UAE-US non-oil trade amounts to over AED111.1 billion

Non-oil trade between the UAE and the USA hit more than AED111.1 billion - US$30.3 billion- by the end of 2016, including free zone trade, against $27.8 billion in 2015, said Sultan bin Saeed Al Mansouri, Minister of Economy.

"UAE-USA economic relations are based on mutual trust, respect and common interest, and they are progressively growing for the higher good of both countries," added the minster at a meeting with the USA Ambassadress to UAE Barbara A. Leaf and her accompanying delegation, in the presence of top executives from the Ministry of Economy.

Minister Al Mansouri reiterated the UAE government's keenness to continue creating a business-friendly investment conducive to streamlining economic investment and utilising the immense potential boasted by the countries to their best interests, noting that US investments bound to the UAE have tangibly improved over the past years, hitting around $7 billion in 2015.

A total of 305 US companies have been operating in the UAE until 2015, excluding free-zone firms, in addition to 676 trade agencies and 38,290 brands, which translates the robust growth in bilateral ties, he added.

The US ambassadress corroborated the importance US is attaching to advancing relations with the UAE across all areas of common concern, noting that the developmental economic model forged by the UAE and the achievements made by the country across different domains over the past years significantly contribute to strengthening bilateral relations, particularly at the level of trade exchange and investment between the two countries.

She underscored the significance of intensifying channels of collaboration and coordination between the two sides to stamp out any obstacles and potential challenges.

Source: WAM