The United Arab Emirates (UAE) and Luxembourg both pursue a policy of economic diversification: While the Grand Duchy wishes to become less dependent on the financial sector, the UAE aims to gradually reduce the share of hydrocarbons in its national economy. To achieve this, the UAE, like Luxembourg, is counting on the stimulation of innovation in general and on the development in particular of economic sectors such as space, renewable energies, health, logistics, tourism and Fintech.
Therefore, on the first day of the economic mission to the UAE, chaired by HRH the Hereditary Grand Duke and led by the Deputy Prime Minister, Minister of the Economy, Minister of Health, Étienne Schneider, a cooperation agreement was signed in Dubai between Luxinnovation, the national agency for the promotion of innovation and research, and the Dubai Future Foundation (DFF), the innovation agency supported by the Dubai government to accompany the technological transformation. This agreement gives Luxembourg start-ups and technology companies access to Dubai's development and financing programs, as well as to FDF's various hosting facilities.
Strengthened collaboration in the area of finance
In order to strengthen financial relations between the two countries, the Minister of Finance, Pierre Gramegna, was received by his counterpart H.E. Obaid Bin Humaid Al Tayer, Minister of State for Financial Affairs of the UAE. They discussed bilateral relations, the opportunities and challenges of the digitalisation of financial services, as well as the latest developments in international taxation. Pierre Gramegna commented: "Luxembourg and the United Arab Emirates maintain excellent relations in the financial sector. We agreed to further strengthen the collaboration between the two countries, particularly in the field of Fintech and sustainable finance."
The Minister of Finance, together with his delegation, including Nasir Zubairi, the CEO of LHoFT, also had an extensive exchange of views with representatives of the UAE Fintech sector on the latest developments and trends in the field of financial technology in the MENA (Middle East, North Africa, South Asia) region, and they took stock of the current state of activities in this area between Luxembourg and the UAE. In addition, H.R.H. the Hereditary Grand Duke and the Minister of Finance, Pierre Gramegna, held meetings with investors and senior financial sector officials from the region.
Searching for opportunities in the field of financing space activities
Similar to Luxembourg, the UAE is developing the space sector with a view to economic diversification. Thus, following a collaboration agreement signed in 2017 between the two countries in the space sector, H.R.H. the Hereditary Grand Duke and Minister Étienne Schneider attended a seminar on Monday 27 January in Abu Dhabi specifically dedicated to investments and financing in this sector. During his speech, Minister Étienne Schneider said: "Luxembourg and the UAE share the same commitment to support the economic development of the commercial space industry. This seminar further strengthens our bilateral cooperation with the UAE for the development of high technology space products and services through financing instruments tailored to the needs of private companies".
H.R.H. the Hereditary Grand Duke and Ministers Étienne Schneider and Pierre Gramegna then met with the Crown Prince of the Emirate of Abu Dhabi and Deputy Supreme Commander Sheikh Mohammad Bin Zayed Al Nahyan. At a luncheon, they also had a meeting with the Minister of Tolerance, Sheikh Nahyan Bin Mubarak Al Nahyan.
At the end of the first day of the economic mission, the official delegation visited the Louvre Abu Dhabi, one of the must-visit attractions in Abu Dhabi.
Press release by the Information and Press Service (SIP)