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Wed 26 May 2010 07:13 AM

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UAE, German firms sign $1.25bn deals

Energy, petrochemical agreements inked during Abu Dhabi visit of chancellor Angela Merkel.

UAE, German firms sign $1.25bn deals
DEALS DONE: About $1.25bn worth of deals were signed between German and UAE companies during Angela Merkels visit to the UAE. (Getty Images)

UAE and German companies have signed deals worth at least $1.25bn during a two-day visit to Abu Dhabi by Angela Merkel, the German chancellor, it was reported on Wednesday.

Merkel called for increased bilateral trade between the two countries in sectors including energy, chemicals, transport and tourism.

Germany is the UAE’s fifth-largest trade partner and the largest from continental Europe, UAE daily The National reported.

“The UAE is the most important economic partner for us in the region,” Merkel said in comments published by the paper.

Abu Dhabi plastics maker Borouge finalised the awarding of a $1.07bn contract to the German engineering and industrial gases group Linde while ADNOC and Wintershall, the biggest German oil and gas producer, signed a memorandum of understanding on “possible joint exploration and development” of an Abu Dhabi gas and condensate deposit, the paper added.

And Siemens said on Tuesday it had received a EUR150 million order from the operator of Abu Dhabi’s Transmission and Despatch Company, for expansion of the emirate’s electricity distribution network.

Germany’s bilateral trade with the UAE peaked at $8.4bn in 2008, falling to $6.3bn last year because of the recession.

“By the next time I come here, I want this to have increased,” Merkel said.