Are there any specific objectives of the Luxembourgian trade mission to Abu Dhabi and Dubai?
I have led numerous business delegations to the UAE since taking office in 2004, and Luxembourg companies have shown their eagerness to do business with their potential partners, mainly from Abu Dhabi and Dubai, but also from Sharjah and Ras Al Khaimah. Our objective is two-fold during the present visit led by the Grand Duke: informing local business leaders on the many opportunities for doing business in, through and with Luxembourg as Europe’s prime finance and commerce hub as well as fostering partnerships with our very diverse companies known for their leadership in know-how and quality.
What are the advantages of engaging in trade with Luxembourg?
Luxembourg is a small and culturally diverse country that makes foreign partners feel safe and at ease. Throughout our history we have engaged with international markets, which makes us comfortable in doing business with customers from different continents. I think that’s a trait that we share with Arab business people, who also have a long history and reputation as traders connecting the continents. Luxembourg offers the services of the leading financial centre in Europe and the skills of its production companies, catering for the needs of partners looking only for the best quality. ‘Made in Luxembourg’ in goods or services is a quality label that stands for personalised attention to the customer’s needs and the highest levels of exclusivity.
What are some of the features of the economy of Luxembourg that would be attractive for UAE companies?
Many of the distinguished actors in the Gulf, ruling families, government entities and leading business representatives have long used the services and expertise offered by the Luxembourg financial centre for the safest and best asset management and international development available in Europe. The iconic buildings that grace the skylines of Abu Dhabi and Dubai have to a large extent used the unique steel products made in Luxembourg and some have also used the advanced heat-shielding glass panels made in our factories.
Luxembourg is nevertheless much more and some of our companies that are active in the UAE offer civil engineering services, distribute high-tech products for the oil and gas industry or advise Emirati authorities on a more sustainable approach to waste management.
Our companies show commitment to the UAE market, a fact proven by our long-standing presence at the Big 5 show in Dubai as well as by the large business delegations that visit the emirates on a yearly basis.
Could you outline some business opportunities in particular?
Luxembourg offers many possibilities, from the distribution of its premier products to investment solutions for private and corporate customers. We consider ourselves as an exclusive jurisdiction though, where cooperation is not “off the shelf”. We invite interested high-level parties from the UAE to get in touch with our embassy, or me, in Luxembourg in order to discuss their activities and projects so that we can offer tailor-made solutions. While other jurisdictions offer standard solutions for many, we offer bespoke treatment for the select few.
How about investment opportunities at the individual level?
As I mentioned before, we prefer to discuss individual opportunities directly and address the elite of the Emirati business community. My advisers and I offer a personalised approach to our partners from the UAE who we see not only as customers, but as friends. Our aim is to establish a close relationship of trust, relying on a bond of honour that should prevail in business. Luxembourg is no place for adventures, it stands for security and predictability, both on a personal level as well as in business.
Are there any significant projects involving UAE and Luxembourgian companies that you could mention?
Luxembourg companies have been present in many of the UAE’s construction projects, where only the best quality materials were needed, be it steel, glass or technical equipment. Iconic activities include the construction of the Palm Jebel Ali in Dubai, where a Luxembourg-based company has been at the forefront of dredging activities.
In terms of financial services, our experts advise on and facilitate the international activities of the emirate’s international investment portfolios. The Abu Dhabi Investment Authority, to name one, is a regular client in Luxembourg.
What economic challenges do you foresee in the future for Luxembourg?
Luxembourg has enjoyed the fruits of prudent governance and has so far done well in weathering the effects of the sovereign debt crisis that has affected not only European but global financial markets. Nevertheless, the turmoil caused on the world’s stock exchanges will without a doubt spill over into the “real” economy and affect demand on our markets. Our export companies are continuing to work hard on the diversification of their customer portfolio, which mitigates the damage. But we need to support and encourage innovation, research and development in order to remain in the vanguard of progress. In today’s competitive global marketplace only the best will survive. We are proud to be among them.
How about for the UAE?
The UAE is doing a remarkable job in diversifying the economies of the different emirates in order to become less dependent on the revenues generated by their wealth of oil and gas. The economic and financial crisis that hit so hard in 2008 and 2009 was certainly a stumbling block in their development, but maybe also a necessary wake-up call that prompted leaders to invest in sustainable development. Right now, what I see in terms of long-term planning is truly world-class. The UAE is turning into a showcase for eco-friendly technologies, in order to safeguard future economic development as well as the well-being and the quality of life of the population. My congratulations go to the UAE’s leadership for selecting the best practices to be found around the world and incorporating them into the specific local situations of the different emirates.
