Inclusion Criteria:  Age ≥18 years and <65 years BMI: ≥27 kg/m2 T2DM (HbA1c ≥ 6.0% if on anti-diabetic medication or HbA1c≥6.5% if non- medicated) Participant is willing and able to give informed consent for participation in the study  Exclusion Criteria:  Contraindication to trial drugs Use of insulin or GLP-1RAs (during the past 3 months) Use of anti-obesity drugs (during the past 3 months) Weight change of >5% during the past 3 months Bariatric surgery or planned bariatric surgery during the trial History of pancreatitis Impaired renal function (GFR<30 ml/min/1.73m2) Impaired hepatic function (ALAT>2 x upper limit normal) Clinically significant active cardiovascular disease Clinically significant abnormality in the ECG Cancer (except basal or squamous cell skin cancers) Major psychiatric disease (such as severe depression, bipolar disorder, schizophrenia) Substance abuse Learning disability Females of childbearing potential not using adequate contraceptive methods Pregnancy Lactation Any other condition that in the opinion of the investigator could interfere with the conduction of the study or interpretation of the study results