Official statistics from the European Commission report that in 2024, Europe imported €11.218 billion from the UAE, out of which €11.055 billion were industrial products.
In March 2001, His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, addressed a meeting in Abu Dhabi called “Political globalism and its impacts on Arab countries”, calling for governments to move past internal differences and start an age of economic and social revival. This approach, which promotes the idea of setting aside differences to serve national interests, has played a crucial role in strengthening relations between the Gulf and the West.
This context opens a significant opportunity for a stronger Gulf-Europe partnership. Gulf countries could position themselves as essential and strategic allies for Europe amid US-European uncertainty and new US tariffs.
Within this context, it is essential to acknowledge that an institutional relationship between the EU and the Gulf Cooperation Council (GCC), comprising Saudi Arabia, Bahrain, the United Arab Emirates, Kuwait, Oman, and Qatar, has existed since 1988. It wanted to improve partnership in many industries, including energy, industry, trade and services, agriculture, fisheries, investment, science, technology, and the environment.
Turning to trade figures, official statistics from the European Commission report that in 2024, Europe imported €11.218 billion from the UAE, out of which €11.055 billion were industrial products. It exported €44.398 billion to the UAE, with €40.963 billion of that amount comprising industrial products. Saudi Arabia exported €33.070 billion and imported €36.840 billion, with industrial goods accounting for €32.948 billion in imports and €32.190 billion in exports.
These statistics not only reveal a strong relationship but also suggest potential areas for improvement in the agricultural sector. For instance, in 2024, Europe exported agricultural products worth €3.361 billion to the UAE and €4.622 billion to Saudi Arabia, accounting for 7.6% and 12.5% of their total exports, respectively.
In this broader context, they are both strategic allies in vital sectors, such as energy and technology. Given the increasing trade tensions between the United States and China, the EU is motivated to diversify its energy suppliers and import sources. But with the current partnership, what can European countries provide to Gulf countries?
Against this background, the existing partnership between them is healthy in terms of trade and investment. From a financial standpoint, the ECC countries wanted to diversify their economies through sovereign wealth funds generated from oil and gas revenues.
Continuing this trend, these funds are necessary for growth in the Gulf economies, and Europe presents an attractive destination for investment in rapidly expanding sectors such as technology and renewable energy. For example, in Spain, the Ministry of Economy, Trade, and Tourism reports that Abu Dhabi has invested €71.592 billion since 2007.
Reflecting this momentum, countries like Spain are increasing their institutional collaboration with Gulf economies, as demonstrated by the recent meeting in June between Spain’s Minister of Economy, Carlos Cuerpo, and his UAE counterpart, Abdulla bin Touq Al Marri, during the fifth Joint Economic Committee between the two countries.
Spain is not a special case. A clear sign of this agreement was seen in April 2025, when UAE President His Highness Sheikh Mohamed bin Zayed Al Nahyan and European Commission President Ursula von der Leyen discussed a free trade agreement.
The shifting global landscape, one of the positions taken by both the US and China, has prompted European companies and governments to turn their sights to the Gulf states and deepen ties, with a future perspective becoming increasingly uncertain.
For all the reasons stated above, Europe has become both an opportunity and a potential strategic partner for countries that have recognized the need for progress to benefit future generations, which depend on bridging gaps between previously disconnected economies.