Exports of Scottish food and drink produce to the region grew by 28% last year, up from $286m in 2010 to $367m in 2011. Figures for the first half of 2012 indicate that these latest export levels are being maintained and sustained despite the challenging global economic climate.
Exports to the UAE reflect this broader picture with total sales growth increasing by 21%, from $118m in 2010 to $143m in 2011. This makes the UAE the most important market for Scottish products in the region and one of the fastest-growing markets globally.
Scotland's significant oil and gas reserves ensure that its traditional relationship with the Middle East, particularly the countries of the GCC, continues to mature and consolidate.
Scotland remains Europe's second-largest producer of offshore natural gas and its oil and gas supply chain exports increased by 4.5% in 2010-11 with international sales for the year standing at $12.1bn. Consequently, the sector has continued to attract international investors, including those from the Middle East. In late 2011 TAQA announced a $1bn investment into its Scottish energy interests and in May 2012 the Kuwait Foreign Petroleum Exploration Company (KUFPEC) announced its $500m purchase of 35% of EnQuest's interest in its UK Alma and Galia oil field developments in the North Sea.
On the broader energy front, with Scotland boasting a quarter of Europe's wind and tidal power potential, the country continues to progress its Framework for Action (FFA) with Masdar, looking at developing a comprehensive renewable energy plan with the UAE.
Continued...
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In unveiling these figures, and ahead of her visit to the UAE next week to attend the Forbes Global CEO Conference in Dubai, Ms Anne MacColl, the Chief Executive of Scottish Development International, said: "These figures demonstrate that Scotland's relationship with the Middle East continues to flourish, despite a backdrop of continuing global financial uncertainty. Trade figures clearly show that the Middle East has become a key market for Scottish companies, with food & drink being a particular success story, as regional consumers buy into some of our best-loved Scottish brands."
She continued: "Alongside this, we are continuing to facilitate investment opportunities into Scotland through an ongoing programme of meetings with companies, institutional investors and sovereign wealth funds in the Middle East. The interest we are seeing from these parties demonstrates an appetite to find out what Scotland has to offer, where the synergies are and how Scotland fits into their growth plans."
"From tourism to food & drink, energy to education, Scotland has already found a very strong partner in the Middle East and we will continue to work closely with our contacts here in the region to strengthen this mutually rewarding relationship."
As well as attending the conference, Ms MacColl will also be meeting with senior executives from local companies in both Dubai and Abu Dhabi, seeking to develop and grow a number of established and emerging business relationships that Scotland has with a variety of companies in the UAE.
So far, 2012 has also already been a major year for regional Middle Eastern investment into Scotland, with more in the pipeline.
Major announcements have included:
? In January 2012, Emirates announced it was introducing a second daily non-stop flight from Glasgow to Dubai, starting in June 2012. Since it commenced in 2004, the Glasgow service has carried over 1.7 million passengers and over 46 million kilos of cargo;
? In March 2012, the Chairman of the Al-Maktoum College in Dundee, HE Mr Mirza Al-Sayegh met Scotland's First Minister, Alex Salmond at Bute House in Edinburgh. This followed a tour given to UAE students attending the college of the Scottish Parliament in February;
? In May and June 2012, Scottish fashion retailer, M&Co franchised its brand into the UAE and wider GCC opening stores in Abu Dhabi in May and in Dubai in June;
? In September 2012, Emirates announced a $177m sponsorship of the new Emirates Arena in Glasgow, the principle venue for the 2014 Commonwealth Games and host to eight Scottish, European and world level sporting events. The ten year partnership deal enables the airline to strengthen its presence in Scotland's largest city.
Source: http://www.ameinfo.com/food-drinks-sector-continues-drive-scottish-315487
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