92 billion dirhams, the volume of mutual trade between the two countries during 2021
Danny Sebright: The UAE is an investment destination and a global business center that attracts American companies
The UAE has a strategic location, strong financial reserves, and large sovereign wealth funds.
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Danny Sebright: "The UAE is an economic center that is the most active, developed and fastest growing in the region."
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The President of the US-UAE Business Council, Danny Sebright, stressed the strength and durability of economic relations between the UAE and the United States of America, pointing out that the intensification of work and cooperation between the two friendly countries during the next phase will contribute to the expansion and development of the volume of trade exchange, as well as the increase in the volume of mutual investments.
Sebright added, "The volume of bilateral trade between the UAE and the United States of America amounted to about 25 billion dollars during the past year (92 billion dirhams), which represents a recovery from the repercussions of the "Covid-19" pandemic, while the cumulative balance of Emirati investment assets in the United States reached To about 65 billion dollars (238.5 billion dirhams) until the end of 2020, of which more than 33 billion dollars are direct investment,” noting that with the expansion of opportunities and the strengthening of relations for larger investments, there will be a significant increase in the volume of investments and trade exchanges.
He stated that Mubadala Investments has invested more than $100 billion in the United States, and other UAE sovereign wealth funds have invested heavily in the United States over the past twenty years, as well as major Emirati companies such as Dubai Ports World, pointing out that there are a large number of Among the Emirati companies in the United States, including First Abu Dhabi Bank, Mashreq Bank, Emirates Airlines, Etihad Airways, Emirates Global Aluminium, and “Masdar”.
Sebright explained that "the volume of foreign direct investments to the UAE from the United States of America reached about $19.4 billion at the end of 2020, and these investments are expected to rise with the expansion of opportunities during the coming period," noting that "(Amazon Web Services)," A subsidiary of the American company (Amazon) recently announced the opening of its second region for its data centers in the Middle East in the UAE, as it expects that its expected spending on establishing and operating its new data center region will support about 6000 full-time jobs annually in the local labor market through investments estimated at about Five billion dollars in the UAE economy until 2036.
He stressed that «the UAE is an economic center that is the most active, most developed and fastest growing in the region, in addition to its strategic location, strong financial reserves, large sovereign wealth funds, strong spending on development projects, a solid, stable and resilient economy, and an attractive and flexible tax policy that does not include any income taxes. As well as its political stability and a safe and open environment,” noting that all these advantages and strengths are widely known by American companies.
The President of the US-UAE Business Council explained that "the UAE has a suitable regulatory environment for business, in addition to its recent announcement of the fifty projects, which make it a more attractive environment for doing business," pointing out that all these strengths will contribute to making the UAE not just a regional business center. It is a global business centre.
He pointed out that many companies around the world have chosen the UAE as their headquarters as an ideal location for them, as well as the country's investment opportunities and an ideal business environment, which has been realized by more than 1,500 American companies that have established offices in the UAE.
She pointed out that there are huge potentials for the growth of bilateral relations between the UAE and the United States, especially in the areas of health care, energy, space, advanced industry, and the digital economy, as all of these areas are the focus and attention of the US-UAE Business Council, noting that one of the areas of The main focus of the council over the next 15 months is for the UAE to host the twenty-eighth session of the Conference of the States Parties to the United Nations Framework Convention on Climate Change (COP28), where the council will play a role in introducing the American business community to the importance of this historic event that the country will host and its importance in Promote international cooperation in the face of the threat of climate change.
Bilateral Agreements
The President of the US-UAE Business Council, Danny Sebright, confirmed that there are many bilateral agreements signed between the UAE and the United States, including the “Open Skies” transportation agreement signed in 2002, which gives US and Emirati carriers equal access to each other’s markets. This provides greater choice for consumers, and supports more than $22 billion in annual bilateral trade between the two countries.
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