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HomeEconomyUSD 31.4 Billion in Non-Oil Trade Between UAE and USA in 2023

USD 31.4 Billion in Non-Oil Trade Between UAE and USA in 2023

US-UAE Business Council Chairman Danny Seabright says the volume of non-oil trade between the UAE and the United States of America rose to USD 31.4 billion in 2023 and is expected to continue to grow at the same pace in 2024.

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US-UAE Business Council Chairman Danny Seabright says the volume of non-oil trade between the UAE and the United States of America rose to USD 31.4 billion in 2023 and is expected to continue to grow at the same pace in 2024.

Byline Rami Samih

According to US-UAE Business Council Chairman Danny Seabright, US exports to the UAE reached USD24.8 billion last year, exceeding exports in 2022 –  a growth of 19%.

The UAE remained the first US export destination in the Middle East and Africa for the fifth consecutive year.

Seabright says that US exports to the UAE support about 125,000 jobs in the United States, noting that the UAE’s exports to the United States reached approximately USD 6.6 billion last year.

“The UAE’s investments in the US market continue to grow with concentration in diverse sectors including real estate, manufacturing, healthcare and technology,” says Seabright.

He noted sectors that have greater potential for further cooperation between the two countries in 2024 include healthcare and life sciences, financial services and private equity, technology and artificial intelligence.

“The UAE and the US continue to build on the tremendous progress made last year in the lead-up to the United Nations Climate Change Conference in the areas of renewable energy, food security and sustainability, as well as the traditional underpinnings of bilateral trade relations between the two countries continuing to maintain their strength in sectors such as aerospace, defense and energy,” says Seabright.

The UAE currently trades with all 50 US states. Top categories of US exports to the UAE in 2023 included: Vehicles and Parts USD 4.56 billion, Nuclear Reactors USD 3.76 billion, Electric Machinery USD 3.57 billion and Aircraft USD $2.99 billion.

The UAE is one of the largest foreign military sales customers of the US, purchasing more than USD 20 billion in US defence hardware and services over the past decade, including one of the world’s largest non-US F-16 fleets.

Major infrastructure projects across the UAE are driving growth and supporting billions in US exports, including projects related to railways, civilian nuclear energy, airports, and commercial seaports such as:

Dubai Urban Tech District

This district, currently under construction, aims to be the world’s largest urban tech hub upon completion. Spanning 140,000 square metres, it will serve as a global centre for urban innovation. The district will host conferences, seminars, business incubation programs, and research sessions related to sustainable cities. It is designed to be net zero carbon and will create around 4,000 jobs in green urban tech, education, and training.

Agri Hub by URB

URB, a sustainable developer, is behind this ambitious agritourism project in Dubai’s desert. Construction is scheduled to commence in 2025 and completion by 2030. The Agri Hub will promote food security, health, and prosperity for local communities. It features 100% renewable energy, water recycling, bio-saline agriculture, and on-site zero waste management, while promising to create 10,000 jobs.

Etihad Rail

Etihad Rail is one of the UAE’s most ambitious projects, representing the largest infrastructure project the country has ever seen. This groundbreaking USD 13.6 billion railway network is currently under development.

Hydroelectric Power Plant, Hatta

The UAE is investing in renewable energy, including a hydroelectric power plant in Hatta developed by the Dubai Electricity & Water Authority (DEWA).

The plant will generate electricity by utilizing the water stored in the Hatta Dam. During off-peak hours, advanced turbines will use clean energy to pump water from the Dam to an upper reservoir located in the mountain. When electricity demand increases, turbines powered by the speed of the waterfall from the upper reservoir will generate electricity. The system claims to achieve a 78.9% efficiency in power generation and responds to demand within just 90 seconds.

The power station will have a capacity of 250 megawatts (MW) and boasts a storage capacity of 1,500 megawatt-hours (MWh). The plant is designed to be operational for 80 years.

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