Abu Dhabi [UAE], February 4 (ANI/WAM): The United Arab Emirates and Germany reinforced their deep-rooted economic ties today with the convening of the UAE-German Business Forum in Abu Dhabi.
The event, held at the Abu Dhabi Global Market (ADGM), gathered senior government officials, industry leaders, and private sector representatives from both nations to explore opportunities for further collaboration in key strategic sectors.
The forum was attended by Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, and Jorg Kukies, Germany’s Minister of Finance, along with Ahmed Alattar, UAE Ambassador to Germany, and Alexander Schonfelder, German Ambassador to the UAE, and leading figures from the UAE and German business communities.
In his opening remarks, Thani Al Zeyoudi underscored the strength of the UAE-Germany economic relationship and the potential to further expand bilateral trade and investment.
“Germany remains one of the UAE’s most important economic partners, with our non-oil trade reaching USD 13.8 billion in 2024, a 5.4 per cent increase over the previous year and nearly double the global trade growth average. Today’s forum provides a valuable opportunity to build on this momentum, identifying new areas for collaboration in renewable energy, Industry 4.0, industrial technology, logistics, and advanced manufacturing,” he stated.
He highlighted the UAE’s growing role as a gateway to high-growth markets, offering German businesses unparalleled access to Asia, Africa, and the Middle East through its Comprehensive Economic Partnership Agreements (CEPA) program, which covers over a quarter of the world’s population.
From the German side, Jorg Kukies reaffirmed Germany’s commitment to deepening its trade and investment ties with the UAE.
“The UAE, as a major gateway to regional and global markets, is a strategic partner for Germany, and we look forward to strengthening and expanding cooperation especially in the fields of advanced technology, clean energy, trade and sustainable investment.
“As global economies transition toward green energy, digital transformation, and advanced industrialisation, we see significant opportunities for German and Emirati businesses to collaborate on high-impact projects,” he said.
The forum discussions focused on strengthening cooperation in clean energy, finance, industrial technology, and logistics, with an emphasis on sustainability and innovation.
One of the key highlights was the progress made under the Energy Security and Industry Accelerator Agreement, signed in 2022. This agreement has facilitated investments in low-carbon ammonia, liquefied natural gas (LNG), and renewable energy projects, including Masdar’s investment in the Baltic Eagle offshore wind farm, which will soon supply clean energy to 4,75,000 households in Germany.
Additionally, discussions explored Germany’s increasing investment in the UAE’s advanced technology, AI, and industrial automation sectors, benefiting from the UAE’s NextGen FDI initiative, which supports high-growth companies expanding into the region.
The UAE and Germany continue to deepen their economic ties, with non-oil trade reaching USD 13.8 billion in 2024, reflecting a 5.4 per cent increase over 2023 and a 41 per cent rise compared to 2022. Germany remains the UAE’s second-largest trade partner within the EU and 13th globally, reinforcing the strength of their long-standing economic partnership and the steady growth of bilateral trade.
The UAE’s non-oil exports to Germany grew significantly by 44.7 per cent in 2024, reaching USD 616 million, while re-exports totalled USD 1.1 billion, highlighting Germany’s role as a key gateway for global trade. Additionally, German imports to the UAE increased to USD 12.1 billion, cementing Germany’s position as the UAE’s second-largest import partner within the EU and further accelerating the upward trajectory of trade relations between the two economies.
The forum concluded with networking sessions and business matchmaking meetings, facilitating direct engagement between UAE and German business leaders to explore new investment and trade opportunities.
The forum also witnessed the exchange of several Memorandums of Understanding on joint investments between Emirati and German companies, particularly in fintech, digital transformation, and sustainable investments.
The agreements included an investment by Germany’s Capital 468 in several UAE-based companies, such as the digital payment platform Alaan and the financing company Flow48. Additionally, investments were made in Hydrum Technologies, a market-making platform, and Oro, a digital platform for tokenised gold investments.
Furthermore, Germany’s ZenAdmin, a specialist in IT and HR automation solutions, announced its expansion through the acquisition of a UAE-based IT platform, reinforcing its presence in the local market and supporting the country’s digital transformation efforts. (ANI/WAM)
Disclaimer: This story is auto-generated from a syndicated feed of ANI; only the image & headline may have been reworked by News Services Division of World News Network Inc Ltd and Palghar News and Pune News and World News
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