Washington (Al-Ittihad) His Excellency Abdullah bin Touq Al-Marri, Minister of Economy, and His Excellency Dr. Thani bin Ahmed Al-Zeyoudi, met in Washington, DC, and a number of members State delegation The facilities, with the UAE-US Business Council, with the participation of representatives of 85 US companies that are members of the Council. The two sides stressed the importance of the role played by the Council as a platform for strengthening ties, forging trade and investment partnerships between the companies of the two countries, exchanging experiences and reviewing investment trends and opportunities in the two countries’ markets.
The meeting was attended by His Excellency Mohammed Ali Al Shurafa, Chairman of the Department of Economic Development Abu Dhabi, Engineer Saed Mohammed Al Awadi, Executive Director of Dubai Export Development Corporation, Mohammed Juma Al Musharrakh, Executive Director of the Sharjah Foreign Direct Investment Office “Invest in Sharjah”, and Fahad Al Gergawi, Executive Director of Investment Corporation of Dubai.
During the meeting, the two sides discussed ways to develop prospects for cooperation, develop new plans and paths, intensify work and cooperation during the next stage to expand and develop trade exchanges and increase the volume of mutual investments, especially in the sectors of infrastructure, health care, manufacturing, artificial intelligence, agricultural technology, and clean and renewable energy.
His Excellency bin Touq briefed the Council on the developments in the economic environment of the UAE during the past stage, including the fifty projects, new economic legislation and qualitative initiatives launched by the state to transform into a new knowledge-based economic model that is flexible, competitive and sustainable, and embraces talent and pioneering projects. He pointed out that this modern economic system provides new and promising incentives and opportunities for investment and partnership with various global markets, particularly American companies.
His Excellency bin Touq reviewed the efforts of the UAE in facing the economic effects of the Covid-19 pandemic, accelerating the pace of economic recovery, supporting and activating business activities in various sectors by adopting a systematic response and integrated plans based on the principle of proactiveness, long-term development and enhancing productivity, and his Excellency presented the indicators and positive results achieved state in this regard.
Ibn Touk said: “The pioneering and fundamental measures taken by the UAE enhance its current and future position as a preferred destination for business and investment, and enhance its readiness to be the most vibrant and dynamic trade and investment center in the region and the world during the next stage,” noting that these unique economic developments at the level of the region. It opens promising opportunities and prospects for American companies to establish a presence in the UAE and choose it as a headquarters for its commercial and investment operations and activities across the region, and to access key markets in Asia and Africa.
His Excellency reviewed the most prominent measures and efforts taken by the state in this regard, including the amendments to the Commercial Companies Law that allowed 100% foreign ownership of projects and investments, the developments of the residence system that provides many and easy options for living, working, investing and tourism in the UAE, and the state’s projects in the field of export development. And attract investment, economic agreements and others.
Ibn Touk added: “The UAE today is an economic center that is the most active, most developed and fastest growing in the region, and enjoys a distinguished strategic location, strong financial reserves, large sovereign wealth funds, strong spending on development projects, a solid, stable and flexible economy, and an attractive and flexible tax policy that does not include any Income taxes, as well as its political stability, safe and open environment, and its tolerant, multicultural society. It is among the top 20 countries in the world as an ideal place to live, according to global opinion polls.
His Excellency bin Touq pointed to the strength and strength of the UAE-US economic relations, which is reflected in the volume of mutual investments, as Emirati investments account for the largest share of the total Arab investments in the US markets, with a cumulative balance of $44.7 billion until the end of 2020, and the country ranks first in the Arab world and 20th globally. Among the most important countries investing in America, Emirati companies’ investments in the United States in research and development activities related to innovation and technology amount to about $1.7 billion, while Emirati investments in the United States have contributed to supporting American exports with a value of $1.3 billion, and in turn, the volume of foreign direct investments to the country The Emirates from the United States of America at the end of last year amounted to 19.4 billion dollars.
For his part, His Excellency Dr. Thani Al Zeyoudi called on American companies to closely review these initiatives, projects and the broad development prospects that they open to build sustainable partnerships during the next stage, and to learn more about the incentives for the new investment environment in the country, in order to achieve growth and mutual benefit for both parties.
His Excellency added: “The UAE offers an attractive and integrated investment climate with its advanced infrastructure, globally competitive transport sector, pioneering logistical services and a strategic location, which opens wide possibilities for trade and investment flows for companies and projects in the country. The state provides absolute flexibility to engage in business and commercial and economic activities anywhere in the country, including free, industrial and economic zones and commercial complexes.
His Excellency stressed the country’s keenness to develop its partnerships with the American business community and facilitate American investment flows to new and promising sectors in the country, especially agricultural technology, manufacturing, logistics, health care, education, information and communication technology, digital economy and renewable energy.
In addition, the two sides stressed the importance of the participation of the United States of America in Expo 2020 Dubai next October, as the American pavilion is one of the largest pavilions hosted by the exhibition, as it will provide a platform to display the latest American products, services, innovations and industries in various activities and sectors, which enhances its opportunities in To develop its trade and partnerships with the Emirati and global business community.