Both the UAE and Luxembourg are determined to diversify their economies: Luxembourg wants to become less dependent on its financial sector, and the UAE aims to gradually reduce the share of hydrocarbons in its national economy. Both countries work to stimulate innovation in general and the development of priority sectors such as space, renewable energy, health, logistics, tourism and fintech. Several potential areas of cooperation were discussed during the on-going economic mission that is headed by H.R.H the Hereditary Grand Duke and led by H.E. Deputy Prime Minister, Minister of the Economy and Minister of Health Étienne Schneider.
Cooperation agreement for start-up support
Start-up support is an essential part of these efforts. During the first day of the economic mission, a cooperation agreement was thus signed between Luxinnovation, the national innovation agency, and the Dubai Future Foundation (DFF), the governmental innovation agency in Dubai that provides support to technological transformation. The agreement makes it possible for Luxembourg technology-based start-ups and established companies to get access to development and financing programmes in Dubai as well as to various premises belonging to DFF.
Bilateral space cooperation
The development of the space sector is also a priority in both countries, which signed a cooperation agreement in this field in 2017. H.R.H. the Hereditary Grand Duke and Minister Schneider participated in a seminar in Abu Dhabi on space investments and financing. During his speech, Minister Schneider said: “Luxembourg and the UAE share the same commitment to support the economic development of the commercial space industry. This seminar further strengthens our bilateral cooperation with the UAE for product development and high space technology services by acquiring financing instruments adapted to the needs of private companies.”
Focus on finance
In order to strengthen financial relations between the two countries, the Minister of Finance, Pierre Gramegna, was received by his counterpart H.E. Obaid Bin Humaid Al Tayer, Secretary of State for Financial Affairs of the UAE. They discussed bilateral relations, the opportunities and challenges of the digitalisation of financial services, and the latest developments in international taxation. Minister Gramegna commented: “Luxembourg and the United Arab Emirates have excellent relations in the financial sector. We have agreed to further strengthen the collaboration between the two countries, particularly in the area of Fintech and sustainable finance.”
Photo: © SIP / Jean-Christophe Verhaegen