UAE is Switzerland’s top GCC trading partner with AED 51.8 billion trade

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• Swiss-UAE bilateral trade in 2017 valued at AED 51.8 billion
• Swiss FDI to the UAE at AED 74 billion
• UAE is Switzerland’s top GCC trade partner and tourism source market

Switzerland was the third biggest destination for the UAE’s exported goods last year receiving a total of AED 27.5 billion worth of products and goods from the Emirates as the economic ties between the two countries continue to be robust with Swiss foreign direct investment (FDI) in the UAE amounting to AED 73.46 billion. That ranks Switzerland higher than Singapore and slightly below China in terms of FDI to the UAE.

The bilateral trade between the two countries stands at AED 51.8 billion with the UAE accounts for more than all the trade between Switzerland and the rest five GCC member states put together.

Strong commercial ties and the movement of goods is just one aspect of the quality of the relationship between the two countries; tourism is also adding its weight to the equation with the UAE recently becoming the number one GCC source market for Switzerland as the number of Emiratis visiting Switzerland during the period January – August 2018 reached 110,453 arrivals, an increase of 8.4 percent compared to the same period last year. Overnight stays by Emiratis were 282,084 recording an increase of 6.1 percent increase.

The Swiss Business Council (SBC) Dubai & Northern Emirates is celebrating the ongoing successful relationship between the UAE and Switzerland by hosting next month its traditional annual Gala Dinner event in the presence of UAE government representatives and dignitaries as well as captains of industry from Swiss companies operating across the Emirates, which collectively employ 11,000 people in the country.

“The bilateral relations between the two countries are long-lasting and mutually rewarding and beneficial as they complement each other and benefit from each other in more than one ways,” said Peter Harradine, President of the Swiss Business Council Dubai & Northern Emirates. “Our Gala Dinners have come to symbolize the great relationship between our two countries who work together successfully while constantly learning from each other.”

More than 200 guests will attend the event to be held on the 16th of November at the Westin Dubai Mina Seyahi Beach Resort & Marina.

As it is accustomed at the event, an Emirati will receive the Lord or Lady of the Matterhorn award, an accolade named after Switzerland’s most famous mountain and given to individuals who have contributed to the ongoing success of the council and its work for the local community.

Previous recipients of the Lord of the Matterhorn award include H.E. Hamad Buamim, President and CEO of Dubai Chamber of Commerce and Industry, H.E. Engineer Essa Al Haj Al Maidoor, former Director General of Dubai Health Authority and H.E. Saeed Mohammed Al Tayar, Managing Director & CEO of DEWA.

Emphasizing the strong trade links that exist between the two countries, Switzerland became the first nation committing to participate in Expo 2020, investing AED 57 million in the Swiss Pavilion. It also became the first to publicly unveil its concept for the pavilion that references temporary Bedouin tent structures and will present Swiss research capacity and innovation in the fields of renewable energies, mobility, and the environment.

The SBC Gala Dinner is sponsored by E&S Luxury Car Rentals, Jashanmal Group, King’s College Hospital-Dubai, Leidar, LGT, Orient Irrigation Services, R&M, Switzerland Tourism, Swiss International Air Lines, SwissCanonica and Zermatt Tourism, home to the famous Matterhorn mountain.

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