President Sheikh Mohamed, then Crown Prince of Abu Dhabi, met Joe Biden at the White House in Washington in April 2010. AP
President Sheikh Mohamed, then Crown Prince of Abu Dhabi, met Joe Biden at the White House in Washington in April 2010. AP
President Sheikh Mohamed, then Crown Prince of Abu Dhabi, met Joe Biden at the White House in Washington in April 2010. AP
President Sheikh Mohamed, then Crown Prince of Abu Dhabi, met Joe Biden at the White House in Washington in April 2010. AP


The enduring US-UAE partnership is united by innovation and progress


Martina Strong
  • English
  • Arabic

September 21, 2024

In 1974, a US delegation of Nasa astronauts and scientists visited Abu Dhabi to brief the UAE’s founder and first President, the late Sheikh Zayed bin Sultan Al Nahyan, on the Apollo missions to the Moon. Few could have imagined then that the UAE would become a key partner in the Nasa-led Artemis missions that will return humanity to the Moon by providing a vital contribution to the Gateway programme, which will establish the first lunar orbital station.

When UAE President Sheikh Mohamed bin Zayed Al Nahyan visits Washington next week for a White House meeting with President Joe Biden, they will highlight a half-century trajectory of UAE-US partnerships that have delivered prosperity, security and scientific progress in both our countries.

When it comes to advanced technologies and artificial intelligence, few countries are working as closely and moving as quickly together as the United States and the UAE. The US Silicon Valley and the UAE “Silicon Oasis” are driving AI research and innovation towards the frontier. And they are doing so in partnerships that span labs, boardrooms and advanced production facilities. The drive along Sheikh Zayed Road from Abu Dhabi to Dubai feels very familiar to any American tech executive, with Google, Meta, IBM and Microsoft signs lighting the way.

This week, Abu Dhabi’s technology investment firm MGX joined with Microsoft, US investment firm BlackRock, and others to launch a new technology infrastructure investment platform. Over the past year, Silicon Valley’s Cerebras teamed up with the UAE’s G42 to deploy several of the world’s fastest supercomputers for AI training in California and Texas. Mubadala’s transformational investment in New York-based GlobalFoundries is helping to expand US semiconductor manufacturing and adding thousands of jobs to the region’s innovation economy. G42 is also partnering with Microsoft’s Azure on a new cloud computing platform in the UAE and working with other US tech leaders like Nvidia, AMD, VAST and Qualcomm to scale up advanced technology infrastructure in the UAE.

Few countries are working as closely and moving as quickly together

Our countries recognise the benefits of technology and scientific co-operation and are committed to expanding our work on new initiatives, including enhanced standards for protecting data and sensitive technologies, greater collaboration in research and education, as well as programmes to help narrow the digital divide by providing more accessible core technologies to all, while ensuring the highest standards of security and privacy.

Like the UAE-US Agreement for Nuclear Co-operation, these collaborative efforts could become the new “gold standard” for securing and propelling the next generation of technologies. The 2009 landmark “123 Agreement” enabled the UAE’s development of civilian nuclear energy, which now delivers low-emission electricity to UAE data centres.

The visit also builds on the historic Cop28 Climate Conference hosted by the UAE last December, a pivotal moment for US-UAE co-operation on addressing the climate crisis and accelerating the energy transition.

Advanced technology and climate action are creating new business opportunities that have drawn US companies, entrepreneurs and investors to the UAE. The UAE’s position as a global crossroads for business, media, and culture has also made it a gateway to fast-growing markets across the Middle East, Africa, India and Asia. More than 1,500 American companies and institutions operate in the UAE, contributing to its growth, economic diversification and job creation. Over 50,000 Americans now call the UAE home.

The benefits of five decades of bilateral trade and engagement have naturally flowed in both directions. The UAE has invested more than $1 trillion across all sectors of the American economy. And the UAE is the biggest destination for US exports in the Middle East. Bilateral trade exceeded $31 billion in 2023 alone.

The United States and the UAE share enduring security ties and a commitment to a peaceful, stable and prosperous Middle East region. In close partnership, we are working to advance multilateral diplomatic solutions and provide urgently needed humanitarian assistance in Gaza and Sudan. Our ongoing defence and counter-terrorism co-operation makes our countries and the world more secure. US and UAE troops have stood shoulder to shoulder in six conflicts over the past 30 years; their valour and devotion to duty have forged the strongest of bonds between our countries.

By continuing to partner together, exploring new opportunities and addressing shared challenges head-on, we are keeping our eyes firmly fixed on a better vision for the region and for the next 50 years of our co-operation.

Much like the Apollo mission inspired generations of scientists and engineers, the UAE and the United States are meeting the future together on the Gateway mission and in so many other ways. Recognising then the Moon landing’s significance and seeing its promise for the region and the world, Sheikh Zayed said: “If it is God’s will, man can achieve anything; nothing is impossible.”

Yousef Al Otaiba is the UAE ambassador to the US. Martina Strong is the US ambassador to the UAE

Skoda Superb Specs

Engine: 2-litre TSI petrol

Power: 190hp

Torque: 320Nm

Price: From Dh147,000

Available: Now

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.”

Ziina users can donate to relief efforts in Beirut

Ziina users will be able to use the app to help relief efforts in Beirut, which has been left reeling after an August blast caused an estimated $15 billion in damage and left thousands homeless. Ziina has partnered with the United Nations High Commissioner for Refugees to raise money for the Lebanese capital, co-founder Faisal Toukan says. “As of October 1, the UNHCR has the first certified badge on Ziina and is automatically part of user's top friends' list during this campaign. Users can now donate any amount to the Beirut relief with two clicks. The money raised will go towards rebuilding houses for the families that were impacted by the explosion.”

Updated: September 22, 2024, 4:35 PM