UAE and US explore opportunities with focus on clean tech startups

A delegation of senior officials and business leaders from the UAE, headed by Dr Thani Bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, has visited the US state of Texas, the single-largest state exporter to the UAE, to identify new bilateral investment and collaboration opportunities for private-sector companies.

While in Texas, Al Zeyoudi held a meeting with Austin Mayor, Kirk Watson where he promoted the UAE’s streamlined business registration process, skilled workforce, and world-class infrastructure, to invite further inbound investment and trade from the state. In addition, he attended an Austin Chamber of Commerce Roundtable, where his delegation was joined by several senior state officials to explore new avenues to boost bilateral trade, especially in the IT, automotive parts, and machinery verticals.

Dr Al Zeyoudi also held a number of one-on-one meetings with leading Austin-based start-ups, which are deploying technologies such as AI, blockchain, and quantum computing to advance real estate, emergency response, logistics, utilities, and media sectors.

Al Zeyoudi emphasised the UAE’s unique innovation ecosystem during the meets and highlighted the market-access incentives provided by the NextGenFDI initiative such as rapid incorporation and licensing, bulk visa issuance, and ready access to banking facilities and real estate.

The Texas tour concluded with a site visit to Stealth Power, a provider of fleet electrification and off-grid solutions that lower carbon emissions across utility, emergency, and military fleet vehicles. Commenting on the visit, Al Zeyoudi said that the UAE is prioritising investment into sectors such as renewable energy and clean tech as they represent not only high-growth potential but provide world-changing solutions to the critical issue of climate change.

“The United States is a long-standing trade and investment partner for the UAE - and an important ally in the battle to develop alternative sources of energy,” said Al Zeyoudi. “In November 2022, we signed the Partnership for Accelerating Clean Energy, which is mobilising $100 billion to develop 100 gigawatts of clean energy by 2035, and we remain committed to finding new avenues of cooperation to uphold our Net Zero pledge.

“It has been highly encouraging to see the innovation on display here in the US in a wide number of areas, from low-carbon transport and hospitality to smart cities, and we are keen to pursue partnerships that will further their development,” he added.

Al Zeyoudi was joined in Texas by a UAE delegation comprising Mohamed Al Musharrakh, CEO of Sharjah FDI Office; Abdulla Al Yousif Al Suwaidi, Executive Director at Economic and Energy Affairs; Saud H. Al Nowais, UAE Commercial Attaché (Counselor) for the UAE Embassy; Karim Gamal, Director and Chief of Staff, Trade Office at the UAE Embassy, and Ahmad AlSawalhi, Director of Special Projects & Outreach - Trade Office at the UAE Embassy.

 A day earlier,Dr Thani Bin Ahmed Al Zeyoudi led a UAE delegation of government officials, business leaders and investors to the SelectUSA Investment Summit, the largest event in the US for the promotion of foreign direct investment.

At the event, which was held in Maryland, the delegation engaged with corporate leaders, industry experts, and exhibitors to identify strategic investment opportunities in the US and explore avenues for establishing businesses in the country.

Dr Thani Al Zeyoudi also used the occasion to hold bilateral meetings with US Commerce Secretary Gina Raimondo and Assistant Secretary of Commerce Arun Venkatarman, during which he discussed ways to further develop bilateral trade and investment ties, and accelerate cooperation in priority sectors such as clean energy initiatives, food and water security, and advanced technology.

Al Zeyoudi said the UAE delegation’s participation in SelectUSA is a reflection of the importance of the US relationship and the opportunities it offers UAE businesses and investors. “To achieve our economic ambitions, we must expand ties with key allies around the world, including the US, our fourth-largest trading partner with non oil trade worth $30 billion in 2022. Collobaration with US companies in Web3, renewable energy, agri-tech, space sciences and quantum computing can reap significant rewards”

“UAE FDI into the United States totaled $33.1 billion at the end of 2022, representing 43 percent of the inward investment from the Middle East. The other way, the UAE is the US’ largest trading partner in the Middle East. Events such as SelectUSA provide the ideal platforms to increase this further and develop more mutually beneficial opportunities for our private sector,” he added.

Owing to the UAE’s pro-business environment, world class infrastructure and skilled workforce, the UAE is today home to over 1,500 US firms.