Spain-UAE bilateral trade is returning to pre-pandemic levels, with Spanish exports to the Emirates set to grow 8% this year.

This is according to Spanish Ambassador to the UAE, Iñigo de Palacio España, who told the Emirates News Agency (WAM): "Forecasts on bilateral trade are very promising. We expect an exports growth [from Spain] this year of more than 8% compared to last year. Imports from the UAE to Spain are also growing and the first quarter of 2022 already witnessed a 32% rise compared to the same period last year.”

Bilateral trade, which in 2020 stood at €1.81 billion, increased 39.23% last year to €2.52 billion, said the Spanish ambassador.

Over 2,600 companies regularly export to the UAE, and last year, Spanish exports to the Emirates totalled €1.71 billion, a 13.24% rise compared to €1.51 billion in 2020.

In addition, imports from the UAE to Spain last year stood at €812.68 million, a 167.55% rise compared to 2020’s €303.75 million, the ambassador added.
The UAE’s Foreign Direct Investment in Spain surpassed €6 billion, whilst Spanish FDI in the UAE amounted to around €3 billion.

"We can build on the strong presence of Spanish companies here and a long-standing record of projects and investments both ways. Among others, I see various fields for growth," España commented.

He also cited Spain’s efficiency in civil works and services, including engineering and hospitality: "Besides these sectors, I want to focus on the development of our relations with the UAE in the defence and aerospace industry, railway, energy and climate transition, including in the field of green hydrogen, and food and agroindustry."

Over 120 Spanish businesses are represented by the Spanish Business Council in the UAE, out of more than 250 companies with a permanent presence in the Emirates.