UAE, Spain sign trade pacts

May 26th, 2008 - 11:31 am ICT by admin  

Abu Dhabi, May 26 (IANS) The United Arab Emirates (UAE) and Spain have agreed to bolster their relations and signed three pacts of cooperation in the fields of trade and investment, WAM news agency reported Monday. The agreements between the two countries were signed after the opening session of the Emarati-Spanish Business Forum, which was inaugurated by Spanish King Juan Carlos here Sunday.

During the forum, Abu Dhabi-based Mubadala Development Company signed an agreement with Indra Sistemas, a leading Spanish Information Technology and Defence Systems company, providing for cooperation in the areas of services and radar systems.

Abu Dhabi National Energy Company (TAQA) signed a memorandum of understanding (MoU) with Iberdrola S.A., the world’s fourth largest electricity company and leading energy firm in Spain.

A third MoU was signed by the Abu Dhabi Chamber of Commerce and Spanish Confederation of Entrepreneurial Organisations (CEOE) to reinforce cooperation between the UAE and Spanish private sectors.

Earlier, addressing the forum, the Spanish king expressed his thanks to UAE President Sheikh Khalifa bin Zayed Al Nahyan for the warm welcome and hospitality accorded to him during his current visits to the country.

“Viewed in the context of my current visit to the UAE, this forum is a significant step toward a strong and strategic partnership between the UAE and Spain”, said King Carlos, adding that he had been looking forward to this partnership.

He expressed his hope that the forum would set a blueprint for achieving this partnership in the future.

The visiting monarch also expressed his hope that Free Trade Agreement between the GCC and EU would be signed soon, a deal which he said would set the Spanish-UAE relations on a new track.

For his part, UAE Minister of Economy Saeed Sultan Al Mansouri also said the his country was “willing to expand investments in Spain and beyond”.

“Despite soaring oil prices and high revenues, the UAE strives to increase non-oil revenues which currently account for 62 percent of gross income”, he told the forum.

The two countries also explored prospects of cooperation in the field of roads and transport during the business forum. The UAE’s Roads and Transport Authority (RTA) chief Mattar Al Tayer held discussions with Spanish economy minister and other officials on the issue, and reviewed future roads and infrastructure projects in Dubai.

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