CAIRO, June 27 (MENA) - Secretary-General of the Union of Arab Chambers (UAC) Khaled Hanafy said Friday volume of trade between the UK and the Arab world exceeds £74 billion, noting that the Gulf Cooperation Council (GCC) countries alone account for more than 80% of the figure.

Speaking during the opening of the 4th Arab-British Economic Summit in London - that witnessed wide Arab and British participation from government officials, business people, and investors Hanafy said:

"At a defining moment such as this, as the world faces unprecedented challenges like climate change, geopolitical shifts, and rapid digital transformation, it is essential for Arab countries and the UK to move beyond traditional trade towards a model based on innovation, sustainability and mutual investment in human capital."

The UAC secretary general also said, the Arab region possesses significant capital, a strong demographic structure and a powerful drive for diversification.

Meanwhile, the UK enjoys deep expertise and world-class innovation, based on this, he said, both sides can build a shared economic future. Hanafy pointed out that the UAE and Saudi Arabia are the UK's two largest Arab trading partners, thanks to their growing exports of energy, services and investments.

He explained that machinery, vehicles, pharmaceuticals, financial services and education dominate the UK’s exports to the Arab world, while the UK’s imports from the region primarily include energy (oil, gas and petrochemicals), gold, and agricultural products. Investment flows are robust in both directions - major Arab sovereign wealth funds invest in UK infrastructure, real estate and technology, while British companies are active in infrastructure, finance and education in the Gulf states, according to the UAC secretary general.

Tourism and education are also key sectors: over 50,000 Arab students study in the UK annually, and millions of Arab tourists visit it each year, he added. (MENA)

S A S/ M O H