UAE, Milan look to boost bilateral ties

ENHANCING TIES: The economy ministry and Milan's business chamber have signed an MoU to boost bilateral trade. (Getty Images)

The UAE has signed a deal with Milan's business chamber to boost bilateral trade between the Gulf state and the Italian city, the economy ministry said on Tuesday.

The memorandum of understanding (MoU) was signed by UAE Minister of Economy Sultan Bin Saeed Al Mansouri at the Euro-Mediterranean Annual Conference in Milan.

The economy ministry said the MoU also looked to promote both the UAE and Milan as gateways for investment into the the Gulf and Europe.

The MoU focused on technology transfer and cooperation in the development of Islamic banking and financial services, it said.

"By sharing resources as well as best practices, developed economies in the Gulf-Med region can work for the economic growth of emerging markets," Al Mansouri said in a statement.

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