UAE to Grow Asia, Africa Trade, Seek $150 Billion Investment - Bloomberg
The United Arab Emirates plans to deepen its trade ties in fast-growing economies in Asia and Africa, and draw $150 billion in foreign investment from mainly older partners to reposition itself as a global hub for business and finance.
The UAE -- which has been the Middle East’s commercial capital for more than a decade and has been facing growing regional competition from Saudi Arabia -- will work on comprehensive economic agreements with countries showing high potential for growth, officials said Sunday. It’s also easing visa restrictions to try to attract foreign talent.
Only one of the eight countries targeted for expanded relations is from the region, part of a growing shift toward markets further afield.
They include South Korea, Indonesia, Kenya, Ethiopia and Turkey, where ties with President Recep Tayyip Erdogan have warmed dramatically in recent months after years of tensions over regional politics. It will also expand economic ties with Britain, India and Israel, where the Gulf state normalized ties a year ago. The UAE’s foreign policy will serve the country’s economic interests going forward, according to a policy document released during Sunday’s announcements and tweeted by defacto ruler Sheikh Mohammed bin Zayed.
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