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Mohammad Amir
ABU DHABI, 27th May, 2022 (WAM) — The US-UAE Business Council, which exported $16.7 billion last year, is poised to further strengthen US-UAE ties in healthcare, energy sustainability, space, advanced technology, manufacturing and digital economy.
“The bilateral relationship has great potential for further development,” Council Chairman Danny Sebright said in an interview with the Emirates News Agency (WAM). He added that economic relations are now characterized by bilateral trade of more than $22 billion, as well as large amounts of foreign direct investment in both directions.
“The UAE has been the largest single US export market in the MENA region since 2009, with exports worth US$16.7 billion by 2021,” Sebright said as he headed the council’s delegation to the sixth session in Abu Dhabi said the Global Aerospace Summit, which ends on Thursday.
He said that since its establishment in 2007, the council has grown to more than 200 member companies, which reflects the strength of bilateral economic and trade relations and directly affects important bilateral economic and trade policies and initiatives.
“One of the UAE’s sovereign wealth funds, Mubadala Investments, has invested more than $100 billion in the US. Other UAE sovereign wealth funds have also made significant investments in the US over the past 20 years. In turn, more than 1,500 US companies have invested in the UAE Do business, sell goods and services, and help create good-paying jobs at home,” he said.
Danny Sebright, panelist and key speaker at the Aerospace Summit, said the event provided valuable networking and market intelligence opportunities to complement the opportunities offered by the summit itself. “This leads to real connections and real business, supporting the growth of the aerospace business ecosystem,” he noted.
Cooperation in the space field
Sebright said the Commerce Council has been promoting the US-UAE partnership in space since day one of the UAE’s new space exploration programme. “Since the 2018 agreement between NASA and the UAE Space Agency, the Council has worked hard to showcase and highlight opportunities for cooperation between the two countries in this important area.
“As the UAE is one of the signatories to the Artemis Accords, cooperation in this vertical will only develop between the US and the UAE, and it will continue to be a focus of our work.”
He added: “We have been committed to providing US companies with the opportunity to provide first-class solutions for the UAE space programme.”
Artemis Accords is a U.S.-led effort based on a shared principled vision, based on the 1967 United Nations Treaty on Outer Space, to create a safe and transparent environment that promotes exploration, science and commerce for the benefit of all Humanity.
Climate Change and Sustainability
Sebright said: “Following the appointment of Dr Sultan Al Jaber as the UAE’s Special Envoy for Climate, the Council in early 2021 established a ‘Climate Change Task Force’ bringing together leaders from business, academia and government to create opportunities to A better understanding and the broadest cooperation between our two countries.
“As the UAE prepares to host the 28th COP in November 2023, the Council plans to double down on climate change and sustainability over the next 18 months.
“In recent weeks, we have had discussions with Sultan Al Jaber’s office on how the UAE can engage the US private sector to make COP28 a success. In this regard, the Commerce Council has agreed to lead the engagement with the US business community ahead of COP 28 .”
“The Business Council looks forward to mobilizing the business community in every way to drive this engagement,” he continued.
The United Arab Emirates has announced the UAE’s Net Zero Emissions Strategy by 2050 Initiative, a national initiative to achieve net zero emissions by 2050, investing more than AED600 billion ($163 billion) in renewable energy.
“For the UAE, its net-zero emissions commitment is an opportunity to create economic value at home, including through the creation of a green economy, especially around hydrogen energy.”
“U.S. companies have an important role to play in this,” Sebright said, adding that U.S. companies can best support climate initiatives by creating “new technologies to help decarbonize the UAE.”
UAE’s response to the COVID-19 pandemic
Sebright said the UAE’s response to the COVID-19 pandemic has been “exemplary”, something objective authorities such as Bloomberg’s Covid Resilience Ranking have consistently acknowledged.
“Indeed, the UAE has quickly embarked on a far-reaching and responsible nationwide campaign to test and vaccinate, while ensuring adequate personal protective equipment, or PPE, for its people.
“As a result, it has been able to effectively curb the spread of the virus. This has brought things back to normal and even attracted businesses, entrepreneurs and high net worth individuals from all over the world to move to the UAE.”
At the same time, the UAE has accelerated the process of economic and social reforms, cementing the country’s position as a place to do business in the region. “This culminated in the 50-year project launched last fall, which will make the UAE a truly global business hub,” observes Sebright.
Projects from the 50s and the American market
The chairman of the US-UAE Business Council described the 50-person project as an important story he wanted to tell in the US market. “We officially launched the ‘Projects of the 50’ programme series in the US with a roundtable discussion in New York City on May 12…The council will continue to tell the story of the UAE 50’s projects in the US with us partners, we will organize future events in Florida, Texas and California.”
Women and Young Entrepreneurs
When asked about the council’s support for women and young entrepreneurs, he said: “Supporting young entrepreneurs is also an important part of what we do and at the Business Council we recognise the power and strength of inclusion, diversity and equality. importance.”
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