UAE hoping to develop $1 trillion partnership with U.S. by means of AI, Funding

Emirati President Sheikh Mohammed bin Zayed Al Nahyan’s first official journey to the USA goals to push the UAE-U.S. relationship to a brand new “geo-economic section” centered on financial progress and innovation, prime officers mentioned forward of a gathering of the 2 leaders in Washington, D.C., on Monday. 

“The aim of the go to is absolutely from an Emirati perspective, it is investing in our future … by means of an financial lens,” Anwar Gargash, the Emirati chief’s most senior diplomatic advisor, informed reporters throughout a briefing in Dubai on Thursday. 

The agenda for Sheikh Mohammed’s assembly with U.S. President Joe Biden and Vice President Kamala Harris will embody discussions on main regional challenges just like the struggle in Gaza, however Gargash mentioned the first goal is financial realignment, because the UAE seeks to push the connection past the normal focus of regional battle, oil and protection.

“We’re extra in a geo-economic section,” Gargash mentioned, suggesting that the Emirati president would search to develop financial and safety cooperation, but in addition key areas like synthetic intelligence, renewable power, local weather and area.

“The 2 leaders will spotlight a half century trajectory of UAE-U.S. partnership in commerce, funding and safety,” the Emirati ambassador to Washington Yousef al-Otaiba posted on X ahead of the visit. “Few nations are shifting as quick on superior applied sciences and synthetic intelligence — and as intently in sync with the U.S. — because the UAE,” he added.

The US and the UAE have a commerce and funding partnership that spans greater than 5 many years. In 2023, bilateral commerce between the UAE and the U.S. was value round $31.4 billion, with U.S. exports to the UAE exceeding $24.8 billion, according to the UAE Embassy in Washington, D.C.

The UAE, which produces practically 4% of the world’s oil provide, additionally has investments in the USA that total $1 trillion. The UAE sovereign wealth funds together with the Abu Dhabi Funding Authority and Mubadala are major investors in American real estate, infrastructure, and technology sectors.

The UAE has remained a key strategic protection and safety associate to Washington, enjoying host to the American airbase in Al Dhafra, whereas working as a key associate alongside the U.S. in Afghanistan and Iraq. The UAE additionally participated within the international coalition to defeat the Islamic State group, in addition to operations towards Al-Qaeda and teams affiliated with the group all through the area. The UAE has additionally performed a key position in conflicts across the area, together with in Libya, Sudan and Yemen.

“We see that we’re laying a map for what we’re pondering within the subsequent 20 years,” Gargash mentioned, including that the strategic ties have now shifted to what he known as “a 360 diploma relationship.”

The assembly of the 2 leaders additionally comes as the continuing battle in Gaza continues to trigger a significant humanitarian disaster and upend regional stability. The newest wave of Israeli assaults towards Hezbollah targets in Lebanon and information that Iran helps the Houthi rebels in Yemen to target and down U.S. Reaper drones has added to issues over a cease-fire, forward of the anniversary of the Oct. 7 assault on Israel and the upcoming American election on Nov. 5.