UAE Navigates Global Tensions, Forges New Trade Deals Amidst Iran Conflict

In an episode of Business Extra, recorded as part of Davos on Air at the World Economic Forum’s Annual Meeting of Global Future Leaders in Dubai, The National’s Rory Reynolds engaged in a conversation with Fahad Al Gergawi, Undersecretary at the UAE Ministry of Foreign Trade. Amidst growing global trade uncertainty fueled by geopolitical tensions and supply chain disruptions, the UAE is actively pursuing new strategies to solidify its standing as an international trading hub.

Mr. Al Gergawi elaborated on the country's response to trade disruptions stemming from the Iran conflict. This includes strategic plans to expand alternative trade corridors and reduce dependence on the Strait of Hormuz. The discussion also delved into the UAE’s expanding network of Comprehensive Economic Partnership Agreements. These agreements are instrumental in facilitating business access to new markets, attracting investment, and bolstering economic resilience.

Furthermore, Mr. Al Gergawi shared insights into how the UAE is navigating an increasingly fragmented global trading landscape. This involves ongoing negotiations with the European Union and concerted efforts to establish new international partnerships. He also offered his perspective on the UAE’s economic recovery outlook, emphasizing the enduring importance of long-term planning and adaptability in the nation's trade strategy.