UAE attends SelectUSA Investment Summit
Minister Al Zeyoudi Leads UAE Delegation to Enhance US Trade and Investment Relations
UAE Strengthens Bilateral Ties at SelectUSA Investment Summit in Washington
WASHINGTON: Thbin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, led a high-level delegation from the UAE to Washington DC to bolster bilateral trade and investment relations with the United States.
Accompanied by Yousef Al Otaiba, UAE Ambassador to the United States, Minister Al Zeyoudi held productive discussions with Gina Raimondo, US Secretary of Commerce. Their meetings focused on reinforcing economic ties between the two nations, underscoring the UAE’s significant role as the third-largest global trade partner of the US and its pivotal position in America’s non-oil trade with the Arab world, constituting 27% of this trade.
A pivotal component of their visit was the participation in the 10th SelectUSA Investment Summit, a premier platform that facilitates and promotes business investments in the US market. Minister Al Zeyoudi emphasized the UAE’s commitment to exploring opportunities for its private sector in the American market, particularly in high-growth sectors such as renewable energy, logistics, infrastructure development, and advanced technology.
During the summit, hosted by the US Department of Commerce, Minister Al Zeyoudi engaged with Governor Phil Murphy of New Jersey to explore avenues for UAE-based businesses, investors, and family offices to expand their footprint in the US. Discussions centered on identifying mutual interests and potential collaborations across diverse industries.
Addressing a session organized by the UAE-US Business Council, Minister Al Zeyoudi highlighted the enduring strength of the UAE-US alliance and their shared objectives of economic diversification and partnership. He showcased the UAE’s dynamic business environment, which currently hosts over 1,500 US companies, underscoring its role in fostering bilateral economic growth and innovation.
The UAE delegation comprised more than 65 participants, including key officials such as Mohammed Abdul Rahman Al Hawi, Undersecretary of the Ministry of Investment, Juma Mohammed Al Kait, Assistant Undersecretary of the Ministry of Economy for Foreign Trade Affairs, and Saud H. Al Nowais, UAE Commercial Attache (Counselor) for the UAE Embassy. Representatives from leading government and private sector entities such as the Abu Dhabi Investment Office, Sharjah Research, Technology and Innovation Park, Emirates Nuclear Energy Corporation, Mubadala, EDGE Group, Ras Al Khaimah Economic Zone (RAKEZ), LuLu Group International, and Emirates Aluminum also formed part of the delegation.
The UAE stands as the largest Arab investor in the USA, with investments exceeding US $38.1 billion, representing over 50% of Arab investments in the country as of 2022. Over the past five years, UAE investments in the US have surged by US $12 billion across various sectors including transportation, business services, and ICT. Majority-owned UAE firms in the US employ more than 24,300 American workers and significantly contribute to US exports.
Minister Al Zeyoudi’s visit and the UAE delegation’s active participation in the SelectUSA Investment Summit underscore the strategic importance of US-UAE economic relations. They highlight ongoing efforts to expand collaboration and investment opportunities between the two nations, paving the way for continued economic growth and mutual prosperity.
