UAE hoping to develop $1 trillion partnership with U.S. via AI, Funding

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

“The aim of the go to is actually from an Emirati perspective, it is investing in our future … via an financial lens,” Anwar Gargash, the Emirati chief’s most senior diplomatic advisor, instructed 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 embrace 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 standard focus of regional battle, oil and protection.

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

“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 carefully 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 a long time. In 2023, bilateral commerce between the UAE and the U.S. was price 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 almost 4% of the world’s oil provide, additionally has investments in the US 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 accomplice to Washington, taking part in host to the American airbase in Al Dhafra, whereas working as a key accomplice 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 function in conflicts across the area, together with in Libya, Sudan and Yemen.

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

The assembly of the 2 leaders additionally comes as the continued battle in Gaza continues to trigger a serious 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 problems over a cease-fire, forward of the anniversary of the Oct. 7 assault on Israel and the upcoming American election on Nov. 5.