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5/27/24, 9:25 AM Minister of Economy participates in SALT iConnections Forum to highlight UAE’s status as a prime hub - Middle East News 247
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.

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

H.E. 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 USD 22.7 billion, up 10 per cent from

2021, in a first in the region. 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.

Comprehensive development of economic legislation to keep pace with new economy
trends

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