Economy UAE exports to Spain up 32% in Q1 2022 By Pramod Kumar August 24, 2022 WAM Iñigo de Palacio España, Spanish Ambassador to the UAE More than 2,600 Spanish companies export to the UAEImports to Spain reached €812.68 million in 2021 UAE bilateral trade with Spain is bouncing back to pre-pandemic levels with Spanish exports to the UAE projected to grow eight percent this year, a top Spanish diplomat told WAM, the UAE state news agency. Imports from the UAE to Spain are also growing and the first quarter of 2022 already witnessed a 32 percent rise year-on-year, said Iñigo de Palacio España, the Spanish ambassador to the UAE. Bilateral trade worth €1.81 billion ($1.79 billion) in 2020 rose 39.23 percent to €2.52 billion in 2021, he said. More than 2,600 Spanish companies export regularly to the UAE and Spanish exports to the UAE in 2021 amounted to €1.71 billion, a 13.24 percent year-on-year. The UAE’s foreign direct investment (FDI) in Spain has reached over €6 billion ($5.96 billion) and Spanish FDI in the UAE is valued at around €3 billion. Meanwhile, Spain and the UAE have agreed on the text of an agreement on the protection and promotion of investments. The agreement to avoid double taxation is already in force, which is very convenient for UAE nationals and companies, he told WAM. “We look forward to holding the next round of the Joint Economic Committee in Madrid soon,” Palacio España stated.