UAE and US to foster trade, economic collaboration

Abu Dhabi Investment Office (ADIO) has signed a Memorandum of Understanding with the Export-Import Bank of the United States (EXIM), focused on fostering economic collaboration and strengthening trade ties between the United States and the United Arab Emirates.

The Memorandum of Understanding was signed during Abu Dhabi Finance Week (ADFW), held under the patronage of His Highness Sheikh Khaled bin Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Chairman of the Abu Dhabi Executive Council, by Badr Al-Olama, Director General of ADIO, and Reta Jo Lewis, President and Chair of the Board of Directors at EXIM.

Through the agreement, ADIO and EXIM seek to strengthen the long-standing relationship between Abu Dhabi and the United States by driving sustainable economic growth and boosting trade, in addition to exploring avenues of support related to credit lines and guarantees.

The MoU signing marks a significant milestone in facilitating the import and export of raw materials, services and technology, particularly in priority sectors that are critical to the future of Abu Dhabi and the US, such as energy, critical minerals, infrastructure, telecommunications and emerging technologies.

This agreement aims to advance renewable energy solutions like green hydrogen and energy storage systems, strengthen critical mineral supply chains, and foster innovation in biotechnology, AI, semiconductors and quantum computing.

In telecommunications, this collaboration is intended to focus on supporting the rollout of 5G networks, while other infrastructure projects will target transformative advancements in transportation systems.

The MoU also aims to promotes knowledge and information sharing, capacity building, and the exchange of best practices, ultimately enhancing the competitiveness and growth of businesses in both Abu Dhabi and the United States. The agreement includes support for small- and medium-sized enterprises (SMEs), with an emphasis on women-owned businesses.