UAE Economy Minister’s meetings at the 86th TIF

Led by the Minister of Economy of the United Arab Emirates, His Excellency Abdulla Bin Touq Al Marri, the UAE is strongly present at the 86th Thessaloniki International Fair (10-18/9), participating with a delegation flanked by more than 60 public and private sector entities and who will highlight their impressive economic developments and latest products.

During their stay in Thessaloniki, UAE Minister of Economy Abdulla Bin Touq Al Marri and the delegation accompanying him are to hold a series of meetings with Greek ministers, high-ranking government officials and representatives of the private sector.

As TIF-Helexpo states in its announcement, “they will highlight the unique benefits and advantages that characterize the economies of the two countries, which offer a wide range of opportunities for companies and business communities in both countries, enabling them to benefit from current economic synergies, as well as build new, sustainable partnerships that will strengthen the strategic relations between the UAE and Greece.”

The two sides will also discuss the expansion and diversification of bilateral cooperation in all areas of vital importance, in such a way as to strengthen future relations, especially in the fields of energy, renewable energy, infrastructure, health, agriculture and food safety, artificial intelligence, tourism, as well as other areas that support the economy of the future.

The UAE is the honored country at the 86th TFC

The participation of the UAE in the 86th Thessaloniki International Exhibition and as an honored country, takes place in the context of the effort to attract 150 billion dollars in inward foreign investment in the next nine years, in order to become one of the top ten investment destinations worldwide – especially in the sectors of new economy – until 2030.

The aim of the participation of the UAE in the 86th TIF is to strengthen the cooperation with the business communities of Greece, the Balkans and all the European markets, giving impetus to economic development and mutual investments in the UAE and these countries.

As specified in the announcement, the participation of the UAE will focus on highlighting the attractive investment environment of the country and the abundance of available investment opportunities in all its economic sectors, especially in those of the new economy, including the technological sector, in accordance with the vision of UAE for a future with a diverse and sustainable economy.

Opportunities

The UAE aims to create a successful knowledge-based economy, as well as a world-class healthcare system, while it is noted that it is systematically investing in creating a world-class information technology (IT) / artificial intelligence (AI) business framework, as well as infrastructure development to create the best possible technology investment ecosystem for start-ups, SMEs and multinationals.

Also, the pharma market in the UAE presents significant growth opportunities for multinational pharmaceutical companies, while as pointed out in today’s announcement, the main goal of their government is to more than double the contribution of the manufacturing industry to the GDP, to a percentage of around 25%.

The UAE, which encourages growth and competition in the private sector and enforces regulations that prohibit monopolies, has one of the world’s largest oil reserves, but also “reasonable energy tariffs, economic diversification and purchasing power,” the statement said.

To build its future economy, the UAE wants to attract entrepreneurs and start-ups from the technology sector worldwide, while the country offers a welcoming business climate and has comparative advantages over other states. In addition, the UAE has an attractive low-tax environment, which encourages innovation in all economic sectors.

A report by the United Nations Conference on Trade and Development (UNCTAD) has ranked the UAE first in the Arab world and 19th overall in terms of its ability to attract inward foreign direct investment (FDI). In addition, the UAE ranks 17th globally in terms of outbound FDI, which amounted to $22.5 billion in 2021, a 19% increase over the previous year.

Attractive investment initiatives

Among the attractive investor initiatives available in the UAE including: up to 100% foreign ownership in free zones, 100% foreign ownership in all economic sectors, with the exception of a limited number of strategic economic activities and an equal percentage for repatriation of profits, residence visa renewable ten-year terms, competitive finance charges, high levels of liquidity and a strong banking system, no exchange controls, low customs duties (from 0 to 5% on almost all goods) and a flexible low-tax environment, which will include tax in corporate profits starting June 1, 2023.

International ties between the UAE and Greece

Relations between the United Arab Emirates and Greece date back to 1976, when they signed an agreement to establish a joint committee for economic, cultural and technical cooperation.

It is recalled that bilateral relations between the countries were recently strengthened, when His Highness Sheikh Mohamed Bin Zayed Al Nahyan, president of the United Arab Emirates, visited Greece in August 2022, opening the curtain on a new phase of fruitful cooperation between two countries in all strategic areas of common interest, in a way that enhances the sustainable development actions of both countries.

Also, during the recent visit of Greek Prime Minister Kyriakos Mitsotakis to Abu Dhabi, the two countries signed an agreement to enhance bilateral trade.

Greece and the UAE have agreed to develop a €4 billion ($4.22 billion) initiative to invest in the Greek economy. Under this initiative, investments will be made in areas such as infrastructure, renewable and new energy sources, healthcare, pharmaceuticals, food and agriculture, and logistics.