Ties between UAE, Lebanon are historic: Sultan Al Mansouri

ABU DHABI, Sultan bin Saeed Al Mansouri, UAE Minister of Economy, stated that the ties between the UAE and Lebanon are historic, adding that Lebanon has always been a country loved by the UAE and the Emirati people.

Al Mansouri made this statement during the second UAE-Lebanese Investment Conference, which he inaugurated today with Saad Al Hariri, Prime Minister of Lebanon, in Abu Dhabi.

The conference was organised by the Abu Dhabi Chamber of Commerce and Industry, in cooperation with the Ministry of Economy, with the participation of senior ministers, diplomatic corps and officials from the UAE and Lebanon representing various economic and development sectors.

“Over the past decades and years, Lebanon has provided the Arab region with some of the most prominent minds and talents in various fields of science, knowledge, literature, arts, management and the economy,” Mansouri said during his speech.

In his quick reading of trade and investment cooperation indexes, Al Mansouri pointed out that progress was made last year in terms of the non-oil trade exchange between the two countries, totalling over US$2.6 billion, a growth of 34 percent compared to 2017.

According to figures for the first quarter of 2019, non-oil foreign trade between the two countries reached nearly $700 million, a growth of 37 percent compared to the same period in 2018.

The UAE is Lebanon’s leading Arab trading partner and its seventh largest global trading partner. The UAE also ranks first in the world in receiving Lebanese exports, accounting for 14 percent of Lebanese merchandise exports in 2018.

Mohammed Hilal Al Muhairi, Director-General of the Abu Dhabi Chamber, stressed that the chamber’s participation in organising the conference aims to enhance the trade cooperation between the two countries.

Dr. Hamad Saeed Al Shamsi, UAE Ambassador to Lebanon, said, “This investment conference is being held at a very important time for Lebanon.”

Source: Emirates News Agency