The United Arab Emirates has pledged to invest €40 billion in Germany to support its industry, following a meeting between the countries' leaders on Thursday to strengthen ties amid economic uncertainty and conflict.
Axar.az reports, citing Reuters, that UAE President Sheikh Mohamed bin Zayed Al Nahyan and German Chancellor Friedrich Merz said the UAE leader's state visit to Germany came at a "defining moment for both countries and for the wider international order."
"Amid heightened regional and geopolitical volatility, both sides underscored the growing importance of reliable, like-minded partners, and affirmed their determination to stand together in defence of the international order," a joint declaration said.
The €40-billion ($46.48 billion) sum is on top of the UAE's existing investment in Germany worth €34 billion.
"Germany has been an important strategic and economic partner for decades," said Minister of Industry and Advanced Technology Sultan Ahmed Al Jaber, who is also envoy of the minister of foreign affairs to Germany. The new tranche of investment signals the UAE's ambition "to invest in that relationship for the years ahead", he added.
Source: en.axar.az
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