Strengthening Trade: Abu Dhabi's Economic Agreements with the US
Strengthening Trade Relations with the United States
A high-level economic delegation from Abu Dhabi, spearheaded by the Abu Dhabi Department of Economic Development (ADDED), has successfully signed a series of agreements aimed at bolstering trade and investment connections with the United States. This initiative marks a significant step forward in fostering economic ties between two influential markets.
Focus Areas for Cooperation
The agreements focus on collaboration across a variety of crucial sectors, such as startups, family-owned businesses, small and medium enterprises, digital infrastructure, new energy solutions, advanced manufacturing techniques, and financial services. Each of these areas represents an opportunity for growth, innovation, and mutual benefit.
The Delegation Composition
The delegation, which was led by His Excellency Ahmed Jasim Al Zaabi, included over 100 top representatives from both governmental and private sectors, demonstrating the commitment and enthusiasm of Abu Dhabi in expanding its international business relationships.
Engagements and Meetings
Throughout the visit, the Abu Dhabi delegation engaged in more than 40 meetings with prominent government officials, key industry players, and investors. Notably, senior officials and executives from the delegation were actively involved in the Abu Dhabi Securities Exchange (ADX) Investor Conference, showcasing their commitment to enhancing investment opportunities in the region.
Statements from Leadership
H.E. Ahmed Jasim Al Zaabi emphasized the importance of this partnership, stating, "We are proud of our strong and evolving relationship with the United States. This visit has enabled us to create collaborative initiatives that leverage new trends and technological transformations influencing the global economy.”
The growing relationship is underscored by five decades of cooperation, which has seen the trade and investment trajectory between Abu Dhabi and the US heading steadily upward. In recent years, non-oil trade between Abu Dhabi and the US increased by 28.4%, and US enterprises engaging in business within Abu Dhabi experienced a remarkable 52.9% compound annual growth rate.
Moreover, H.E. Al Zaabi pointed out that this continuous surge in growth reflects the depth of cooperation and a commitment to further enhance bilateral ties, enabling businesses and investors to not just survive, but thrive and expand their operations significantly.
Recent Economic Investments
During 2024, bilateral trade between Abu Dhabi and the United States ascended by 8.5%, reaching a total of USD 34.4 billion. This achievement positions the UAE as the principal trading partner of the United States in the Middle East, facilitating trade across all 50 American states and supporting over 184,000 jobs.
In a forward-looking move, Abu Dhabi has pledged to invest a staggering $1.4 trillion into the US economy over the next ten years. This substantial investment will target various sectors, including artificial intelligence development, technological innovation, advanced manufacturing, energy, and space and aviation industries.
Frequently Asked Questions
What is the purpose of the Abu Dhabi delegation's visit to the US?
The purpose is to sign agreements that enhance trade and investment between Abu Dhabi and the United States across various sectors.
Which sectors are the focus of the agreements made?
The agreements focus on startups, family businesses, SMEs, digital infrastructure, new energy, advanced manufacturing, and financial services.
Who leads the Abu Dhabi economic delegation?
The delegation is led by His Excellency Ahmed Jasim Al Zaabi, the Chairman of ADDED.
What was the increase in trade between the UAE and the US in 2024?
Bilateral trade rose by 8.5%, amounting to USD 34.4 billion.
How much is Abu Dhabi investing in the US economy?
Abu Dhabi has committed to investing $1.4 trillion in the US economy over the next decade.
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