UAE-US Business Council president sees tremendous growth potential
With US$16.7 billion worth of exports last year, the US-UAE Business Council is poised to further deepen ties between the UAE and the United States in healthcare, energy sustainability, space, advanced manufacturing, and the digital economy. Danny Sebright, president of the Council, said in a media interview that the bilateral relationship has tremendous potential to grow further. The economic relationship has now reached over US$22 billion in bilateral trade, as well as large flows of foreign direct investment in both directions.
According to Sebright, who led the council’s delegation to attend the 6th edition of the Global Aerospace Summit in Abu Dhabi on Thursday, the UAE has been the single largest export market for the United States in the MENA region since 2009. Since 2007, the Council has grown to over 200 members, reflecting the strength of the bilateral economic and trade relationship. This reflects the impact of key bilateral economic and trade policies and initiatives.
The Mubadala Investment Company, one of the UAE’s sovereign wealth funds, has invested over US$100 billion in the United States, as have other UAE funds over the last 20 years. As a result, more than 1,500 US companies do business in the UAE, selling goods and services and creating high-paying jobs at home, he said.