Economic impulses made of Qatar: Wüst on a historic journey into the VAE

Economic impulses made of Qatar: Wüst on a historic journey into the VAE

Duisburg, Deutschland - North Rhine-Westphalia (NRW) relies on an increased economic approach to the Arab region. Prime Minister Hendrik Wüst (CDU) begins a four -day trip to Qatar and the United Arab Emirates (VAE) on Tuesday. Wüst is accompanied by a delegation with over a dozen board heads and board members of large companies such as RWE, Uniper, Thyssenkrupp, DHL and Covestro. The Duisburg harbor and the Düsseldorf trade fair are also part of this important delegation.

The main goal of this trip is discussions about business, investments and political cooperation, especially in the areas of energy and artificial intelligence (AI). For the first time, a North Rhine-Westphalian Prime Minister will officially travel to Qatar. The last visit of a NRW head of government in the VAE took place in 2009. The importance of the Arab states as investors in North Rhine -Westphalia is obvious: for example, the Qatar State Fund holds 9.1 percent of RWE, and the oil company ADNOC plans to take over Covestro.

investments in future technologies

Qatar invests specifically in hydrogen technologies. A daughter company from Thyssenkrupp will build an ammonia production facility in Qatar, which is to be completed in 2024. Duisburg has the potential to become a central import and distribution hub for green ammonia in Europe. The Duisburg port is in exchange with VAE companies to build up a corresponding hydrogen and ammonia infrastructure.

In addition, the Düsseldorf fair plans to organize trade fairs in Dubai in 2026 and has already announced a trade fair in Riyadh for May 2024. The economic perspectives of the Gulf States are promising, with an estimated GDP of $ 226 billion for 2023, which is to increase to $ 282 billion by 2029. The VAE also show strong economic growth: GDP will be estimated at $ 569 billion in 2023 and is expected to increase to $ 713 billion by 2029.

traditional trade relationships in change

Relations between Europe, and especially Germany, and the Arab world are traditionally shaped by trade, investments and political commitment. So far, the focus was mainly on energy imports such as oil and gas from the Arab region. However, Arab countries are currently carrying out extensive economic reforms and diversification efforts that change the traditional image of relationships. Old models of engagement are no longer viable and Europe has to adapt to the new realities.

An example of such reforms is the Vision 2030 in Saudi Arabia, but also the innovation-oriented economy of the VAE. These new developments offer Europe the opportunity to contribute in areas such as renewable energies, technology, tourism and infrastructure. In particular, the Sector Renewable Energies offers Germany favorable perspectives to use its technologies and expertise and at the same time secure new sources of green energy.

The geopolitical landscape changes through agreements such as the Abraham Agreement between Israel and several Arab countries, which promotes new partnerships and economic cooperation. Europe should integrate these developments into its strategies and strive to work on an equal footing with Arab states.

In order to ensure flourishing economic cooperation, Europe could invest in the Arab world in the Arab world in an exchange of education, vocational training programs and investments. It is important to support the political reforms in the region in order to promote economic stability and development. The proactive approach could be an advantage for both sides and pave the way for a strong economic partnership.