Economic and Trade Ties between Germany-UAE Goes A Long Way
The relation shared between the UAE-Germany goes past strategic importance. Germany, Europe’s biggest and most industrialized economy, has been a crucial economic and trade partner with notable stakes in prime industrial sectors like energy in the UAE.
German companies such as Siemens and Wintershall have been accorded contracts for big projects in utilities, oil and gas as well as for the forthcoming Expo 2020.
Germany being the UAE’s largest European trading partner and records nearly 22% of all trade between Berlin and the Arab world. Government data revealed, non-oil trade between the UAE and Germany rose 60% from 2010 to 2017, reaching $13.45 billion (Dh49.4bn) by the end of that period.
The UAE’s progress towards clean energy, in which Germany is a world leader, and the growth in upstream activity, especially in Abu Dhabi over the last couple of years, has caused the bolstering of this relationship.
In Dubai, the Expo 2020, where Germany has constructed a pavilion worth €50 million (Dh208m) across 4500 square meters, has become a crucial draw for progress of new technology by German companies.
Siemens, Germany’s largest industrial group would establish its global headquarters in Dubai for airports, cargo and ports logistics.
The $7bn exhibition centre would be the new home for its future global logistics headquarters, starting April 2021 and would house Siemens’ airports, cargo infrastructure and ports teams.
The vertical campus would comprise of isolate modules that meet at a spacious atrium with a stage and restaurant, constructing a structure that mirrors the nation’s underlying theme – “Knowledge, Research and Communication”.
Abu Dhabi has also lured German investment in the moving energy sector. Wintershall, which is part of the BASF Group, the world’s largest chemicals company, was given a 10 % stake in the ultra-sour Ghasha concession last year.
German expertises are also aiding the UAE to steer a greener future. Dubai Electricity and Water Authority is partnering with Siemens to develop a solar-powered hydrogen project in Mohammed bin Rashid Solar Park in the Seih Al Dalh desert region.