Dubai has ample investment opportunities for American investors, said US Secretary of Commerce Penny Pritzker.
Speaking at a reception hosted by the Dubai Chamber of Commerce and Industry, Pritzker said: “The Obama administration values America’s friendship with the UAE and the Gulf, and we believe there are many opportunities to deepen our engagement, cooperation and partnership in a number of areas.”
The trade numbers between the US and UAE totaled $26.9 billion in 2013.
“American businesses can grab the opportunities that exist here, especially in the wake of the emirate’s readying to host Expo 2020,” said Pritzker, who is heading a US executive infrastructure business development mission to Dubai.
She called on American businesses to look for cooperation ties with Dubai businesses in the infrastructure sector and to use the emirate to expand into the region.
“The companies on my trade mission have the ideas and technical expertise to assist Dubai as it pursues its impressive plans for infrastructure and energy development, and they understand that working together is a win-win,” she added.
Pritzker met the Dubai ruler and many other top government officials during her trip.
The meeting at Dubai Chamber was attended by representatives of Dubai Foreign Direct Investment, Roads and Transport Authority, Dubai Drydocks and Maritime World, Emaar, DP World, and Dubai Aviation City Corporation who presented their important projects and current and future plans of growth in front of the delegates representing 21 major US companies.
“America ranks as Dubai’s 3rd largest trade partner globally and the nonoil trade between them was AED86 billion last year while over the past decade the total of the nonoil trade increased by 500 percent, which is an incredible amount, said Hisham Al-Shirawi, second vice chairman of Dubai Chamber in his speech.
In a statement, the US-UAE Business Council said that commercial aviation partnerships were playing a vital role in their trade. Transportation equipment, including Boeing aircraft and GE engines, was the largest subset of US exports to the UAE in 2013 at $9.4 billion – making up 38 percent of the total US exports to the UAE last year.
Danny Sebright, president of the US-UAE Business Council, said: “Commercial aviation is a key pillar of the US-UAE relationship. This has been recently highlighted by increasing number of investments and partnerships, including Etihad Airways and Emirates Airline placing the largest orders for Boeing aircraft and GE engines ever in 2013 and advancing with plans for further expansion to US gateways.”
“American companies — both large and small and medium enterprises (SMEs) — are increasingly looking for long-term sustainable business and investment opportunities globally; namely toward the Middle East and Asia,” added Sebright.