The UAE and Italy have a long history of economic and cultural ties. Recently, they have been exploring new ways to strengthen their partnership and create new opportunities for investment and trade in various sectors, especially renewable energy, tourism and FinTech.
Renewable energy is one of the key areas of cooperation between the UAE and Italy, as both countries are committed to reducing their carbon footprint and promoting green growth. The UAE is a global leader in renewable energy, with ambitious plans to generate 50 percent of its electricity from clean sources by 2050. Italy as well is a pioneer in renewable energy, with more than 35 percent of its electricity originating from renewables in 2020. The two countries have been collaborating on several projects and initiatives to share their expertise and best practices in this field, such as the International Renewable Energy Agency (IRENA), which is headquartered in Abu Dhabi, and the Abu Dhabi Sustainability Week (ADSW), which attracts many Italian participants every year.
Tourism is another sector that offers great potential for enhancing the bilateral relations between the UAE and Italy. The UAE is one of the most popular destinations for Italian tourists, with more than 300,000 visitors in 2019. The UAE offers a diverse range of attractions and experiences for Italian travelers, from cultural heritage sites to modern skyscrapers, from desert adventures to beach resorts. Italy is also a favorite destination for UAE tourists, who appreciate its rich history, art, cuisine and fashion. The two countries have been working together to facilitate travel and tourism between them, such as through visa exemptions, direct flights and joint promotional campaigns.
FinTech is a third sector that has been witnessing increased cooperation between the UAE and Italy. The UAE is a regional hub for FinTech, with a vibrant ecosystem of start-ups, accelerators, regulators and investors. Italy is also a growing market for FinTech, with more than 300 companies operating in this sector. The two countries have been exploring ways to foster collaboration and exchange of knowledge and best practices in FinTech, such as through joint events, platforms and agreements.