UAE Highlights New Investment Incentives, Opportunities in Vital Sectors in Light of ‘Projects of the 50’

UAE Highlights New Investment Incentives, Opportunities in Vital Sectors in Light of ‘Projects of the 50’

WAM

Dr. Ahmad Belhoul Al Falasi, Minister of State for Entrepreneurship and SMEs, representing the UAE, participated in the recently held UAE-US Innovation and Investment Summit.

The Summit was aimed at exploring more cooperation opportunities in the next phase to expand and develop UAE-US trade exchanges and mutual investments with greater participation of private sector companies from both sides. It was also aimed at facilitating fruitful partnerships in sectors that support the sustainability and innovation agenda of the two countries.

In his speech, Dr Al Falasi underlined the strength and durability of the UAE-US economic relations, which are reflected in the volume of mutual investments, as the UAE’s investments make up the largest share in the total Arab investments in the US markets, at US$44.7 billion by the end of 2020. The UAE also ranks first in the Arab world and the 20th globally among the most important countries investing in American markets. The UAE’s investments in research and development activities related to innovation and technology in the US amount to nearly US$1.7 billion and they have contributed to supporting US exports worth US$1.3 billion. Meanwhile, the total value of FDI inflows into the UAE from the US amounted to US$19.4 billion by the end of last year.

Al Falasi expressed the UAE’s desire to maintain the current momentum in the trade and investment partnership between the two countries, highlighting the importance of working closely to encourage the flow of mutual investments in the next stage and facilitate the access of Emirati and American companies to promising opportunities in each other’s markets. He underscored the UAE companies’ keenness to invest in tech industries, smart chip manufacturing, semiconductors, IT projects, and 5G communication networks among others. Furthermore, he explained that the total value of investments by UAE companies in the US in R&D activities related to innovation and technology exceeds US$1.7 billion today.