Hello from Abu Dhabi, مرحبا من ابو ظبي,
This month saw the first Luxembourg ministerial bilateral visit for this year to the Gulf. Jean Asselborn, Luxembourg’s long-standing Minister for Foreign and European affairs, paid a successful visit to the Sultanate of Oman. On the economic side, a meeting with Khalil Ali Al Yahmadi, the CEO of the Oman Investment Authority (OIA), took place. The OIA has chosen Luxembourg as the location for its only representative office in Europe. The Luxembourg Trade and Investment Office to the Gulf is certainly very proud of this strong investment partnership. Many other topics of mutual interest were discussed during the visit: air traffic, avoidance of double taxation and, of course, trade relations. New contacts with Omani businesses have been established.
Luxembourg is a highly advanced country in Western Europe with a strong and stable economy and a favorable business environment. The country has been actively promoting innovation and sustainability, as evidenced by recent developments such as the opening of the House of Sustainability and the launch of the European precision medicine initiative ClinNova.
The House of Sustainability is a new institution in Luxembourg City designed to showcase sustainable technologies and practices. It features a variety of exhibits and interactive displays that highlight the importance of sustainability and offer practical solutions for reducing energy consumption and greenhouse gas emissions.
The ClinNova initiative, launched in 2021, aims to accelerate the development and implementation of precision medicine in Europe. The project is being led by a consortium of academic and industry partners, with Luxembourg serving as the coordinating hub.
Luxembourg has a reputation for being “exceptionally” (in the sense of “to a greater degree than normal” and not “only in unusual circumstances”) open to business and has repeatedly ranked first on the Open for Business list of the world’s most market-oriented countries with a highly skilled workforce. The country is home to a number of innovative companies, especially in the areas of information technology, finance, health tech, space tech and logistics. These companies are supported by a strong network of business incubators, accelerators, and venture capital firms, which help to foster entrepreneurship and innovation.
Two Luxembourg start-ups, supported by WomenTechEU, are also making waves in the tech industry. WomenTechEU is an initiative of the European Commission that provides funding and support to women-led tech start-ups. The two Luxembourg-based start-ups, Passbolt and Expon Capital, are both focused on using technology to solve real-world problems and improve people’s lives.
Overall, Luxembourg’s commitment to innovation, sustainability, and entrepreneurship makes it an attractive destination for businesses and start-ups looking to grow and succeed in Europe. This newsletter contains concrete examples that show how this commitment bears fruit for a number of businesses.
If you represent a company based in the GCC countries and eager to learn more about what Luxembourg has to offer, please do get in touch with the Luxembourg Trade and Investment Office in Abu Dhabi.
Work in progress!
Jean-Marie Frentz
Executive Director, LTIO Abu Dhabi