UAE Announces €40 Billion Investment to Strengthen Industry in Germany
UAE Deepens Economic Ties with Germany Through Major Investment
Details of the Investment Announcement
BERLIN, Sept 10 (Reuters) - The United Arab Emirates will invest an additional €40 billion ($46 billion) in Germany to support industries and employment, the UAE minister of industry and advanced technology said on Thursday.
Strategic and Economic Partnership
The two countries are looking to deepen their strategic and economic ties in an uncertain geopolitical climate.
Existing Investments and Growing Influence
The additional investment comes on top of the UAE's existing investment in Germany, worth €34 billion, and underscores the Gulf country's growing influence in Europe's largest economy and their longstanding partnership.
Statements from Key Officials
"Germany has been an important strategic and economic partner for decades and the additional €40 billion intended investment reflects our ambition to invest in that relationship for the years ahead," Sultan Ahmed Al Jaber, who is also envoy of the minister of foreign affairs to Germany, said.
Recent Diplomatic Visits
German Chancellor Friedrich Merz visited the Gulf region in February, as Berlin looks to deepen energy and defence partnerships and reduce its dependence on the U.S. and China.
Objectives and Impact of the Investment
The investment aims to support Germany's industrial capacity and skilled jobs and strengthen energy security and supply chains, Jaber said.
Exchange Rate Information
($1 = 0.8600 euros)
Reporting Credits
(Reporting by Siddarth S in Dubai; Editing by Rachel More and Alison Williams)
