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ABU DHABI, 19th September, 2022 (WAM) — Danny Sebright, Chairman of the US-UAE Business Council, noted that strengthening cooperation between the UAE and the US will expand and develop trade exchange volumes and mutual investment.
In an exclusive interview with Emirates News Agency (WAM), Sebright said, “In 2021, bilateral trade between the US and the UAE surpassed $25 billion, marking a recovery from the decline during the pandemic.
“The UAE is a significant investor in the US economy. Last year, the stock of UAE foreign direct investment in the US was estimated to total US$65 billion in 2020, of which more than US$33 billion was direct investment.”
He noted that as opportunities expand and large investment relationships strengthen, the number of investment and trade flows will increase significantly.
Sebright added, “Mubadala Investments, one of the UAE’s sovereign wealth funds, has invested more than $100 billion in the US alone. Other UAE. Sovereign wealth funds have also invested heavily in the US over the past 20 years. Mainly The same goes for Emiratis such as DP World, Gulftainer, First Abu Dhabi Bank, Mashreq Bank, Emirates, Etihad, EGA, Masdar, DP World and Mubadala.”
“In 2020, the total stock of U.S. FDI in the UAE reached $19.4 billion. If you expand the caliber, this figure will be even higher. A recent example of an American company investing in the UAE is Amazon W Services. Amazon Web Services in 2020 8 announced in March the launch of its second region in the Middle East, the AWS Middle East (UAE) Region. AWS estimates that its projected spending on building and operating the new region will support an average of nearly 6,000 full-year placements with external vendors, There are plans to invest $5 billion in the local economy by 2036,” he elaborated.
Sebright said the UAE offers an attractive and integrated investment environment with its advanced infrastructure, globally competitive import and export sector, and pioneering logistics services from strategic geographic locations.
“These advantages of the UAE have been widely recognized by US businesses. Another important advantage of the UAE is its business-friendly regulatory environment. The UAE has also introduced a series of important new economic and social reforms called Project 50 to make the UAE a more An attractive environment to do business in. These new reforms will help make the UAE not only a regional business hub, but a truly global one,” he continued.
The chairman of the US-UAE Business Council emphasized that the UAE is an ideal location for regional headquarters and hub transshipment facilities, and more than 1,500 US companies have realized this and have established offices here.
He pointed out that the bilateral relationship also has great potential for development, especially in the fields of medical care, energy, aerospace, advanced manufacturing and digital economy. “These are key areas of focus for the Commerce Council,” he noted.
A key area of focus for the council, especially over the next 15 months, is COP 28, he said, adding that the council will take a leading role in engaging with the US business community ahead of the landmark event.
Asked how the council has benefited from bilateral agreements between the two countries, Sebright said, “The first example is the UAE-US Open Skies agreement signed in 2002, which gave US and UAE airlines equal access to each other’s markets. opportunities to provide greater consumer choice, bring better services, and support more than $22 billion in annual bilateral trade.Another example is the December 2009 bilateral agreement on peaceful nuclear energy cooperation, known as the “123 Agreement” , which enables US companies and technologies to support the UAE in realizing its peaceful nuclear energy ambitions. The Business Council is proud to have played an instrumental role in the completion of both agreements.”
He noted that a business delegation from the U.S. state of Utah visited the UAE last week to discuss opportunities for new economic partnerships and increased future cooperation with Emirati companies, explaining that the mission’s visit was aimed at creating a basis for mutual cooperation, with Both parties are eager to develop further in the Middle East.
The delegation consists of no less than 60 people, including 30 enterprises. Moreover, it is led not only by the governor and the first lady, but also by the President of the Senate and the Speaker of the House, as well as businessmen and officials.
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