Baroness Rona Fairhead, UK Minister of State for Trade and Export Promotion at the Department for International Trade, has revealed that the UK is to invest £1.5 billion ($1.97 billion) on renewable energy in the UAE.
"Brexit will help the UK pursue a more open economic policy. We are accelerating relations with more countries around the world and we are working extremely well with the UAE across multiple investment domains, particularly in areas of R&D, clean energy and new technologies," the Minister told state news agency WAM.
Speaking on the sidelines of the Abu Dhabi International Petroleum Exhibition and Conference, she added: "The UAE is UK’s fourth largest partner outside Europe. You come only next to US, China and India, which means that the UAE is a very significant partner for us.
"Over the coming period, we will build on our strengths and continue our investments, improving efficiency and investing heavily in new technologies. We will share technology."
There are more than 120,000 UK nationals living in the UAE, and over 6,000 UK companies operating in the country.
She said British exports to the UAE cover telecommunications, power generation machinery and equipment, electrical goods, transport, office machinery, interior and retail goods and non-metallic mineral manufacturing.
Her comments come just weeks after Philip Parham, Ambassador of the United Kingdom to the UAE, said in an interview with WAM that the UK is the largest foreign direct investor in the UAE.