UAE to target “geo-economic” relationship with the US in diplomatic visit
Emirati President Sheikh Mohammed bin Zayed Al Nahyan will meet with President Joe Biden and Vice President Kamala Harris next week, as he embarks on his first diplomatic trip to the US.
The leaders are set to discuss the developments in Gaza, escalating regional conflict between Israel and Lebanon, oil and, most importantly for Emirati officials, economic realignment.
Anwar Gargash, a senior advisor to the Sheikh, said that “the purpose of the visit is really from an Emirati perspective, it’s investing in our future […] through an economic lens.”
Bilateral trade between the UAE and the US was worth $31.4b in 2023, according to the UAE Embassy in Washington D.C.
The UAE is interested in collaborating in the artificial intelligence (AI), renewable energy, climate and space sectors.
Tech interest
Sam Altman, OpenAI’s CEO, said earlier this year that the UAE could serve as the world’s “regulatory sandbox” when it came to testing AI. He said that “the UAE would be set up to be a leader in the discussions about [regulating AI].”
Microsoft made a $1.5b investment into the UAE’s top AI firm, G42 in April.
BlackRock, Global Infrastructure Partners, Microsoft and the Abu-Dhabi backed MGX investment firm also announced the Global AI Infrastructure Partnership. It is aimed at investing in data centres and supporting the infrastructure needed for the future of tech.
The visit comes soon after Australia and the UAE reached a trade deal that will eliminate over 99% of tariffs on Australian products entering the UAE.
The small gulf country, backed by a sizeable sovereign wealth fund, seems eager to continue to make moves in the FDI space.
“UAE to target “geo-economic” relationship with the US in diplomatic visit” was originally created and published by Investment Monitor, a GlobalData owned brand.
The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.