United with shared interests in key industries

The UAE and U.S. have been nurturing strong ties across a broad spectrum of areas, including trade, investment, aerospace and defence ever since 1971.

The two countries have been united with shared interests and common values. Both nations complement each other, as they press ahead with their journey as partners in prosperity by working together in promoting regional security and driving economic growth.

Apart from booming commercial and investment ties, the UAE-U.S. relationship has its foundation in a shared commitment to promote peace and security in the Gulf. Over the years, the partnership has become stronger with exponential growth in bilateral trade and economic cooperation and cultural partnerships.

The UAE has been the largest export market for U.S. goods in the Middle East region for several years running, with two-way trade surging to $25.7 billion - the bulk of which constitutes U.S. exports to the UAE.

With the UAE currently focusing on several key sectors, shaping itself into a diversified knowledge-based economy in line with its Vision 2021, sectors like technology, renewable energy, industry and SMEs are climbing high on its development agenda, offering immense opportunities for bolstering cooperation.

Bilal Sabouni, Chief Executive Officer, The American Business Council in Dubai (ABC Dubai), believes that for the U.S., the booming commercial relationship with the UAE is one of the most important globally. "Our mission is to enhance bilateral economic relations between the U.S. and the UAE by offering specialised corporate services to our membership that supports the establishment and growth of U.S. business and industry across the region," said Sabouni.

Established in the UAE more than 32 years ago, ABC Dubai is the U.S. Chamber of Commerce's International affiliate in Dubai and the first bilateral trade organisation launched in the UAE. "Operating under the patronage of the Dubai Chamber of Commerce and Industry, we represent businesses ranging from Fortune 500 companies and SMEs, large and small UAE organisations with U.S. ties, and individual U.S. and UAE professionals from all sectors of business and industry," said Sabouni.

For the eighth year in row, the UAE is the U.S.' single largest export market in the Middle East and North Africa with $25.7 billion in bilateral trade in 2016. This is an increase of $265 million (1.04 per cent) from 2015.

The value of 2016 U.S. exports to the UAE continued to exceed outgoing American products to other key regional trade partners last year, including Saudi Arabia ($18 billion), India ($21.7 billion), Turkey ($9.4 billion), and Egypt ($3.5 billion). Last year, the U.S. enjoyed a $19 billion trade surplus with the UAE - the U.S.' third largest globally. Total exports from the UAE to the U.S. reached $3.4 billion, a 36 per cent increase since 2015.

"Given the UAE's economic diversification strategy, joint trade between the UAE and the U.S. will continue to target the oil and gas sector, but increasingly a broad range of non-hydrocarbon industries as well. This supports mutually beneficial commercial interests and the common goal of sustainable development," said Sabouni.

While oil and gas ventures continue, other key industries that are recording growth include healthcare, education, innovation and technology, aerospace, food and beverage, transportation, telecommunications, and logistics and security.

The UAE has trade relations with every state in the U.S. and nearly 1,500 U.S. companies operate with a direct or indirect presence in Dubai. There are approximately 35,000 Americans living and working in Dubai and the Northern Emirates, and roughly 50,000-60,000 U.S. citizens residing across the UAE. "We continue to see growth in American companies establishing a presence in Dubai. These include large multinationals and small to medium-sized companies," said Sabouni.

Major American investors in the UAE include a broad spectrum key industries comprising healthcare and medical devices, education and training, oil and gas, energy, engineering and construction, safety and security, automotive, IT hardware and software, franchising, aerospace and aviation, military, machinery, food and agricultural, and a very wide range of services encompassing legal, financial and security.

"We would like to recognise our top-tier members at the American Business Council, including Akin Gump, American Hospital Dubai, American University in Dubai, Boeing, DAFZA, Emirates, FedEx, GE, GM, HP, IBM, Norton Rose Fulbright, PepsiCo, Pfizer, UPS, and many more for their continuous support and investment in Dubai, the UAE, and the wider region," Sabouni said.

Source: Khaleej Times