UAE attends SelectUSA Investment Summit to explore bilateral economic ties

By Arya M Nair, Official Reporter
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UAE SelectUSA Invesment Summit
Image Courtesy; WAM

Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, has led a UAE delegation of government officials, business leaders and investors to the SelectUSA Investment Summit, the largest event in the US for the promotion of foreign direct investment (FDI).

At the event, which was held in Maryland, the delegation engaged with corporate leaders, industry experts, and exhibitors to identify strategic investment opportunities in the US and explore avenues for establishing businesses in the country.

Dr. Thani Al Zeyoudi also used the occasion to hold bilateral meetings with US Commerce Secretary Ms. Gina Raimondo and Assistant Secretary of Commerce Mr. Arun Venkatarman, during which they discussed ways to further develop bilateral trade and investment ties, and accelerate cooperation in priority sectors such as clean energy initiatives, food and water security, and advanced technology.

Dr. Al Zeyoudi said that the UAE delegation’s participation in SelectUSA is a reflection of the importance of the US relationship and the opportunities it offers UAE businesses and investors.

Dr. Thani bin Ahamed Al-Zeyoudi_UAE at SelectUSA Investment Summit
Dr. Thani bin Ahamed Al-Zeyoudi
UAE Minister of State for Foreign Trade

“To achieve our economic ambitions, we must expand ties with key allies around the world, including the US, our fourth-largest trading partner with non-oil trade worth $30 billion in 2022. Collaboration with US companies in Web3, renewable energy, agri-tech, space sciences and quantum computing can reap significant rewards. UAE FDI into the United States totaled $33.1 billion at the end of 2022, representing 43 percent of the inward investment from the Middle East. The other way, the UAE is the US’ largest trading partner in the Middle East. Events such as SelectUSA provide the ideal platforms to increase this further and develop more mutually beneficial opportunities for our private sector.”

Owing to the UAE’s pro-business environment, world-class infrastructure and skilled workforce, the UAE is today home to over 1,500 US firms.

On the occasion of the visit, UAE Ambassador to the US, Mr. Yousef Al Otaiba, said these companies and institutions have played a transformational role in the UAE’s development. “The UAE-US business and economic relationship have generated enormous opportunities for both countries. As we continue to grow in sectors such as semiconductors, life sciences, space, ag-tech and renewable energy, there is no better time for US companies to invest, partner and establish their headquarters in the UAE,” Mr. Al Otaiba.

Mr. Mohammed Al Musharrakh, CEO of the Sharjah FDI Office (Invest in Sharjah), said that the office’s participation at the SelectUSA Investment Summit offered a unique opportunity to gain insights into the latest global investment trends, and to observe foreign investors’ approaches and aspirations while also exploring partnerships with investors and participants from around the world.

Mr. Al Musharrakh added that “We explored investment exchange potential with our American counterparts while promoting Sharjah’s promising prospects. Our exponential structural growth, evidenced by the issuance of 7,615 new commercial licenses supporting all sectors and talents, combined with our unique environment that supports startups and SMEs, diversified business incubators in scientific research centers and free zones, positions Sharjah as a leader in the global investment scene.”

Following the event in Washington DC, Dr. Al Zeyoudi then held talks with US lawmakers on Capitol Hill to outline ways to build on 50 years of strategic economic relations between the two nations, before meeting representatives of US companies operating in sustainable aviation, food security and global energy transition investment. This included a site tour of IonQ quantum computing manufacturing labs, which is using advanced technology to address pressing challenges such as climate change, energy, and transportation.

The visiting UAE delegation to the United States included more than 50 participants including senior federal and local government officials, in addition to representatives of a number of major UAE companies operating in various sectors of common interest.

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