The economic partnership between the United Arab Emirates (UAE) and Italy is taking significant strides toward sustainable growth, marked by direct support from both countries’ leaderships. A recent state visit by Sheikh Mohammed bin Zayed Al Nahyan, President of the UAE, to Italy opened new avenues for collaboration by launching several investment initiatives supported by the business communities of both nations.
Dr. Thani bin Ahmed Al Zeyoudi, the UAE Minister of State for Foreign Trade, expressed optimism about the current phase of UAE-Italy relations, stating, "The UAE-Italy relationship is witnessing one of its best periods of prosperity," as reported by the Emirates News Agency. This sentiment reflects the mutual interest of both countries to deepen their strategic partnership with the aim of boosting economic growth.
The visit resulted in fruitful discussions and multiple agreements aimed at enhancing cooperation across various sectors, including advanced manufacturing, technology, artificial intelligence, energy, healthcare, culture, education, scientific research, and defense. The strategic discussions also signaled intentions to explore economic partnerships with African nations, broadening the scope of bilateral relations.
During the official visit, several Memoranda of Understanding (MOUs) were signed, showcasing the commitment to strengthen UAE-Italy economic ties. Dr. Al Zeyoudi highlighted the significant growth of bilateral trade, with non-oil trade reaching $14.1 billion by 2024, reflecting a 21% growth compared to the previous year. This impressive figure is evidence of the booming economic activities between the two countries and the potential for continued growth.
Over the past five years, trade statistics indicate unprecedented growth exceeding 50%, which reinforces confidence in the prospects of commercial exchanges. Dr. Al Zeyoudi expressed his optimism about the long-term outcomes of Sheikh Mohammed's visit, anticipating the dawn of a new era characterized by mutual benefits for both nations.
To complement these discussions, three MOUs were signed by the UAE Ministry of Investment, targeting joint ventures and collaborations within pharmaceuticals, minerals, data centers, and artificial intelligence. These agreements aim to establish frameworks for innovation and knowledge sharing, promoting technological advancement and leveraging joint strengths to advance life sciences and minerals technology.
Further strengthening the energy sector, Abu Dhabi Future Energy Company (Masdar) signed a framework agreement with Italy’s Eni S.p.A. to implement strategic partnerships aimed at energy security, supporting sustainable development through renewable energy and infrastructure projects.
Another notable collaboration was established between EDGE and Italy’s E.L.T. group, formalized during the UAE-Italy entrepreneurial forum. This memorandum highlights both parties' commitment to technological innovation within the defense sector, thereby addressing global security challenges through advanced defense solutions.
Also, the Abu Dhabi Investment Office sealed strategic partnerships with Italy’s National Promotion Agency (Cassa Depositi e Prestiti), facilitating Italian investments within Abu Dhabi. This partnership will empower UAE businesses to explore available opportunities within the Italian market as well.
Italian telecom giant TIM also aims to establish its regional headquarters in Abu Dhabi, supported by agreements formulated with Abu Dhabi's Investment Office, reflecting the firm's ambitious plans to amplify its international presence.
These collaborative efforts are poised to fortify the longstanding relationship between the UAE and Italy, which has been nourished by the economic, industrial, technological, and financial agreements dating back to 1984, as well as the 1995 investment protection treaty between their governments. By utilizing these established frameworks, the UAE and Italy aim to explore new investment and economic partnership opportunities across various sectors.
This recent foray by UAE and Italy to create impactful economic partnerships sets the stage for greater collaboration and mutual growth, with the leadership of both countries ensuring sustained commitment to fostering shared prosperity. The future of UAE-Italy relations appears bright, brimming with possibilities for transformative economic cooperation.