UAE and Jordan Elevate Trade and Investment Relations to New Heights

Dr. Thani bin Ahmed Al Zeyoudi, the Minister of State for Foreign Trade, discussed with Dr. Bisher Al-Khasawneh, the Prime Minister of the Hashemite Kingdom of Jordan, ways to enhance commercial and investment relations between the two countries, with an emphasis on priority relationships.

The objective is to stimulate shared economic growth and provide more opportunities for constructive cooperation between the business communities and private sectors of both sides.

This occurred as the Al-Khasawneh welcomed Al-Zeyoudi at the Prime Minister’s residence in the Jordanian capital, Amman, with the presence of Yusuf Al-Shamali, the Jordanian Minister of Industry, Trade, and Supply.

Al-Zeyoudi is on an official visit aimed at continuing the joint efforts to enhance the fraternal relations between the two countries.

The Khassawneh highlighted the strong fraternal ties between Jordan and the United Arab Emirates, which are nurtured and valued by the leadership of both nations. He expressed Jordan’s support for the successful hosting of the 13th Ministerial Conference of the World Trade Organization (WTO), which will take place in Abu Dhabi next February, with ministers and officials from 164 member countries participating.

He confirmed that Jordan would take part at a high level in this conference. He also appreciated the efforts of the United Arab Emirates and its success in hosting the COP28 conference, which was marked by the announcement of several significant initiatives.

Al Zeyoudi emphasized that the United Arab Emirates and Jordan share a common vision to build an economy that anticipates the horizons of the future, an economy based on innovation, knowledge, and the free flow of trade and investment. Additionally, the two fraternal nations possess a joint will to elevate their bilateral relations to broader levels of integration and mutual growth.

He stated that the mutual visits and strong brotherly relations between His Highness Sheikh Mohammed bin Zayed Al Nahyan, the President of the State, may God protect him, and his brother King Abdullah II bin Al-Hussein, the sovereign of the fraternal Hashemite Kingdom of Jordan, have contributed to strengthening the established brotherly ties between the two countries.

This collaboration supports their strategic cooperation, serving their future visions for achieving long-term development and prosperity, as well as fulfilling the aspirations of the two fraternal peoples for a future that is more thriving and progressive.

Al-Zeyoudi stated: There exists a mutual desire to capitalize on the trade and investment momentum between the two countries, with the aim of enhancing relations and creating additional opportunities for the business communities in both nations.

The official visit by Al Zeyoudi to Amman takes place amidst a sustained momentum in the UAE-Jordan trade relations. After recording a record growth in non-oil bilateral trade in 2022, which saw an increase of over 47% compared to 2021, reaching $4.5 billion—more than double the value registered in 2020.

In that year, bilateral trade grew by 106%, and by 57.8% compared with 2019. This commercial dynamism and the upward trajectory of trade growth rates continued into the first half of 2023, where the trade flows between the two countries reached around two billion dollars.

These flows have bolstered Jordan’s position as the third largest Arab trading partner with the United Arab Emirates, outside of the Gulf Cooperation Council countries, following Iraq and Egypt, with a share amounting to 8% of the UAE’s total non-oil foreign trade with Arab states.

The United Arab Emirates is the fifth-largest global trading partner and the second-largest Arab trading partner for Jordan, following Saudi Arabia, accounting for 6.2% of Jordan’s total foreign trade with the world.

In terms of investment relations, the UAE is the top global investor in Jordan, with the total value of Emirati investments in the kingdom reaching approximately $4 billion by the end of 2020. These investments account for 14% of the total inflow of foreign direct investments to Jordan.

Conversely, the value of Jordanian investments in the UAE exceeded $1.6 billion by the end of 2021. Jordan ranks among the top 24 investing countries in the UAE and is the sixth Arab country in terms of the volume of investments there, following Saudi Arabia, Kuwait, Lebanon, Bahrain, and Qatar.

(WAM)