UAE, Armenia Set to Boost Economic Cooperation

Yerevan (WAM)–Prime Minister Tigran Sargsyan Thursday met with the Minister of Foreign Trade of the United Arab Emirates for talks on enhancing bilateral relations and economic cooperation between Armenia and the federation of seven Arab states, rich in oil and natural gas.

Minister Sheikha Lubna Khalid Al Qasimi, who is heading a high level delegation from public and private sectors, expressed the hope that the UAE and Armenia will develop their economic and financial relations and increase their trade exchange.

She also briefed the Armenian Prime Minister on the measures taken by the UAE to address fallout from the current global financial crisis, including provision of $32 billion loan facilities to the banks, Abu Dhabi’s move to pump $3.4 billion in support to the emirate’s banks and Dubai’s step of issuing $20 billion in bonds, half of which were subscribed by the Central Bank.

Al Qasimi spoke of the development and growth of the UAE economy. She said the non-oil sectors’ contribution in the country’s Gross Domestic Product (GDP) reached 64 percent and mostly concentrated on services, infrastructure and industry.

She said that the UAE has ambitious plans for renewable energy projects, despite its position as one of the world’s largest oil producers.

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