The Business Council was also honoured to hear from H.E. Al Shihhi, Undersecretary at the UAE Ministry of Economy and Her Majesty’s Trade Commissioner, Simon Penney, who updated the Council on the productive discussions at the Ministerial Joint Economic Committee that had taken place earlier that day.
H.E. Nasser A. Alsowaidi, Co-Chair of the UAE-UK Business Council expressed his sincere appreciation to the UAE Embassy in the United Kingdom and the UK Embassy in the United Arab Emirates for their continuous collaboration in supporting the initiatives of the UAE-UK Business Council throughout the years.
The day concluded with the signing of two Memorandum’s of Understanding (MoU). In the first MoU, the Global Manufacturing & Industrialisation Summit (GMIS), a joint initiative by the UAE and the United Nations Industrial Development Organisation (UNIDO), announced its partnership with the Lloyd’s Register Foundation. This partnership will drive research through a working group to tackle the knowledge gap that has emerged in the application of Fourth Industrial Revolution technologies and will put safety challenges, opportunities and implementation at the forefront of global economic development.
A second MoU announced the details of a partnership between the Mohammed Bin Rashid Initiative for Global Prosperity and the University of Cambridge’s Institute for Manufacturing (IfM). The Mohammed bin Rashid Initiative for Global Prosperity combines the Global Maker Challenge, an online open-innovation platform designed to promote and accelerate global prosperity through product innovation; and the Global Prosperity Award, a prestigious global accolade that recognizes and rewards corporate social responsibility that advances resilience, community, harmony and dignity across the world. The Global Maker Challenge consists of four challenges, each targeting a specific global issue which global organisations can adopt as part of their corporate social responsibility. Each of the winning solutions to the four challenges will be presented to a panel of international experts brought together by the University of Cambridge’s Institute for Manufacturing. The panel will then determine the solution with the greatest socio-economic impact in order for its adopting organisation to qualify for the Global Prosperity Award as a recognition of its corporate social responsibility.
Note for Editors
At its eighth plenary meeting in May 2015, the Business Council agreed to aim for a continuing increase in bilateral trade and investment.
The bilateral relationship continues to be strong and mutually beneficial. Bilateral trade in 2017 was £17.5bn, up from £14.6bn in 2015. Outside of Europe, the UAE is the UK’s fourth biggest export market, behind only the US, Japan and China.
The Business Council has seven Working Groups: Energy, Education & Training, Healthcare & Life Sciences, Security & Aerospace, 4th Industrial Revolution, Manufacturing & SMEs, Infrastructure, Financial & Professional Services.
The members of the UAE-UK Business Council are:
British Business Group – Abu Dhabi
British Business Group - Dubai
Foster & Partners
University of South Wales
Abu Dhabi Chamber
Abu Dhabi Global Market (ADGM)
Abu Dhabi Investment Authority (ADIA)
Al Badie Group
Al Ghandi Investment Company
Al Thani Investments
Bin Butti International Holding
Contact for this News Release
Rachel Elks – mobile - +971 56 879 1582