UAE and Scotland have signed a Memorandum of Understanding (MoU) with the objective of enhancing bilateral trade, private-sector and academic collaboration in the field of advanced technology, innovation, education, and research.
The MoU was inked by Dr. Thani Al Zeyoudi, Minister of State for Foreign Trade, UAE, and Neil Gray, Cabinet Secretary for Wellbeing Economy, Fair Work and Energy, UAE.
The work of the joint UAE-Scotland task team, which was formed earlier this year to explore areas of mutual interest, directly led to the most recent agreement. Additionally, the MoU aims to improve cooperation in important fields including artificial intelligence and sustainable energy.
Scotland and the United Arab Emirates already have fruitful business ties. They exchanged non-oil trade valued at over $870 million (about AED 3.2 billion) in 2022, a 70% increase from 2021. In recent years, the two countries have also pursued a number of strategic investments, such as Masdar’s 25% ownership of Hywind Scotland, a floating offshore pilot wind farm in the North Sea with a capacity of 30 megawatts.
