Dubai: The UK and the UAE have signed a Memorandum of Understanding aimed at boosting trade, as well as strengthening economic and technical ties, according to a statement by the UAE Ministry of Economy.
The agreement was signed in Abu Dhabi yesterday by UK Business Secretary Peter Mandelson and UAE Minister of Economy Sultan Bin Saeed Al Mansouri. The memorandum foresees the creation of a joint economic committee, which is likely to meet every two years, alternating between London and Abu Dhabi.
Mandelson also met with His Highness Shaikh Mohammad Bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai. They discussed aspects of economic cooperation and ways to enhance bilateral relations between the UAE and the United Kingdom.
The talks also touched on the developments on the global financial crisis and the practical steps that should be taken by governments to help banks and financial institutions overcome the effects of the crisis on the global economy.
Mandelson praised the UAE's constructive steps to support its economy and financial institutions.
Meanwhile, Mandelson said, Britain would welcome investments by sovereign wealth funds (SWF) to bolster its economy. Gulf-based investment firms have poured billions of dollars in recent years into businesses.
Asked about Britain's car industry, Mandelson said it needed investment but declined to comment on whether a bonus for trading in old cars would be included in the April 22 budget.
