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UAE-United States bilateral ties to grow further Abdul Basit / 11 March 2014 Bilateral relations between the UAE and US are growing steadily and are set to witness further progress, UAE Minister of Economy Sultan bin Saeed Al Mansouri said during a meeting with US Secretary of Commerce Penny Pritzker. Sultan bin Saeed Al Mansouri and Penny Pritzker during their meeting on Monday. — Wam Al Mansouri and Pritzker discussed promising opportunities and avenues, mainly key economic sectors like knowledge economy, that could deepen bilateral cooperation that have not been harnessed yet, given the US’ status as the world’s largest economy and UAE as the second-largest Arab economy. America ranks as Dubai’s third-largest trade partner globally and non-oil trade between them was Dh86 billion last year while over the past decade, total non-oil trade increased by 500 per cent. Pritzker spent a busy day in the emirate on Monday as she met top government officials and ministers and discussed ways to further boost trade relations. In the morning she called on His Highness Shaikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai. Al Mansouri said that opportunities for joint cooperation in renewable energy were promising in light of the fact that the UAE, despite being a key oil producer, has become an industry leader in a short span of time and its impressive experiment has provided inspiration to many countries including advanced ones. Al Mansouri said World Expo 2020 in Dubai would generate huge investment opportunities for both local and foreign investors and businessmen including those from the US. He said the current visit of the US trade mission to the UAE would provide an insight into the available opportunities, and the ideal local investment and business climate. For her part, Pritzker said UAE-US relations were witnessing accelerating expansion at a time when the UAE is investing heavily in infrastructure and transport systems. She added that companies escorting her on the UAE trip were interested in investing in the UAE and the region. Pritzker noted that the UAE winning the bid to host Expo 2020 in Dubai had not come from a vacuum, rather from the good reputation of the UAE and its ability to surprise the world by hosting an exceptional edition of the World Expo. She praised the US trade ties with the UAE as “flourishing”, inviting US companies to tap investment opportunities on offer in the UAE market. Dubai Chamber Pritzker said Dubai is an extraordinary global hub and holds ample investment opportunities for American investors. At a reception hosted in her honour by the Dubai Chamber of Commerce and Industry, she said Dubai is a strategic trade partner to the US and enjoys a great line of communication and bilateral ties with American businesses. Pritzker stated that American businesses can grab the opportunities that exist here, especially in the wake of the emirate’s preparation to host Expo 2020. She called upon American businesses to look for cooperation ties with Dubai businesses in the infrastructure sector and to use the emirate to expand into the region. “The Obama administration values America’s friendship with the UAE and the Gulf, and we believe there are many opportunities to deepen our engagement, cooperation and partnership in a number of areas,” she said. “The companies on my trade mission have the ideas and technical expertise to assist Dubai as it pursues its impressive plans for infrastructure and energy development, and they understand that working together is a win-win [situation] ,” she added. The meeting was attended by representatives of Dubai Foreign Direct Investment, the Roads and Transport Authority, Dubai Drydocks and Maritime World, Emaar, DP World and Dubai Aviation City Corporation, who presented their important projects and current and future plans of growth in front of the delegates representing 21 major US companies. Hisham Al Shirawi, second vice-chairman of the Dubai Chamber, welcomed the delegation and said the visit would help further strengthen bilateral relations between Dubai and the US. Al Shirawi said that currently there are 1,285 US companies registered with the Dubai Chamber and operating in the emirate. Dubai Chamber president and chief executive officer Hamad Buamim called upon American businesses to invest in Dubai’s trade, tourism, financial services, education and green technology sectors. Saeed Mohammed Al Tayer, managing director and chief executive officer of the Dubai Electricity and Water Authority, or Dewa, on Monday also received the US trade delegation at his office.  Al Tayer said that the delegation aims to strengthen cooperation and joint action between the Dewa and US companies operating in the energy sector “Dubai is a strong market for huge investment projects,” he said. Al Tayer invited the delegation to participate in tenders for the Dewa’s mega projects that are due for launch this year. — abdulbasit@khaleejtimes.com For more news from Khaleej Times, follow us on Facebook at facebook.com/khaleejtimes , and on Twitter at @khaleejtimes Continue reading →

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