The UAE is looking to develop trade and investment ties with tech companies in Silicon Valley, USA
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The UAE is looking to develop trade and investment ties with tech companies in Silicon Valley, USA.
Dr. Thani held several discussions with stakeholders, leading technology companies, and local entrepreneurs, during which he sought to identify potential partnerships in high-priority fields such as artificial intelligence (AI), machine learning, and climate tech.
The UAE is looking to boost its tech sector investments and further develop assets of more than $38bn in the US.
UAE to strengthen ties with US in tech sector
In his meetings, 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 its expansion opportunities.
Discussions focused on joint projects, research collaboration, and exchanging knowledge and expertise in cutting-edge disciplines such as AI, data analytics and sustainable technologies.
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.
Al Zeyoudi said: “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.
“Technology is a key pillar of our economic growth and diversification agenda and it’s vital we can build productive and mutually beneficial relations with the world’s leading exponents.”
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 United Arab Emirates 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 United Arab Emirates has $38.1bn 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
- Aerospace
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