That was the feeling I had. I saw something and it conflicted what I knew. So I checked again, because I could easily be wrong. But it seems that Arabian Business (at https://www.arabianbusiness.com/politics/uae-economy-uk-trade-ties) gave me something that hit me like it was absolute news. Now, I do not really look into that side of things, because I am not with some elevated setting that I need to know. But the numbers were striking. You see ‘UAE economy built to withstand global shocks as UK trade ties top $30bn, leaders say’ was something that didn’t make sense. It was ‘supposed’ to be a mere $20.5 billion (approximately) and this is 50% more, which is fine, but at that point something has to give. So whilst we might consider the setting of “UAE leaders say the country’s diversified economy and UK trade relationship, now worth more than $30bn annually, position it for continued growth” and ““With non-oil sectors now accounting for nearly 80 percent of our economy, the UAE’s economic strength is built on strong fundamentals, global connectivity, robust institutions and the agility to adapt to a changing global landscape. These strengths position us to deepen cooperation with trusted partners such as the UK and to emerge stronger from today’s geopolitical challenges.” During the discussion, Badr Jafar, Special Envoy of the Minister of Foreign Affairs for Business and Philanthropy, said the country’s resilience reflects decades of investment in diversification, infrastructure, institutional capacity and global connectivity.” Implies that the finds were taken from somewhere else, or the UK is seemingly bumping someone else down the staircase as the expression goes. So last month we were given that the top exporters towards the UAE are:
- China: $64.7 billion
- India: $37.1 billion
- United States: $22.2 billion
- Saudi Arabia: $18.7 billion
- Hong Kong: $14.5 billion
The question becomes who is losing out? It could matter to know what was imported more and it might give the inclination who is not exporting less to the UAE. It would be fun to learn that there were additional costs to the United States to see them lose market value, but in all honesty I have no idea. So as we are given “Sarah Mooney, Consul General to Dubai and the Northern Emirates and HM Trade Commissioner for the Middle East and Pakistan, discussed the process following the successful conclusion of negotiations on the UK–GCC Free Trade Agreement. She said: “One year on from the launch of the UK’s Industrial Strategy, we are seeing stronger UK–UAE trade and investment ties, growing collaboration across high-growth sectors, and the successful conclusion of UK–GCC Free Trade Agreement negotiations – an important milestone that will help unlock even greater opportunities for businesses in both markets.”” And then we also see “Bradley Jones, CEO of the UAE–UK Business Council, said businesses are seeking clarity on regional developments and future opportunities. He said: “This briefing came at an important moment for our members and stakeholders. Businesses are seeking clarity on both the regional context and the opportunities ahead. The discussion underlined that the UAE’s resilience is not only reassuring in the present but is a strategically important factor for driving forward the next phase of UK–UAE growth.”
It doesn’t give anything more than the fact that the United Kingdom is doing well and achieving more business, but it does not reveal who is losing out. There is the additional thought that the UAE merely got $10 billion in additional trades giving us no losers in all of this, but my mind is giving me that this is still a clear loss to the United States and I reckon that we will soon learn more as this news is merely 15 hours old.
It is also an indicator that trade in the UAE is resuming close to its old settings. So good luck to them and to all a great day today.
Lawrence van Rijn - Law Lord to be 