UAE looks to boost Spanish economic ties

ECONOMIC TIES: Sheikh Khalifa (R) listening to King Juan Carlos during a meeting in Abu Dhabi. (Wam)

Spanish King Juan Carlos held talks with the president of the UAE on Sunday during a visit to the oil-rich Gulf state that saw the signing of a number of economic accords.

Juan Carlos, who arrived in Abu Dhabi on Saturday at the start of a three-nation Gulf tour, discussed with Sheikh Khalifa bin Zayed Al-Nahayan "bolstering links between the two friendly countries in the economic, investment and cultural fields", the state Wam news agency reported.

A number of agreements were signed by the two governments, including an accord to set up a joint economic commission and an air services cooperation deal, as well as by companies from the two sides.

Spanish power company Iberdrola, the world's largest renewable energy operator, said it had signed an accord with the Abu Dhabi group Taqa on joint investment, including in oil and gas production.

The Spanish king stressed Madrid's quest to expand economic ties with the UAE at the opening of an Emirati-Spanish business forum attended by officials and business executives from the two countries, Wam said.

UAE Economy Minister Sultan bin Said Al-Mansuri told the forum that the volume of trade between Abu Dhabi and Madrid had more than doubled from $450 million in 2000 to $939 million in 2006, and was expected to top $1 billion this year.

The bulk of the exchanges was in Emirati imports from Spain, Al-Mansuri said.

According to a Spanish official, 100 Spanish firms and institutions operate in the UAE, which is in the midst of an economic boom.

Juan Carlos is due to visit Kuwait on Monday and conclude his tour in oil powerhouse Saudi Arabia. He is accompanied by Foreign Minister Miguel Angel Moratinos, Industry Minister Miguel Sebastian and some 40 representatives of Spanish companies, notably in the construction and renewable energy sectors.

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