UAE Ambassador Yousef Al Otaiba Highlights Strength of UAE-US Economic Partnership that Supports Hundreds of Thousands of US Jobs
Washington, DC (4 December 2017) – Today, the United Arab Emirates (UAE) Embassy in Washington, DC celebrated the UAE’s 46th National Day at an afternoon celebration hosted by Ambassador Yousef Al Otaiba. The event highlighted how the UAE and US are “United in Prosperity” and working together to deepen trade and economic relations for the mutual benefit of both countries.
“The UAE and US have a powerful and high-growth economic and trade partnership that creates prosperity for people in both countries,” said Ambassador Al Otaiba. “The UAE delivers a $19 billion annual trade surplus to the US. This surplus is driven by US exports that support hundreds of thousands of American jobs and help the UAE diversify its own economy.”
For eight years in a row, the UAE has remained the largest export market in the Middle East region for the US. Bilateral trade between the UAE and US exceeded $25 billion in 2016 and is spread across a wide range of business sectors.
According to the Ambassador, the commercial aviation relationship is the foundation of the bilateral economic relationship. UAE Airlines are the largest international buyers of Boeing wide-body aircraft. Together the airlines (Emirates Airline, Etihad Airways, and FlyDubai) have purchased or ordered over 800 Boeing planes.
“Emirates and Etihad have used US-built airplanes to carry tens of millions of visitors to America. These international flights inject billions of dollars into US communities and support hundreds of thousands more jobs in the hospitality, retail, and domestic airline sectors,” said Ambassador Al Otaiba.
Timothy Keating, Senior Vice President of Government Operations for The Boeing Company, also joined the Embassy to celebrate National Day. He commented on the importance of Boeing’s relationship with the UAE.
“Boeing’s relationship with the customers in the UAE spans 62 years, and it’s been truly a remarkable journey,” said Keating. “We truly appreciate the value that the UAE has brought to Boeing, to the employees, to its suppliers, to the companies we represent in the United States and around the world.”
In addition to the significant bilateral trade relationship, the UAE is also America’s largest source of foreign direct investment from the Arab world. According to US Government data, UAE foreign direct investment in the US totaled $26 billion in 2016.
To illustrate the power of UAE FDI into the US, the Ambassador highlighted Globalfoundries, which is the world’s second largest semiconductor manufacturer. This business employs thousands of highly-skilled workers in update New York, New England and California. He also referenced Abu Dhabi’s Mubadala Investment Company recently announcing the opening of an office in San Francisco to manage its $15 billion commitment to SoftBank’s Vision Fund, which will target technology investments.
The UAE Embassy’s National Day celebration was attended by hundreds of senior guests, including US Secretary of Commerce Wilbur Ross, and senior members of the US Armed Forces. High-profile media, business and community leaders, and members of the diplomatic community also attended the reception.
On this festive occasion, Ambassador Al Otaiba also congratulated UAE President His Highness Sheikh Khalifa bin Zayed al Nahyan, Vice President and Prime Minister and Ruler of Dubai His Highness Sheikh Mohammed bin Rashid Al Maktoum, Abu Dhabi Crown Prince and Deputy Supreme Commander of the UAE Armed Forces His Highness General Sheikh Mohammed bin Zayed Al Nahyan, rulers of all the other Emirates, and the people of the UAE on the 46th national anniversary of the United Arab Emirates.