Sheikh Mohammed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi at Downing Road on September 16, 2021 in London, England.
Hannah McKay – WPA Pool | Getty Photographs
Emirati President Sheikh Mohammed bin Zayed Al Nahyan’s first official journey to the USA goals to push the UAE-U.S. relationship to a brand new “geo-economic section” centered on financial progress and innovation, high officers stated forward of a gathering of the 2 leaders in Washington, D.C., on Monday.
“The aim of the go to is absolutely from an Emirati perspective, it is investing in our future … by means of 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 embody discussions on main regional challenges just like the struggle in Gaza, however Gargash stated the first goal is financial realignment, because the UAE seeks to push the connection past the normal focus of regional battle, oil and protection.
“We’re extra in a geo-economic section,” Gargash stated, suggesting that the Emirati president would search to develop financial and safety cooperation, but in addition 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 forward of the go to. “Few nations are transferring as quick on superior applied sciences and synthetic intelligence — and as intently in sync with the U.S. — because the UAE,” he added.
Rising funding ties
Trillion-dollar relationship
The USA 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, in keeping with the UAE Embassy in Washington, D.C.
The UAE, which produces almost 4% of the world’s oil provide, additionally has investments in the USA that whole $1 trillion. The UAE sovereign wealth funds together with the Abu Dhabi Funding Authority and Mubadala are main traders in American actual property, infrastructure, and expertise sectors.
The UAE has remained a key strategic protection and safety accomplice to Washington, enjoying 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 world 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 pondering within the subsequent 20 years,” Gargash stated, including that the strategic ties have now shifted to what he known as “a 360 diploma relationship.”
The assembly of the 2 leaders additionally comes as the continuing battle in Gaza continues to trigger a serious humanitarian disaster and upend regional stability. The most recent wave of Israeli assaults towards Hezbollah targets in Lebanon and information that Iran helps the Houthi rebels in Yemen to goal and down U.S. Reaper drones has added to issues over a cease-fire, forward of the anniversary of the Oct. 7 assault on Israel and the upcoming American election on Nov. 5.
