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ABU DHABI – Danny Sebright, Chairman of the US-UAE Business Council, noted that strengthening cooperation between the UAE and the US will expand and develop trade exchanges and mutual investment.
In an exclusive interview with the Emirates News Agency (WAM), Sebright said: “In 2021, bilateral trade between the United States and the UAE surpassed $25 billion, marking a recovery from the downturn during the pandemic.
“The UAE is a significant investor in the US economy. Last year, it was estimated that the UAE’s total foreign direct investment in the US in 2020 was US$65 billion, of which more than US$33 billion was directly invested.”
He pointed out that investment and trade flows will increase significantly as opportunities expand and large investment relationships strengthen.
Sebright added: “One of the UAE’s sovereign wealth funds, Mubadala Investments, 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. Major The same goes for the UAE. DP World, Gulftainer, First Abu Dhabi Bank, Mashreq Bank, Emirates, Etihad, EGA, Masdar, DP World and Mubadala among others.”
“In 2020, total U.S. FDI stock in the UAE was $19.4 billion. If you expand the caliber, the number is even larger. A recent example of a U.S. company investing in the UAE is Amazon W Services. Amazon Web Services was announced in August 2020. Its second region in the Middle East, the AWS Middle East (UAE) Region. AWS estimates that its projected spending on the construction and operation of the new region will support an average of nearly 6,000 full-time job seekers with external vendors, planned through 2036 Invest $5 billion for the local economy,” he elaborated.
Sebright said the UAE offers an attractive integrated investment environment with its advanced infrastructure, globally competitive import and export sector, and pioneering logistics services from strategic locations.
“These advantages of the UAE have been widely recognized by U.S. businesses. Another important advantage of the UAE is its business-friendly regulatory environment. The UAE has also launched a series of important new economic and social reforms, known as the Top 50 Project, that will enable the UAE become a more attractive business environment. These new reforms will help make the UAE not just a regional business hub, but a truly global hub,” he continued.
The Chairman of the US-UAE Business Council stressed that the UAE has an ideal regional headquarters and hub transshipment facilities, and more than 1,500 US companies have recognized this and established offices here.
He noted that bilateral relations also have great potential for development, especially in the fields of healthcare, energy, space, advanced manufacturing and the digital economy. “These are areas of focus for the business council,” he noted.
A key area of focus for the Council, especially in the next 15 months, is the 28th Conference of the Parties, he said, adding that the Council will take the lead in working with the U.S. ahead of this landmark event. business contacts.
Asked how the Council could benefit from a bilateral agreement between the two countries, Sebright said: “The first example was the UAE-US Open Skies Agreement signed in 2002, which enabled US and UAE airlines to equally Access each other’s markets, 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 “123 Agreement,” which enables U.S. companies and technology to support the UAE in achieving its peaceful nuclear energy ambitions. The Commerce Council is proud to have played a major role in the completion of both agreements.
He noted that a business delegation from the Utah state of the United States visited the UAE last week to discuss new economic partnerships with Emirati companies and increase opportunities for future cooperation, explaining that the delegation’s visit was aimed at building a foundation for mutual cooperation, with Both the UAE and the UAE are eager to develop further in the Middle East.
The delegation consists of no less than 60 people, including 30 enterprises. Furthermore, it is led not only by the Governor and the First Lady, but also by the Speakers of the Senate and House of Representatives, as well as businessmen and officials.
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