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The U.S.-UAE Business Council, which exported $16.7 billion last year, is poised to further strengthen U.S.-UAE ties in healthcare, energy sustainability, space, advanced manufacturing and the digital economy.
“The bilateral relationship has great potential for further development,” Council Chairman Danny Sebright told Emirates News Agency (WAM). He added that the economic relationship between the two countries is now characterized by a bilateral trade volume of more than $22 billion, as well as large amounts of foreign direct investment in both directions.
“The UAE has been the largest U.S. export market in the MENA region since 2009, with exports worth $16.7 billion by 2021,” said Sebright, who led a council delegation in Abu Dhabi for the sixth 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 conduct business, sell goods and services, and help create high-paying jobs at home,” he commented.
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 commerce, supporting the growth of the aerospace business ecosystem,” he noted.
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.”
“We have been committed to providing opportunities for U.S. companies to provide best-in-class solutions for the UAE space program,” he added.
Artemis Accords is a U.S.-led effort based on a shared principled vision, based on the United Nations’ 1967 Outer Space Treaty, to create a safe and transparent environment that promotes exploration, science and commerce for the benefit of all Humanity.
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 Working Group’ bringing together leaders from business, academia and government to better understand Create opportunity and the broadest possible collaboration between our two countries.
“As the UAE prepares to host COP 28 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 huge success. In this regard, the Commerce Council has agreed to lead the way with COP28 U.S. business contacts.”
“The Business Council looks forward to mobilizing the business community in every way to drive this engagement,” he continued.
The United Arab Emirates announced the UAE’s Net Zero Emissions Strategy Initiative by 2050, a national initiative to achieve net zero emissions by 2050, with investments in renewable energy exceeding AED600 billion ($163 billion).
“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.”
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 national 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 business back to business as usual and has even attracted businesses, entrepreneurs and high net worth individuals from all over the world to move to the UAE.”
WAM
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