The UAE is to invest $40 billion in key sectors of Italy’s economy as the two countries strengthen ties.
Italy and the UAE signed over 40 new agreements covering sectors including economy and investment, defence, energy and space during President Sheikh Mohamed's state visit to Rome on Monday.
Connectivity, infrastructure, high-tech industry, artificial intelligence, water technology, information and communication technology, SMEs and start-ups, agriculture, civil aviation, education, culture and health care were the other areas of mutual interest for the two countries, Emirati state news agency Wam reported on Monday.
The two countries are also aiming to explore opportunities for co-operation with other partners, particularly in Africa.
The announcements came as the two countries continue to bolster their trade ties, with non-oil trade reaching $11.7 billion in 2023. Italy has increased investment in the UAE by 50 per cent in the last five years.
Sheikh Mohamed held talks with Italy’s Prime Minister Giorgia Meloni on Monday and the two leaders discussed the UAE's goal of enhancing its presence in European markets with Italy’s support, particularly by “pursuing negotiations for market liberalisation through a Comprehensive Economic Partnership Agreement [Cepa], a bilateral free trade agreement, with the European Union", Wam reported, citing a joint statement issued by the two countries.
Cepas are playing a key part in boosting the UAE's non-oil foreign trade, which hit a record Dh3 trillion ($816.7 billion) last year − up 14.6 per cent year-on-year.
The two countries also highlighted Italy’s and the UAE’s roles as logistic hubs and stepping stones in global connectivity, strengthening trade and investment ties between Europe and Asia.
“This collaboration underscores the importance of Italy and the UAE as strategic partners for innovation, sustainable economic development and technological exchange, fostering deeper ties between Europe, the Middle East and Asia, also in the framework of IMEC [The India-Middle-East-Europe Economic Corridor],” the statement said.
The IMEC announced during the G20 summit in 2023, consists of an eastern route connecting India to the Gulf and a northern pathway connecting the Gulf to Europe.
The cross-border, ship-to-rail transit corridors are expected to reduce shipping costs across the network and support trade in goods and services to, from and between the UAE, Saudi Arabia, India and Europe.
The UAE, Italy and Albania last month announced a partnership to build a subsea interconnector for exporting renewable energy across the Adriatic Sea.
As part of the deal, green power produced in Albania will be exported to Italy through an undersea cable, Italian Prime Minister Giorgia Meloni told the World Future Energy Summit in Abu Dhabi in January.
Also on Monday, Abu Dhabi sovereign investor ADQ signed an initial agreement with Rome-based energy company Eni to identify potential strategic areas of co-operation aimed at strengthening supply chains for critical minerals.
The collaboration will prioritise potential investment in regions such as Africa, North America and Central Asia. They will explore synergies across the entire critical and strategic minerals value chain, from mining to refining, processing and downstream applications, the companies said.
The companies will also assess the feasibility of establishing refining and processing facilities in the UAE and Italy.
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It’ll be summer in the city as car show tries to move with the times
If 2008 was the year that rocked Detroit, 2019 will be when Motor City gives its annual car extravaganza a revamp that aims to move with the times.
A major change is that this week's North American International Auto Show will be the last to be held in January, after which the event will switch to June.
The new date, organisers said, will allow exhibitors to move vehicles and activities outside the Cobo Center's halls and into other city venues, unencumbered by cold January weather, exemplified this week by snow and ice.
In a market in which trends can easily be outpaced beyond one event, the need to do so was probably exacerbated by the decision of Germany's big three carmakers – BMW, Mercedes-Benz and Audi – to skip the auto show this year.
The show has long allowed car enthusiasts to sit behind the wheel of the latest models at the start of the calendar year but a more fluid car market in an online world has made sales less seasonal.
Similarly, everyday technology seems to be catching up on those whose job it is to get behind microphones and try and tempt the visiting public into making a purchase.
Although sparkly announcers clasp iPads and outline the technical gadgetry hidden beneath bonnets, people's obsession with their own smartphones often appeared to offer a more tempting distraction.
“It's maddening,” said one such worker at Nissan's stand.
The absence of some pizzazz, as well as top marques, was also noted by patrons.
“It looks like there are a few less cars this year,” one annual attendee said of this year's exhibitors.
“I can't help but think it's easier to stay at home than to brave the snow and come here.”
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
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COMPANY PROFILE
Founders: Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi
Total funding: Self funded
