UAE Minister of Investment Highlights US as Premier Trade Partner in Meeting with Commerce Secretary

Washington, DC (May 10) – Minister of Investment HE Mohamed Alsuwaidi met today with US Commerce Secretary Gina Raimondo to discuss actions both governments can take to promote greater bilateral investment and trade. Minister Alsuwaidi highlighted opportunities for US start-ups and companies to launch or scale-up their businesses and reach fast-growing markets in the Middle East, South Asia and Africa. He cited the UAE’s deep talent pool and advanced infrastructure that can support the development and deployment of new technologies. 

Minister Alsuwaidi also met with the leaders of global financial institutions, including World Bank Group President Ajay Banga, IFC Managing Director Makhtar Diop and DFC CEO Scott Nathan.

“The US is the UAE’s most important partner in building critical technologies of the future. I came to Washington to meet with our investment and commerce counterparts and reinforce our bilateral relationship,” said Minister Alsuwaidi. “The bottom line is we have made it as easy as possible for US companies to invest in the UAE and for UAE companies to invest in US. This is how we grow into the future together.”

In 2023, bilateral trade totaled $31.4 billion, with the US exporting more than $24.8 billion of goods and services to the UAE – a 19% increase from 2022. The resulting $18.3 billion trade surplus for the US is America’s fourth largest trade surplus globally. US companies are also investing in the UAE more than ever before. This reflects the UAE’s stability, access to capital, and increasingly diverse economy, with non-oil sectors accounting for 70% of the UAE’s GDP.