The UAE aims to enhance its investments in the silicon valley tech sector to boost assets by $38B in the US.
Dr Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, concluded a visit to San Francisco and Silicon Valley to foster economic cooperation and explore partnerships between the UAE and the US, particularly in advanced technology.
Dr Thani engaged in numerous discussions with stakeholders, leading tech companies, and local entrepreneurs to identify potential collaborations in key areas such as artificial intelligence (AI), machine learning, and climate technology.
UAE to deepen ties with US in the tech sector
During his meetings, the minister outlined the UAE’s ambitions in advanced technology and its investment-friendly business environment, inviting US investors, start-ups, and skilled professionals to explore expansion opportunities.
The discussions centred on joint projects, research collaborations, and the exchange of knowledge and expertise in cutting-edge fields like AI, data analytics, and sustainable technologies.
Dr Al Zeyoudi’s visit to the US highlights the UAE’s commitment to securing global partnerships to advance its industrial and technological capabilities and strengthen its position as a hub for investment and innovation.
Al Zeyoudi stated: “The West Coast of the US is the global epicentre of technology and innovation, and the UAE stands to benefit greatly from closer ties to Silicon Valley’s dynamic ecosystem. This visit is a crucial part of our efforts to establish enduring partnerships at the private sector, public sector, and academic levels to leverage their knowledge and experience and accelerate the UAE’s technological capabilities.
“Technology is a fundamental pillar of our economic growth and diversification agenda, and it’s essential we build productive and mutually beneficial relations with the world’s leading innovators.”
The United States is the UAE’s third-largest trading partner globally, representing 5.6 per cent of the UAE’s total non-oil trade.
The United Arab Emirates is the USA’s most significant trading partner in the Arab World, with bilateral trade making up 27 per cent of the USA’s non-oil trade with the region.
In terms of investments, the United Arab Emirates holds $38.1B in assets in the US, accounting for more than 50 per cent of the total FDI from Arab countries in America at the end of 2022.
These investments are primarily in:
- Transportation
- Business services
- Software and IT services
- Real estate
- Food and beverages
- Aerospace
