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5/27/24, 9:24 AM Minister urges US firms, investors to benefit from UAE’s economic model - GulfToday
Moreover, the UAE is also the largest Arab trading partner of the United States. The USA is among
the top three global trading partners of the UAE as of 2023, with growing volume of exports from 40
US states to the UAE last year, supporting more than 166,000 jobs in the US.

During his speech at the session, attended by Bo Li, Deputy Managing Director of the International
Monetary Fund, and moderated by Anthony Scaramucci, Founder and Managing Partner of
SkyBridge Capital, Bin Touq affirmed that the UAE-American relations are witnessing increased
growth thanks to shared goals and visions in all economic sectors.

Strength of USA-UAE Economic Relations

The UAE’s investments in the USA reached $38 billion in 2022, accounting for more than 50 per cent
of the Middle Eastern countries’ investments in America. These investments span several key sectors
and industries, most notably transport, commercial activities, information technology, real estate,
food, beverages, and space. Meanwhile, American FDI in the UAE market reached nearly USD 4.3
billion in 2021.

The non-oil trade between the two countries grew by 20 per cent in 2023 to reach USD 40 billion,
with more than 50 per cent growth compared to that of the pre-pandemic levels in 2019.

Competitive indicators & economic incentives support the growth of partnership at the private sector
level

Bin Touq called on the American private sector to take advantage of the competitive economic
environment and opportunities offered by the UAE. The country provides all growth enablers to
investors, entrepreneurs and talent in terms of infrastructure, technology and legislation, its strategic
location, and its ability to serve as a link for business communities with the ever-growing global
South. He noted that the UAE market is an important destination for the American business
community. Currently, 16,000 American citizens hold business licenses within the country, in diverse
sectors such as finance, insurance, trade, real estate, manufacturing industries, scientific and
technical activities, transport, storage, mining, etc.

In addition, H.E. reviewed the highlights of the UAE economy, emphasizing that it is one of the
region’s most diversified, competitive, and opportunity-generating economies, especially in new and
future sectors. Many non-oil and fast-growing sectors today contribute to supporting the national
GDP, such as health care, finance, hospitality, logistics, agricultural, financial technology, and e-
commerce. FDI also remains one of the nation’s most important growth drivers.

In 2022, the UAE achieved its highest FDI inflows at $22.7 billion, up 10 per cent from 2021. The
country recorded the second highest increase in the number of new FDI projects in 2023 at 28 per
cent and ranked first globally in the Global Entrepreneurship Monitor Report 2024, maintaining its
prestigious global position in attracting investments and entrepreneurial projects.

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