Page 119 - MOE ENGLISH PR REPORT - JUNE 2024

7/1/24, 4:18 PM Minister Al Zeyoudi visits Silicon Valley to strengthen UAE-US ties in technology, innovation sectors, ET Manufacturing

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Of the visit, the minister remarked, "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. 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. 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.

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