UAE President Sheikh Mohamed's landmark visit to the US next week is poised to elevate the ties between the two key economies and pave the way for even greater collaboration in the future.
The Emirates, the Arab world's second-biggest economy, and the US, the world's largest, have cultivated a strong commercial and investment relationship over the past six decades. These two powerhouse nations have built enduring bonds that have withstood ever-changing economic and political landscapes.
President Joe Biden will welcome Sheikh Mohamed to Washington for the “historic” visit, the White House announced on Wednesday. National Security spokesman John Kirby noted that the meeting will be the first by a sitting president of the UAE to the White House, and added that Vice President and Democratic presidential nominee Kamala Harris would also take part.
The face-to-face discussions will tackle bilateral and legal issues, as well as key sectors including advanced technology, clean energy, space technology, supply chain and critical infrastructure investments, he added.
"Already, we enjoy a strong foundation of partnership and trust that our countries and our companies have built over the past six decades," wrote Martina Strong, US Ambassador to the UAE, in a column for The National.
By the growing numbers
The UAE has been the top export market for US goods since 2009 in the Middle East and North Africa region, according to data from the UAE Embassy in Washington, DC. In 2023, record figures were posted, with bilateral trade between the two nations hitting $31.4 billion, it said.
The US exported more than $24.8 billion of goods and services to the UAE, a 19 per cent jump from 2022 – resulting in an $18.3 billion trade surplus for the US, which is America’s fourth largest globally, official data shows. US companies "continue to invest significantly" in key UAE sectors including energy, aerospace, technology and financial markets, it said.
The Emirates, meanwhile, has trade relations with all 50 US states and has supported the creation of about 166,000 American jobs, the embassy data said. Its investments in the US have surpassed $1 trillion, spanning from real estate to renewable energy, it added. The US was also among the UAE's key re-export partners that grew in the first half of 2024, UAE government data showed last month.
The UAE's strategic location and business-friendly environment make it an advantageous partner for American companies, said Wael Makarem, financial markets strategists lead at financial services firm Exness.
"The UAE-US trade ties are of paramount importance in the current geopolitical and global economic environments. Additionally, the UAE's growing diplomatic influence and its focus on boosting global trade partnerships further enhance its value as a US ally," he told The National.
"As both nations continue to strengthen their ties, this relationship is poised to play a crucial role in shaping regional dynamics and global economic trends."
The Emirates also benefits most from its role as a "neutral economic connector between east and west", a position that allows it to diversify partnerships, mitigate geopolitical risks and leverage its unique advantages as a flexible and stable business hub", Mr Makarem added.
Key partnerships
The two countries have continuously expanded co-operation throughout the years, especially in advanced sectors and the latest high-growth technologies, with a number of key partnerships forged. Abu Dhabi's clean energy company Masdar currently has four utility-scale wind projects in Texas and New Mexico, and five solar projects in California. Two of the solar projects, Big Beau and Desert Harvest, include battery energy storage systems.
In technology, Abu Dhabi artificial intelligence and cloud company G42 received a $1.5 billion investment from Microsoft, which will help to further boost the former's global expansion plans and strengthen the UAE's position as a global technology hub. That also put the UAE in the spotlight, as it has been able to grow its stature as a regional leader for global technology, having attracted attention from other US giants including Oracle, Google and Amazon, and highlighting increasing investor confidence not just in the country but through the rest of the Middle East as well.
Abu Dhabi's strategic investment arm, Mubadala Investment Company, has a stake in the New York-based chipmaker GlobalFoundries. In aviation, the US plane maker Boeing has remained a staple partner for UAE airlines – Abu Dhabi's Etihad Airways, and Dubai's Emirates and flydubai, the latter two of which announced new orders at the last Dubai Airshow.
Abu Dhabi National Oil Company, on the other hand, made a breakthrough this year with its first US investment, acquiring a stake in the first phase of NextDecade’s Rio Grande liquefied natural gas export project in Texas in May. Adnoc followed that up with the acquisition of a 35 per cent equity stake in oil major ExxonMobil’s proposed blue hydrogen and ammonia production facility in Texas, further boosting its presence in the US.
"Looking ahead, the trade relations between both nations are expected to strengthen further, given the nation's mutual interests and shared goals across various sectors like AI and clean energy," Bal Krishen, chairman of Dubai-based financial advisory consultancy Century Group, told The National.
Dolittle
Director: Stephen Gaghan
Stars: Robert Downey Jr, Michael Sheen
One-and-a-half out of five stars
Know your camel milk:
Flavour: Similar to goat’s milk, although less pungent. Vaguely sweet with a subtle, salty aftertaste.
Texture: Smooth and creamy, with a slightly thinner consistency than cow’s milk.
Use it: In your morning coffee, to add flavour to homemade ice cream and milk-heavy desserts, smoothies, spiced camel-milk hot chocolate.
Goes well with: chocolate and caramel, saffron, cardamom and cloves. Also works well with honey and dates.
Places to go for free coffee
- Cherish Cafe Dubai, Dubai Investment Park, are giving away free coffees all day.
- La Terrace, Four Points by Sheraton Bur Dubai, are serving their first 50 guests one coffee and four bite-sized cakes
- Wild & The Moon will be giving away a free espresso with every purchase on International Coffee Day
- Orange Wheels welcome parents are to sit, relax and enjoy goodies at ‘Café O’ along with a free coffee
OPINIONS ON PALESTINE & ISRAEL
THE CLOWN OF GAZA
Director: Abdulrahman Sabbah
Starring: Alaa Meqdad
Rating: 4/5
More from Rashmee Roshan Lall
Washmen Profile
Date Started: May 2015
Founders: Rami Shaar and Jad Halaoui
Based: Dubai, UAE
Sector: Laundry
Employees: 170
Funding: about $8m
Funders: Addventure, B&Y Partners, Clara Ventures, Cedar Mundi Partners, Henkel Ventures
Stage 3 results
1 Adam Yates (GBR) Mitchelton-Scott 4:42:33
2 Tadej Pocagar (SLO) UAE Team Emirates 0:01:03
3 Alexey Lutsenko (KAZ) Astana 0:01:30
4 David Gaudu (FRA) Groupama-FDJ
5 Rafal Majka (POL) Bora-Hansgrohe
6 Diego Ulissi (ITA) UAE Team Emirates 0:01:56
General Classification after Stage 3:
1 Adam Yates (GBR) Mitchelton-Scott 12:30:02
2 Tadej Pocagar (SLO) UAE Team Emirates 0:01:07
3 Alexey Lutsenko (KAZ) Astana 0:01:35
4 David Gaudu (FRA) Groupama-FDJ 0:01:40
5 Rafal Majka (POL) Bora-Hansgrohe
6 Wilco Kelderman (NED) Team Sunweb) 0:02:06
Infiniti QX80 specs
Engine: twin-turbocharged 3.5-liter V6
Power: 450hp
Torque: 700Nm
Price: From Dh450,000, Autograph model from Dh510,000
Available: Now
Fixtures
Friday Leganes v Alaves, 10.15pm; Valencia v Las Palmas, 12.15am
Saturday Celta Vigo v Real Sociedad, 8.15pm; Girona v Atletico Madrid, 10.15pm; Sevilla v Espanyol, 12.15am
Sunday Athletic Bilbao v Getafe, 8.15am; Barcelona v Real Betis, 10.15pm; Deportivo v Real Madrid, 12.15am
Monday Levante v Villarreal, 10.15pm; Malaga v Eibar, midnight
What is the FNC?
The Federal National Council is one of five federal authorities established by the UAE constitution. It held its first session on December 2, 1972, a year to the day after Federation.
It has 40 members, eight of whom are women. The members represent the UAE population through each of the emirates. Abu Dhabi and Dubai have eight members each, Sharjah and Ras al Khaimah six, and Ajman, Fujairah and Umm Al Quwain have four.
They bring Emirati issues to the council for debate and put those concerns to ministers summoned for questioning.
The FNC’s main functions include passing, amending or rejecting federal draft laws, discussing international treaties and agreements, and offering recommendations on general subjects raised during sessions.
Federal draft laws must first pass through the FNC for recommendations when members can amend the laws to suit the needs of citizens. The draft laws are then forwarded to the Cabinet for consideration and approval.
Since 2006, half of the members have been elected by UAE citizens to serve four-year terms and the other half are appointed by the Ruler’s Courts of the seven emirates.
In the 2015 elections, 78 of the 252 candidates were women. Women also represented 48 per cent of all voters and 67 per cent of the voters were under the age of 40.
The drill
Recharge as needed, says Mat Dryden: “We try to make it a rule that every two to three months, even if it’s for four days, we get away, get some time together, recharge, refresh.” The couple take an hour a day to check into their businesses and that’s it.
Stick to the schedule, says Mike Addo: “We have an entire wall known as ‘The Lab,’ covered with colour-coded Post-it notes dedicated to our joint weekly planner, content board, marketing strategy, trends, ideas and upcoming meetings.”
Be a team, suggests Addo: “When training together, you have to trust in each other’s abilities. Otherwise working out together very quickly becomes one person training the other.”
Pull your weight, says Thuymi Do: “To do what we do, there definitely can be no lazy member of the team.”
Company%20profile
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The specs: 2018 Mazda CX-5
Price, base / as tested: Dh89,000 / Dh130,000
Engine: 2.5-litre four-cylinder
Power: 188hp @ 6,000rpm
Torque: 251Nm @ 4,000rpm
Transmission: Six-speed automatic
Fuel consumption, combined: 7.1L / 100km
What are NFTs?
Are non-fungible tokens a currency, asset, or a licensing instrument? Arnab Das, global market strategist EMEA at Invesco, says they are mix of all of three.
You can buy, hold and use NFTs just like US dollars and Bitcoins. “They can appreciate in value and even produce cash flows.”
However, while money is fungible, NFTs are not. “One Bitcoin, dollar, euro or dirham is largely indistinguishable from the next. Nothing ties a dollar bill to a particular owner, for example. Nor does it tie you to to any goods, services or assets you bought with that currency. In contrast, NFTs confer specific ownership,” Mr Das says.
This makes NFTs closer to a piece of intellectual property such as a work of art or licence, as you can claim royalties or profit by exchanging it at a higher value later, Mr Das says. “They could provide a sustainable income stream.”
This income will depend on future demand and use, which makes NFTs difficult to value. “However, there is a credible use case for many forms of intellectual property, notably art, songs, videos,” Mr Das says.
COMPANY%20PROFILE
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Brief scores:
Everton 2
Walcott 21', Sigurdsson 51'
Tottenham 6
Son 27', 61', Alli 35', Kane 42', 74', Eriksen 48'
Man of the Match: Son Heung-min (Tottenham Hotspur)
Spec%20sheet
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Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.
Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.
“Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.
Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.
“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.
Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.
From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.
Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.
BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.
Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.
Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.
“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.
Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.
“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.
“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”
The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”
