Page 114 - MOE ENGLISH PR REPORT - JUNE 2024

The minister remarked on the significance of the West Coast of the US as a global epicentre of
technology and innovation. "The West Coast of the US is the global epicentre of technology and
innovation, and the UAE has much to gain from closer ties to Silicon Valley’s vibrant
ecosystem," he said.

Economic Growth Through Technology

He emphasised that technology is a key pillar of the UAE’s economic growth and diversification
agenda. Building productive and mutually beneficial relations with leading exponents worldwide
is vital for accelerating technological capabilities.

The United States ranks as the UAE’s third-largest trading partner globally, accounting for 5.6%
of the UAE’s total non-oil trade. The UAE holds a significant position as America’s most
important trading partner in the Arab World.

Bilateral Trade Relations
Bilateral trade between the two nations comprises 27% of the USA’s non-oil trade with the
region. In terms of investments, by the end of 2022, the UAE had US$38.1 billion in assets in
the US.

This figure represents more than 50% of total foreign direct investment (FDI) from Arab
countries in America. These investments span various sectors including transportation, business
services, software and IT services, real estate, food and beverages, and aerospace.

The visit marks an important step towards establishing long-standing partnerships at both
private-sector, public-sector, and academic levels. Leveraging knowledge and experience from
these collaborations will accelerate technological advancements in the UAE.

https://www.onearabia.me/business/uae-us-tech-innovation-partnerships-strengthened-011-
48061.html