UAE to invest €40 billion in Germany

The United Arab Emirates plans to invest €40 billion ($46.5 billion) in Germany, both sides announced during President Mohammed bin Zayed al Nahyan's state visit to Berlin on Thursday.

The sum more than doubles the Gulf state's investment in the German economy so far. The previous sum was about €34 billion.

Mohammed began a two-day state visit to Germany earlier and was welcomed in Berlin by President Frank-Walter Steinmeier with full military honours. He later met Chancellor Friedrich Merz.

Both sides had previously said they planned to deepen relations.

The Emirati technology minister, Sultan Al Jaber, said that Germany had been "an important strategic and economic partner" for his country for decades.

The planned additional investments "will promote those industrial sectors, technologies and skilled jobs that drive future growth and competitiveness," he said.