UAE Particpates in the 2019 'SelectUSA' Investment summit in Washington DC

high-level delegation led by UAE Ministry of Economy

 

UAE Particpates in the 2019 'SelectUSA' Investment summit in Washington DC

 

• Al Mansoori: 'UAE is the largest Arab investor in the US'

 

• Total UAE investments in US estimated at USD 4.8 billion

 

• USD 24.5 billion in non-oil trade between the two countries recorded

 

• UAE Minister of Economy meets with Governor of Maryland to discuss possible cooperation in ICT, cybersecurity, life sciences, and advanced industries

 

 

Washington, July 11, 2019

 

H.E. Eng. Sultan bin Saeed Al Mansoori, UAE Minister of Economy, revealed recently that the UAE is the largest Arab investor in the US market, with its total investments reaching approximately USD 4.8 billion to date. H.E. said this shows the strong commercial and investment relations between the two countries across vital fields. The volume of non-oil trade between both nations stood at about USD 24.5 billion in 2018.

 

The statement was released during the participation of the UAE delegates led by H.E. Al Mansoori at  'Select America for Investment 2019' summit held in Washington DC from June 10 to 12, 2019. The event's high-profile attendees included Ivanka Trump, the Advisor to the US President; Larry Kudlow, Director of the National Economic Council; Wilbur Ross, the US Secretary of Commerce; and other senior American and global government officials, key decision makers, heads, investors, and businessmen.

 

The UAE delegation comprised the UAE Ambassador to the US H.E. Yousef Al Otaiba; H.E. H.E. Abdullah Bin Ahmed Al Saleh, Undersecretary of the Ministry of Economy for Foreign Trade Affairs; Jamal Al Jarwan, Secretary General of the UAE International Investors Council; and to representatives of more than 30 local government and private entities.

 

H.E. Al Mansoori said the summit was an important platform for UAE companies looking to invest abroad. This was the second consecutive year that the UAE had participated in the summit, which was organized to showcase the investment opportunities in various American industries, especially in the sectors of the UAE companies with expertise and high capabilities.

 

On the sidelines of the summit, H.E. Al Mansoori held a bilateral meeting with Larry Hogan, the Governor of Maryland, in the presence of H.E. Abdullah Bin Ahmed Al Saleh, Undersecretary of the Ministry of Economy for Foreign Trade Affairs; Saud Al Nowais, Commercial Attaché of the UAE Embassy in the US; and Thomas Bruns, Regional Advisor for Commercial Affairs in the Gulf region of the US Embassy in the UAE.

 

During the meeting, H.E Al Mansoori stressed the strength of the strategic relationship between the UAE and the USA in all fields, especially economic, investment and trade, pointing out that there are greater opportunities to enhance trade partnership between the two countries by taking advantage of the unique features of the UAE as an important commercial hub for exporting and the re-export of American products to many markets in the Middle East, Africa and Asia, and owning a global network of ports and airports to facilitate the movement of goods to all markets, as well as the business environment which is the best globally regarding to The world's best-rated Bank of the World, ranked the UAE at the 11th position in the world for ease of doing business, and the UAE enjoys excellent business relationships based on trust with all trading partners around the world.

 

 

Furthermore, he discussed the prospects of investment and commercial cooperation between the UAE and Maryland, which enjoys a strong economic performance as evidenced by its higher GDP per capita compared with the rest of the other states in the US. Maryland is also renowned for its advanced industries as well as extensive experience in cybersecurity and technology. H.E. said that the UAE and Maryland can collaborate in innovation, advancement of the small and medium enterprise (SME) sector,  and infrastructural development.

 

Gov. Hogan praised the UAE for its recent achievements, noting particularly its successful transformation into an important destination for global investments and exports. He welcomed the UAE companies that are looking to invest in the state.

 

The Governor also presented investment opportunities in Maryland across various disciplines such as information and communications technology (ICT), cybersecurity, life sciences, and advanced industries.

 

'Select America for Investment' summit

 

The summit is the largest federal event in the US that presents commercial investment opportunities across USA, was organized by the US Department of Commerce to promote the US as the world's premier business location. About 3,000 participants from 70 international markets and 49 US states took part in this year's edition.

 

The summit was held from June 10 to 12, 2019 at the Washington Hilton Hotel in Washington, DC. The event's five previous editions resulted in more than USD 103.6 billion in greenfield investment projects in the US, which generated over 167,000 jobs.