of communication between Emirati and Spanish businessmen, in addition to participating in negotiations to enhance investment opportunities".

As reported by the official Emirati news agency WAM, the minister reaffirmed the UAE's interest in strengthening ties with Spain in all fields, and noted that this MoU will contribute to exploring the economic prospects of the two countries in various business sectors.

The UAE has become Spain's largest customer in the Middle East. Spanish exports to the UAE grew by 20 percent in 2019 compared to 2018, reaching €1867 million, a figure that is double the numbers recorded in 2010.