Sultan bin Saeed Al Mansouri, the United Arab Emirates' Minister of Economy, recently emphasized the long-standing relationship between the UAE and Lebanon. His comments came during the second UAE-Lebanese Investment Conference held in Abu Dhabi. The conference, co-organized by the Abu Dhabi Chamber of Commerce and Industry and the UAE Ministry of Economy, aimed to strengthen economic ties between the two nations.
Highlighting Lebanon's enduring contribution to the Arab world, Al Mansouri acknowledged the country's role in fostering intellectual and cultural development across the region. He specifically recognized Lebanon's rich heritage in science, literature, the arts, and business.
The UAE Minister of Economy pointed to positive developments in trade between the two countries. Figures indicated a significant increase in non-oil trade exchange, with a 34% jump from 2017 to 2018, reaching over US$2. 6 billion. The first quarter of 2019 showed a continuing upward trend, with a 37% increase in non-oil foreign trade compared to the same period in 2018. These figures solidify the UAE's position as both Lebanon's leading Arab trading partner and its seventh largest globally. Furthermore, the UAE is the world's top recipient of Lebanese exports, accounting for 14% of Lebanon's merchandise exports in 2018.
Beyond economic ties, the conference aimed to explore new avenues for collaboration. Organizers expressed hope that the event would serve as a springboard for future joint ventures and knowledge sharing between the UAE and Lebanon. The UAE has long been a source of financial assistance for Lebanon. In 2019, the UAE lifted a travel ban on its citizens visiting Lebanon, signifying a continued commitment to supporting the nation.
The UAE-Lebanese Investment Conference reflects a broader trend of growing economic cooperation within the Arab world. By fostering stronger trade ties and collaborative projects, the UAE and Lebanon hope to unlock new opportunities for mutual prosperity.