Page 103 - MOE ENGLISH PR REPORT - JUNE 2024

7/1/24, 4:16 PM HE Al Zeyoudi visits Silicon Valley to strengthen UAE-US ties in technology and innovation sectors
stakeholders, leading technology companies and local entrepreneurs during which he sought to identify
potential partnerships in high-priority fields such as AI, machine learning, and climate tech.

In his meetings, His Excellency outlined the UAE’s advanced technology ambitions as well as its

investment-friendly business environment, extending an invitation to US investors, start-ups, and skilled
professionals to explore opportunities for expansion it offers. Discussions focused on joint projects,
research collaboration, and exchange of knowledge and expertise in cutting-edge disciplines such as
artificial intelligence, data analytics and sustainable technologies.

HE Dr. Al Zeyoudi’s visit to the US underlines the UAE’s commitment to securing global partnerships to

accelerate its industrial and technological capabilities, and to further bolstering the nation’s position as a
destination for investment and innovation.

Of the visit, His Excellency remarked: “The West Coast of the US is the global epicenter of technology

and innovation, and the UAE has much to gain from closer ties to Silicon Valley’s vibrant ecosystem.
This visit is an important part of our efforts to establish long-standing partnerships, at both the private-
sector, public-sector and academic levels, to leverage their knowledge and experience and accelerate
the UAE’s technological capabilities. Technology is a key pillar of our economic growth and

diversification agenda and it’s vital we can build productive and mutually beneficial relations with the
world’s leading exponents.”

The United States is the UAE’s third-largest trading partner globally, accounting for 5.6% of the UAE’s
total non-oil trade. In 2023, bilateral non-oil trade reached US$40 billion (AED 145.1 billion), a growth of

20.1% compared to 2022. The UAE is America’s most important trading partner in the Arab World, with
bilateral trade comprising 27% of the USA’s non-oil trade with the region. In terms of investments, the
UAE has US$38.1 billion in assets in the US, which is more than 50% of the total FDI from Arab countries
in America at the end of 2022. These investments are mainly in transportation, business services,
software and IT services, real estate, food and beverages, and aerospace. For its part, US investments

in the UAE totaled US$4.3 billion at the end of 2021.

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