UAE and Scotland expand trade, investment ties

The UAE and Scotland are taking their trade and investment relations to the next level.

The two sides have signed a Memorandum of Understanding (MOU) that aims to promote bilateral trade, private-sector and academic partnerships in the fields of advanced technology, innovation, education and research.

The MoU is also designed to strengthen collaboration in priority sectors such as clean energy and artificial intelligence. 

The latest agreement is the direct result of the work of the joint UAE-Scotland task force that was established earlier this year to develop areas of shared interest.

It was signed by Dr. Thani Al Zeyoudi, UAE Minister of State for Foreign Trade and Neil Gray, Scotland’s Cabinet Secretary for Wellbeing Economy, Fair Work and Energy.

The UAE and Scotland already enjoy productive economic relations. In 2022, they shared non-oil trade worth over $870 million (nearly AED 3.2 billion), which is an increase of 70 per cent over 2021.

The two nations have also pursed a number of strategic investments in recent years, including Masdar’s 25 per cent stake in Hywind Scotland, a 30-megawatt floating offshore pilot wind farm in the North Sea.