UAE Business: Spanish exports to UAE set to grow 8pc in 2022 – Gulf Digital News

UAE Business: Spanish exports to UAE set to grow 8pc in 2022 – Gulf Digital News

Bilateral trade between Spain and the UAE is bouncing back to pre-pandemic levels with Spanish exports to the UAE projected to grow 8% this year, said Iñigo de Palacio España, the Spanish Ambassador to the UAE.

"Forecasts on bilateral trade are very promising. Imports from the UAE to Spain are also growing and the first quarter of 2022 already witnessed a 32% rise compared to the same period last year," España told WAM.

The bilateral trade worth €1.81 billion ($1.79 billion) in 2020 rose 39.23% to €2.52 billion in 2021, he revealed in an exclusive interview with WAM at the Spanish Embassy in Abu Dhabi.

2,600 Spanish companies

More than 2,600 Spanish companies export regularly to the UAE and Spanish exports to the UAE in 2021 amounted to €1.71 billion, a 13.24% increase compared to €1.51 billion in exports in 2020, the envoy added.

The imports from the UAE to Spain in 2021 were pegged at €812.68 million, a 167.55% increase compared to €303.75 million in imports in 2020, he said.

The UAE’s Foreign Direct Investment (FDI) in Spain has reached over €6 billion and Spanish FDI in the UAE is valued at around €3 billion, he noted.

Expanding business

"We can build on the strong presence of