JobXDubai

The United Arab Emirates (UAE) is forging ahead to develop trade and investment ties with tech companies in Silicon Valley, USA, to further boost its tech sector investments and expand assets of over $38 billion in the US.

In a recent visit to San Francisco and Silicon Valley, Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, held discussions with stakeholders, leading technology companies, and local entrepreneurs to identify potential partnerships in high-priority fields such as artificial intelligence (AI), machine learning, and climate tech.

Strengthening UAE-US Tech Ties

The minister outlined the UAE’s advanced technology ambitions and investment-friendly business environment, extending an invitation to US investors, start-ups, and skilled professionals to explore expansion opportunities in the UAE.

Discussions focused on joint projects, research collaboration, and exchanging knowledge and expertise in cutting-edge disciplines such as AI, data analytics, and sustainable technologies.

Accelerating Industrial and Technological Capabilities

Dr. Al Zeyoudi’s visit to the US underlines the UAE’s commitment to securing global partnerships to accelerate its industrial and technological capabilities, and to further bolstering the nation’s position as a destination for investment and innovation.

“The West Coast of the US is the global epicentre of technology and innovation, and the UAE has much to gain from closer ties to Silicon Valley’s vibrant ecosystem. This visit is an important part of our efforts to establish long-standing partnerships at both the private-sector, public-sector, and academic levels to leverage their knowledge and experience and accelerate the UAE’s technological capabilities.”

UAE-US Trade and Investment Relations

The United States is the UAE’s third-largest trading partner globally, accounting for 5.6 per cent of the UAE’s total non-oil trade. The UAE is America’s most important trading partner in the Arab World, with bilateral trade comprising 27 per cent of the USA’s non-oil trade with the region.

In terms of investments, the UAE has $38.1 billion in assets in the US, which is more than 50 per cent of the total FDI from Arab countries in America at the end of 2022. These investments are mainly in transportation, business services, software and IT services, real estate, food and beverages, and aerospace.