Strong bilateral trade relations between the UAE and the US is substantiated by the fact that the UAE maintains its position as an important market for US exports to the Middle East, while continuingto grow exponentially.
When Sultan Bin Saeed Al Mansouri, UAE Minister of Economy met US Commerce Secretary Wilbur Ross in Washington in mid-June, he highlighted this: “Given the figures of trade exchange between the two countries, we find they have doubled during the last decade – non-oil foreign trade amounted to about $24 billion in 2017, including $4 billion of UAE exports.”
Although the agenda of their meeting was to discuss new US tariffs on aluminium and steel – and the possibility of an UAE exemption – both sides emphasised the importance of enhancing bilateral relations and fruitful partnerships.
Progress in defence, aeronautics, renewable and alternative energies, and retail have several successful examples showcasing the mutually beneficial trade model developed by the two nations, which continues to boost economy, support jobs, and strengthen innovation. GN Focus presents other prominent highlights that hold promise.
Edibles
The United States Department of Agriculture (USDA) has released official figures from the last edition of Gulfood, the world’s largest F&B marketing event held annually in Dubai.
The 169 businesses who exhibited more than 1,000 new products at the USA Pavilion jointly reported a staggering $85.5 million in on-site sales, and an additional $722 million in projected 1-year sales. The most sought-after American products were tree nuts, dairy, chicken, popcorn, condiments and sauces, says USDA.
The UAE also continues to attract US-origin F&B operators looking to enter the region, summarized best in KPMG’s latest UAE Food and Beverage report: “If overnight visitors are considered, Dubai has more restaurant outlets per million than New York, underlining its position as a global F&B destination.”
Transport
Last month, FedEx celebrated seven years of its Memphis-Dubai direct flight – a facility which enables customers in the UAE to import from the US in two days. “The launch of the first all-cargo direct flight from the US to Dubai was a game-changer for the region,” said company president Jack Muhs. “By enhancing access between the US and the UAE, we enabled companies to benefit from faster transit times, and stronger trade links.”
On-the-ground information from market intelligence firm Export.gov reveals that US auto parts exports to the UAE have grown from $393.9 million in 2011 to $594.3 million in 2016. The firm avidly advises American manufacturers to consider the UAE government’s focus on autonomous, driverless, hybrid and hydrogen vehicles as opportunities. The firm also confirms the UAE to be the sixth largest destination for US exports of new passenger cars ($1.4 billion).
Healthcare
Dr. Robert Courteney-Harris, Chief Medical Officer and Acting CEO of American Hospital Dubai says the very inspiration of the hospital was to provide the UAE with world-leading US standards and quality patient care. “Every detail of the hospital’s facilities and operations mirrors the equivalent US standard.”
Consequently, 20 years after launch, American Hospital Dubai became the first in the Middle East to join the globally respected Mayo Clinic Care Network. “The agreement enables access to the latest Mayo Clinic knowledge and promotes collaboration among physicians for the benefit of patients. More patients can now get answers to complex medical questions – and peace of mind – while staying close to home,” explains Dr. Courteney-Harris.”
Experts predict that some of the biggest investment opportunities in the UAE will emerge in the healthcare sector as the government focuses on public-private partnerships. A sterling example is that of Unison, created jointly by GE Healthcare, the UAE Ministry of Health and Abu Dhabi International Medical Services, that aims to collate healthcare technology, hospital management and patient care at 11 radiology departments across the emirates.
Education
Joni Cholwich is the COO of Abu-Dhabi based Ajyal, a talent management business dedicated to building and strengthening future generations of human capital in the UAE. “One manifestation of the close ties between the UAE and the US in education is the growing presence of branch campuses of American universities here, while another is the number of Emirati students who seek higher education in the States,” she observes.
“Both countries understand and value the close relationships they enjoy in many realms, especially their partnerships in education.”
Ajyal currently manages a portfolio of over 350 students from the UAE who are studying or in being accepted at more than 12 American institutions including Harvard Business School, and Boston, Georgetown and Northeastern Universities, and the numbers keep increasing, she explains.
Authorities and industry watchers agree with her as they predict that growth will happen greatly – and quickly. The renowned Babson College, for instance, will step outside the US for the first time to offer an MBA and executive courses at Dubai International Financial Centre (DIFC) from January 2019.
The college, which will turn 100 next year, will tailor all courses for the UAE.
