UAE pledges $1.4 trillion in investments in US economy over 10 years: White House
The UAE has pledged a 10-year, $1.4 trillion investment framework in the US after top UAE officials met President Donald Trump this week, the White House said on Friday.
The framework will “substantially increase the UAE’s existing investments in the US economy” in AI infrastructure, semiconductors, energy, and manufacturing, the White House said in a statement.
The White House did not outline how UAE investments would reach $1.4 trillion, with some of the deals unveiled as part of the framework having already been announced.
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The only fully new deal appeared to be an investment by Emirates Global Aluminium in what would be the first new aluminum smelter in the US in 35 years, the White House said, adding the plant “would nearly double US domestic aluminum production”.
“Developing a primary aluminium smelter in the US has been part of EGA’s ambitions for several years,” a spokesperson for the firm said in a statement.
In September, UAE President Sheikh Mohamed met former US President Joe Biden, in the first visit of a UAE president to the White House, as the two leaders discussed deepening cooperation in areas such as AI, investments and space exploration.
Trump in January asked Saudi Arabia to spend upwards of $1 trillion in the US economy, over four years, including purchases of military equipment, and said this month he likely would make his first trip abroad to the Gulf country to seal an investment agreement.
The deal, which could happen between this month or the next, would come at a time when Saudi Arabia, the Arab world’s biggest economy, has been taking a more prominent role in US foreign policy. The Gulf country is set to host diplomatic talks around Ukraine involving the United States and Russia next week.
The White House said on Friday the UAE agreement resulted from a meeting that Trump held on Tuesday with Deputy Ruler of Abu Dhabi and National Security Adviser Sheikh Tahnoon bin Zayed Al Nahyan in the Oval Office and a dinner that Vice President JD Vance and several cabinet members held with the UAE delegation, which included the heads of major UAE sovereign wealth funds and corporations.
Among the tie-ups highlighted on Friday was a partnership between UAE sovereign wealth fund ADQ, which is chaired by Sheikh Tahnoon, and US private equity firm Energy Capital Partners, for a $25 billion US-focused initiative to invest in energy infrastructure and data centres. That had been previously announced two days ago.
A commitment by XRG, the international investment arm of UAE state oil company ADNOC launched in November, to support US natural gas production and exports with an investment in the NextDecade liquefied natural gas export facility in Texas, had previously been made public last year by ADNOC, under Biden.