Business Between the UAE and the USA
The UAE and USA have been meeting to discuss the Economic Policy Dialogue, which serves as a platform to develop a number of new initiatives that are intended to strengthen the economic, trade and commercial relationships between the two countries.
Emirates Airline plans to more than double its network of US destinations in the next three to five years to a total of 15 destinations; Thierry Antinori, chief commercial officer, said in an interview with Thomson Reuters.
The United States and the UAE enjoy a trade and investment relationship with little direct relationship to UAE oil exports. This is one of the fastest growing US economic partnerships, both globally and especially in the Gulf region.
The UAE has one of the most open economies in the world. And its vigorous economic partnership with the United States reflects the UAE’s role as a regional leader in terms of economic reform, openness to international trade and investment, and political stability.
The volume of US exports and foreign direct investment into the UAE in recent years has grown dramatically and is likely to continue to grow in the future. This growth reflects the increasingly diversified UAE economy as well as the country’s leading role as a modernizing influence in the Arab world.
Recent Trade and Investment Highlights:
- The UAE is the US’ single largest export market in the Middle East, with more than $22 billion in exports in 2012.
- US companies are involved in the development of UAE energy resources, which represents 10 percent of global oil reserves.
- More than 1000 US firms have a presence in the UAE, such as Bechtel, ExxonMobil, Starbucks and Cold Stone Creamery.
- Taqa Global has invested in a 205.5 megawatt Lakefield wind project in Jackson County, Minnesota.
- The Mubadala Development Company made an additional investment of $500 million in The Carlyle Groupgeneral partnership in (2010); The Carlyle Group first sold Mubadala a 7.5% stake in its general partnership in (2006).
- Emirates Airlines placed a $24 billion record-breaking order for 50 Boeing 777-300ERs in (2011).
- Westinghouse will take part in a South Korean-led consortium worth $20-billion contract to build four nuclear reactors for commercial energy generation in the UAE.
- The Abu Dhabi Investment Authority acquired an 11 percent share in the Hyatt Hotels Group in (2009).
- The Mubadala Development Company and General Electric have multiple cooperative projects, including an $8 billion joint venture in high technology.
- Jafza International of Dubai seeks to establish a $600 million dollar investment in a “greenfield” warehouse and transportation hub in Orangeburg.
- GLOBALFOUNDRIES, a joint venture between AMD and Advanced Technology Investment Company of Abu Dhabi, will soon open a $4.2 billion manufacturing facility in Saratoga County, New York.
(Source: Embassy of the United Arab Emirates).