Dubai Chambers announced today that it has signed a memorandum of understanding with the United States Chamber of Commerce to strengthen trade relations and enhance the ties between the business communities of Dubai and the United States. The agreement aims to support the growth of bilateral trade and expand economic cooperation.
The agreement was signed at Dubai Chambers’ headquarters by Salem Al Shamsi, Vice President of International Relations at Dubai Chambers, and Steve Lutes, Vice President for the Middle East at the U.S. Chamber of Commerce.
“This collaboration comes as part of our ongoing efforts to strengthen cooperation with business organizations and communities worldwide. Through our collaboration with the U.S. Chamber of Commerce, we aim to enhance economic and investment partnerships and expand mutual business opportunities between American companies and their counterparts in Dubai,” stated Al Shamsi.
Facilitating bilateral investment
Under the terms of the agreement, Dubai Chambers will support the United States Chamber of Commerce members to set up and invest in Dubai as well as provide strategic services to help accelerate the investment process. In turn, the U.S. Chamber of Commerce will also support Dubai Chambers’ members to expand to the United States, in addition to facilitating business matching and networking activities.
Total UAE investment in the United States already tops $35 billion, said Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade recently. This represents more than 50 percent of the total FDI from Arab countries in the United States at the end of 2023. Meanwhile, American investments in the UAE exceeded $5 billion by the end of 2022.
Cooperation in key areas
The agreement also outlines cooperation in several key areas including mutual support in presenting and participating in trade fairs, investment missions, conferences and exhibitions in both Dubai and the United States, together with the regular exchange of information and reports on bilateral trade between the two markets.
With this partnership, Dubai Chambers remains dedicated to achieving its strategic priorities, which include enhancing Dubai’s business environment, attracting international businesses and investments and driving the international expansion of its members.
The chamber also focuses on accelerating the growth of Dubai’s digital economy, increasing the effectiveness of advocacy, and maintaining a climate of institutional and customer excellence.
Read| GCC trade to grow 5.5 percent annually to $2.3 trillion by 2033: Report
UAE-United States trade ties grow
Notably, the United States is the UAE’s fourth-largest trading partner globally, accounting for 4.8 percent of the UAE’s total non-oil trade. In the first nine months of 2024, bilateral non-oil trade reached $28.3 billion, marking a 46.2 percent growth compared to the same period in 2019.
The UAE is also the most important trading partner in the Arab World for the United States, with bilateral trade comprising 27 percent of America’s trade with the region.
