Ties with China and South Korea strengthened

The UAE has strengthened its relations with Asia over the past year, namely with South Korea and China.

With the recent visit of Sheikh Mohammed bin Zayed, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, to Beijing, the relationship with China is expected to further contribute to the UAE's economic development.

It is hoped the visit will open investment opportunities in areas including renewable energy, telecommunications, infrastructure, rail, aerospace and finance.

A new trade link, the China-Pakistan Economic Corridor, is also expected to benefit the UAE and the region over the next five to 10 years.

With a focus on diversifying its economy and energy sources to plan for a future without oil, the UAE has intensified its work with other countries in the nuclear field.

Australia will soon provide the UAE with uranium for its nuclear power plant after it finalised an agreement to expand its global uranium exports with the country.

Russia and the UAE also signed a 15-year commercial contract this year to make it one of the suppliers of enriched uranium needed for the nuclear power plant in Barakah in the Western Region.

Japan is expected to provide more training and expertise in the nuclear field and South Korea will continue to help with its nuclear technology.

The Emirates and Egypt continue to maintain a strong relationship with an agreement on tourism, which was signed earlier this month. The sector represents a strong pillar of economic development between both nations and will allow an ease of tourist influx between them.

Ties between both countries have grown significantly over the year with the UAE providing Egypt with nearly Dh17 billion for development projects and charitable assistance.

The UAE has also given a great push to its space sector with the assistance of countries such as France, the US, the UK and Russia.

A major milestone for the UAE this year was the long-awaited implementation of visa-free travel for Emiratis to the European Union. The move strongly reinforced relations between both the UAE and the EU.

Source: WAM