The United Arab Emirates (UAE) plans to expand its trade dealing in fast-growing economies like Asia and Africa and to do so, is looking to draw $150 billion from its old trading partners in foreign investment to establish itself as a global hub for business and finance, according to media reports.
The UAE is popularly known as the Middle East’s commercial capital for more than a decade now and has also recently made headlines for giving tough competition to Saudi Arabia. The country will focus on comprehensive economic agreements with other nations that show high potential for growth. Additionally, the UAE will also ease visa restrictions, in hopes to attract more tourism.
The UAE will primarily focus on South Korea, Indonesia, Kenya, Ethiopia and Turkey and recently, Turkey president Recep Tayyip Erdogan has warmed dramatically after eased tensions over regional politics.
The UAE will also expand its ties with Britain, India and Israel and the UAE’s foreign policy will serve the country’s economic interests going forward.
Thani Al Zeyoudi, UAE minister of state for foreign trade, told the media, “We’re going to open up the markets more aggressively with many countries. Let the Saudis increase the competition. It means the pie is going to be bigger and having a bigger pie means that the UAE share out of this pie is going to be bigger.” He also mentioned that these agreements will include strategic investments, government procurement, trade of services and goods, and research and development.