Abu Dhabi, January 30: The United Arab Emirates and the Republic of Hungary agreed to strengthen trade and investment ties and explore new opportunities for private-sector collaboration during a high-level business roundtable chaired by Viktor Orban, Prime Minister of Hungary, in Abu Dhabi today.
The roundtable, which was hosted by the UAE Ministry of Economy, brought together prominent business leaders from both nations to identify areas of maximum potential in each other's markets, including renewable energy, sustainable technologies, digital transformation, logistics and aviation.
The roundtable was part of Prime Minister Orban's official visit to the UAE, which was designed to build on the Economic Cooperation Agreement signed between the two countries in 2024 and the marked increase in trade in the last five years. Between 2019 and 2024, the value of bilateral non-oil trade nearly doubled, growing from US$409 million to USD 799.2 million.
From the UAE side, the roundtable was attended by Mohammed Hassan Alsuwaidi, Minister of Investment; Ahmed bin Ali Al Sayegh, Minister of State; Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade; Saud Al Shamsi, UAE Ambassador to Hungary; Saeed Mubarak Al Hajeri, Assistant Minister for Economic and Trade Affairs at the UAE Ministry of Foreign Affairs; Rashed Abdul-Karim Al Blooshi, Undersecretary, Abu Dhabi Department of Economic Development (ADDED); and Osama Amir Fadhel, Assistant Undersecretary for Industrial Accelerators, UAE Ministry of Industry and Advanced Technology.
Also in attendance were leading figures from the UAE business community, including, Mohammed Al Abbar, Founder and Chairman, Emaar Properties; Hatem Dowidar, Group CEO, e&; Mohamed Jameel Al Ramahi, CEO, Masdar; Walid Al Mokarrab Al Muhairi, Deputy Group CEO - Mubadala Investment Company; Hareb Mubarak Al Muhairi, CEO, Abu Dhabi Investment Office (ADIO); Hamad Al Marar, Managing Director and CEO, EDGE; Karim Murad, Global Head of Infrastructure, Abu Dhabi Investment Authority (ADIA); Khalifa Al Shamsi, CEO, e& International; Martin Tricaud, Group Head of Investment Banking, First Abu Dhabi Bank; Ahmed Al Hajri, Director of Business Development, ADNOC; and Rashid Al Sarkal, Head of Corporate Coverage at Emirates NBD.
The Hungarian delegation, led by Prime Minister Viktor Orban, included Peter Szijjarto, Minister of Foreign Affairs and Trade; Gellert Jaszai, CEO, 4iG; Zsolt Hernadi, Chairman and CEO, MOL Plc; Zsolt Barna, CEO, MBH Bank; Ferenc Antal, CEO, N7 Holding; Zoltan Guler, Member of the Board of Directors, Budapest Airport; and Janos Kuka, Chairman of the Board of Directors, Festipay Inc.
During the meeting, Prime Minister Viktor Orban highlighted the dynamism of the Hungarian economy and efforts to build trade and investment partnerships with markets influencing the global economic map, including the UAE.
He pointed to the growth prospects stemming from Hungary's pro-growth business environment, which is fostering innovation and supporting new economic sectors in the nation.
Mohamed Hassan Alsuwaidi, Minister of Investment, underlined the importance of Hungary to the UAE's investment strategy. "Our strong and growing bilateral relationship with Hungary reflects our shared vision for long-term economic prosperity. The UAE remains committed to driving meaningful, future-oriented partnerships, leveraging our business-friendly environment and diverse and dynamic economic landscape to provide mutually beneficial outcomes. We recognise significant potential to expand FDI and look forward to collaborating with Hungary to unlock new frontiers of innovation and investment, shaping a prosperous future for both nations."
Ahmed bin Ali Al Sayegh said that the UAE and Hungary continue to explore constructive collaboration under the UAE-Hungary Economic Cooperation Agreement. "Our nations both share a commitment to support the private sector as they expand, innovate and create opportunity right along the value chain. This includes pursuing projects and joint ventures in each other's countries as we look to broaden our exposure to regional and global markets. High-level meetings such as the roundtable serve to strengthen ties of friendship and enhance economic cooperation, and we have been able to explore collaboration in key sectors such as industry, trade, investment, tourism, logistics, infrastructure, and real estate which will serve us well in the long term."
Thani bin Ahmed Al Zeyoudi emphasised the UAE's commitment to further strengthening trade and investment ties with Hungary, building on continuous growth in non-oil trade. "Our partnership with Hungary is built on a shared desire to drive long-term sustainable economic growth. We are both committed to developing priority sectors such as manufacturing, logistics, agriculture, transport and financial and professional services, and believe private-sector collaboration are the optimum means of doing so. Just as we see many opportunities for strategic investment in Hungary, we believe the UAE's business-friendly environment, world-class infrastructure and strategic location offers Hungarian companies an ideal platform for expansion into the region and beyond."
Non-oil trade between the UAE and Hungary has been on an upward trajectory since 2019, reaching USD 799.2 million in 2024. Today, the UAE accounts for 62 per cent of Hungary's total trade with the GCC region, reinforcing its role as a strategic hub for trade and investment in the Middle East. (ANI/WAM)
