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.

Badr Al-Olama, Director General of ADIO, commented: “Abu Dhabi is committed to forging impactful, global partnerships that drive innovation and bolster the emirate’s international trade. By connecting the US’ dynamic business ecosystem with Abu Dhabi’s forward-thinking economic vision, this collaboration with EXIM is set to lay the groundwork for transformative trade and investment opportunities in critical sectors. Together, we are well-positioned to empower investors and businesses to thrive amid a rapidly evolving global landscape, while contributing to a resilient economic future.”

Reta Jo Lewis, President and Chair of the Board of Directors at EXIM, said: “EXIM is proud to partner with ADIO in advancing trade and innovation. In 2023, the US exported over $24 billion to the UAE. EXIM’s new partnership with ADIO will further expand the reach of US companies into the Middle East through Abu Dhabi, a global gateway for investment and innovation. We look forward to collaborating with ADIO and delivering sustainable economic benefits for both regions.”

The Abu Dhabi Investment Office (ADIO) is the government vehicle responsible for accelerating Abu Dhabi’s growth and enabling the emirate’s economic transformation.

Through comprehensive support services, ADIO enables both local and foreign investors to shape industries of the future set to transform liveability, technology,resources, and value-added services. Initiatives focused on regional tourism and retail development, as well as public-private partnerships, ensure that community well-being is at the centre of Abu Dhabi’s economic transformation.

With a robust network of investors, strong collaboration with key stakeholders, and a global presence, ADIO is committed to empowering those who invest with Abu Dhabi to make a lasting global impact.

Earlier the Abu Dhabi Investment Office (ADIO) has partnered with Partanna, a Bahamian climate tech company, to establish its regional headquarters and a state-of-the-art manufacturing facility in Abu Dhabi.

This collaboration, announced during the inaugural Abu Dhabi Business Week (ADBW), will establish Abu Dhabi as the regional epicentre for carbon-negative building materials, creating new possibilities for global sustainability.

The agreement will support Partanna’s ambitions to decarbonise the $400 billion global cement industry by facilitating the company’s establishment of large-scale manufacturing operations in Abu Dhabi to service the regional market. As part of the collaboration, Partanna will produce Verra-certified carbon credits, supporting the reduction of carbon emissions in alignment with Abu Dhabi’s climate goals.

Cement production accounts for nearly 9% of global carbon dioxide emissions, and traditional manufacturing methods remain among the most significant contributors to climate change. Partanna’s modern reinterpretation of cement offers an innovative, scalable solution. By replacing carbon-intensive clinkering with magnesium compounds derived from brine -a by-product of desalination- Partanna turns a waste stream into a valuable resource while producing a cost competitive product.