Ministry of Economy briefs US delegation on UAE investment opportunities

DUBAI, 23rd October, 2018 (WAM) — Juma Mohammed Al Keet, Assistant Under-Secretary of the Ministry of Economy for Foreign Trade Affairs, discussed with a US commercial delegation from leading companies in information technology, opportunities of trade and investment cooperation with the Emirati business community. The delegation was also briefed about the development in the UAE national economy, key economic strategies and policies and investment incentives in the country.

The meeting that was held in Dubai was attended by Hind Al Youha, Director of the Investment Administration in the Ministry of Economy, while the US commercial delegation was chaired by Danny Sebright, Chairman of the American-Emirati Business Council, the delegation comprised representatives of leading US information technology companies including, Accenture, Amazon, Cisco, Facebook, Google, IBM, Visa, VM Ware (UAE) and DP World, the delegation from the US side comprised Thomas Bruns, Regional Adviser for Commercial Affairs in the Gulf region at the US Embassy in Abu Dhabi and Rachel Duran, Commercial Attaché of the US Consulate-General in Dubai.

Al Keet said that the commercial and investment ties between the UAE and the US are strong and growing and represent an important model in the foreign economic ties for the UAE. The US is considered the third largest commercial partner of the UAE with the total no-oil trade exchange between the two countries in 2017 reaching around US$30.6 billion, achieving an important growth rate of more than 19 percent from 2012 to 2017.

He added that US investments in the UAE reached $5.2 billion by the end of 2016, making the US the third largest investor in the UAE. Its investments are in Information and Communication Technology, financial services, insurance, real estate, manufacturing, mining, healthcare, transport, warehousing and the wholesale and retail sectors.

The Emirati investments in the US are focused on technological industries, cars, aluminium, food, economic zones, financial and banking services, shipbuilding, oil and gas sector, management and operation of ports, tourism, wholesale and retail trade, electronic commerce and information technology areas.

He pointed out that the UAE has a strong economy characterised by its flexibility and positive openness to the world, while noting that it has development and an active and investor-friendly investment and business environment, in light of its strategic location, political stability, advanced infrastructure, prominent commercial position and open and multi-culture community, and stressed the attention given to the technology and digital economy areas in the UAE.


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