UAE, Italy agree to boost economic cooperation

The United Arab Emirates (UAE) Minister of Economy Sultan bin Saeed Al-Mansoori on Saturday met with Italian Minister of Infrastructure and Transport Maurizio Lupi to discuss ways to expand economic cooperation, state news agency WAM reported.
Al-Mansouri said the ties between the UAE and Italy shall be boosted in the field of economic, industrial and investment cooperation.
Italian companies were awarded contracts worth a total value of 12 billion U.S. dollars for oil and gas, as well as infrastructure projects in the UAE, a major oil supplier, said the minister.
Non-oil trade between the two sides accounted for six billion dollars in 2013. There are 92 Italian companies operating in the UAE.
Meanwhile, both countries moved closer together when earlier this year, Abu Dhabi-based carrier Etihad Airways bought 49 percent stake in financially troubled state-owned carrier Alitalia for 2.4 billion dollars.