The Diplomat
The transformation process that the Gulf region is undergoing is an opportunity for Spanish companies to recover the position they achieved in the late nineties and early 2000s, especially after the institutional visits on the occasion of the Dubai Expo, which are helping to improve relations between countries and increase opportunities for Spanish companies.
These are some of the conclusions of the informative conference organized yesterday by the Exporters and Investors Club, in collaboration with the consulting firm Iberglobal, which analyzed the opportunities that Spanish companies have in the six countries that make up the Gulf Cooperation Council (GCC). The event was attended by the Spanish Embassy, the Spanish Trade Office and the Spanish Chamber of Commerce in the United Arab Emirates.
The GCC is made up of the United Arab Emirates, Saudi Arabia, Qatar, Kuwait, Bahrain, Oman and Kuwait. It groups more than 60 million people with a GDP per capita of more than 34,000 dollars and functions as a Customs Union thanks to the process of economic integration and fiscal harmonization that they are undergoing. Spain contributes 6.3% of EU exports to the region, far from the figure of other surrounding countries.
“The GCC countries are immersed in a transformation process with important reforms to modernize their productive fabrics and liberalize their economies,” highlighted Tomás Guerrero, general manager of Halal Trade & Marketing Centre. “This situation favors the relations of Spanish companies in the market, which until now have been very marked by dependence on the hydrocarbon sector,” he added.
In addition, during the day, the opportunities offered by the Dubai World Expo, which has been held since last October and will end next March, were analyzed. In this sense, the economic and commercial counselor of Spain in the United Arab Emirates, Andrés Salinero, highlighted the presence of Spanish companies that have collaborated in the realization of the different spaces. “From the commercial office we have counted the participation of more than 40 Spanish companies, especially in architecture, design and audiovisual tasks. In addition, our country is behind the construction of the two main pavilions of the fairgrounds, apart from the Spanish pavilion,” he said.
For his part, the Spanish ambassador to the United Arab Emirates, Íñigo de Palacio, highlighted the importance of the recent visit by Pedro Sánchez, “the first visit by a Spanish head of government in the last ten years” and which “marks a before and after”. He also recalled that during the visit a Joint Declaration was approved in which the sectorial areas of cooperation between Spain and the UAE were reviewed, with the intention of expanding them in the future, and a Memorandum of Understanding was signed between the Emirati sovereign wealth fund Mubadala and Cofides.
The meeting, which was held online, was also attended by representatives of FOCE and Cosentino, two Spanish companies with extensive experience in the area. Jesús Jimenez, CEO of FOCE, highlighted the opportunities that are being generated in the service sector and the production of consumer goods and equipment, as well as the promising future of countries such as Oman or Qatar. “It is time to recover the notable presence of Spanish businessmen in the region, as we had during the late 90s and early 2000s,” he said.
For her part, Miriam Llano, Cosentino’s Middle East Marketing Manager, highlighted the good image that the Spanish company enjoys in the area. “They see us as agile companies with a broad knowledge of know-how,” she said. However, Llano warned that the market is very competitive and short term, which forces Spanish companies to “sell themselves very well” and take charge of commercial relations first hand.
The conference was closed by Ana Esmeralda Martínez, Director General of Economic Diplomacy of the Ministry of Foreign Affairs, who praised the good work of Spanish companies and the opportunity that these countries represent thanks to the process of economic transformation they are undergoing. She also highlighted the “diversification of trade relations” between Spain and the GCC countries.
