The visit of the Crown Prince of Abu Dhabi, Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, to Austria opens new economic horizons for the two countries, at a time when the UAE has become a global capital for economic and trade relations.
The volume of non-oil trade exchange between the two countries in 2019 amounted to about 3.8 billion dirhams (1.1 billion US dollars).
Although the trade relations between the two countries are low, the visit will pave the way for opening investments and commercial partnerships and others in the energy field, especially since Austria is an importer of energy sources of all kinds.
UAE Ministry of Economy
Data from the UAE Ministry of Economy show that the volume of non-oil trade exchange between the two countries in 2019 amounted to about 3.8 billion dirhams (1.1 billion US dollars), compared to 4.3 billion dirhams (1.3 billion dollars) in 2018.
The highest level of non-oil trade exchange between the UAE and Austria was at a level of 4.4 billion dirhams (1.4 billion US dollars), according to official data, which was in 2014.
Austria is a large and emerging economy despite its small area compared to many countries in the European Union, with an average gross domestic product of 420 billion US dollars during 2020, according to its official data.
While the United Arab Emirates, an oil and diversified economy based on the sectors of energy, tourism, industry, investment and services, has an average GDP of nearly $404 billion in 2020.
In general, government policies do not interfere significantly with foreign investment in Austria helping UAE to boost its investments, while five large banking groups dominate the country’s relatively well-capitalized banking sector, offering a wide range of financial services.
While the United Arab Emirates, succeeded in 2020. It overcame one of the largest global economic crises and maintained its position as the second-largest economy in the Arab world.
This year, the vaccination campaign in the UAE was ranked among the fastest in the world; About 70% of the population has been vaccinated with more than 13 million vaccines administered.
Later this year, Expo 2020 Dubai is expected to unleash tourism, increase job opportunities and grow infrastructure.
UAE government data indicates that the Coronavirus impact on the economy will be eliminated during the next year with improved credit growth and positive spending during the year.
Rating agency Moody’s confirmed the positive assessment of the UAE and praised the economy for the government’s rapid and adequate support to face the shock.