Dubai (TDI): The United Arab Emirates plans to increase the value of its energy investments in the United States to $440 billion in the next decade, it announced on Friday, boosting President Donald Trump’s efforts to secure major business agreements on a Gulf tour.
UAE’s strategy was announced during a presentation by Sultan Al-Jaber, Abu Dhabi oil giant ADNOC’s CEO, to Trump during the final leg of his Middle East tour that has drawn huge financial commitments from the UAE, Saudi Arabia and Qatar, according to Reuters.
The enterprise value of UAE investments in the US energy sector will be increased to $440 billion by 2035 from the current amount of $70 billion, Al-Jaber told Trump, adding US energy companies will also invest in the UAE.
Our partners have promised new investments valued at $60 billion in upstream oil and gas, as well as new and unconventional opportunities,” Al Jaber stated.
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Already in March, when senior UAE officials called on Trump, the UAE had committed to a 10-year, $1.4 trillion investment deal in the US to enhance reciprocal relations.
The framework will considerably increase the UAE’s existing investments in the US economy in AI infrastructure, energy, semiconductors and manufacturing, the White House said in a statement.
We’re making great progress for the $1.4 trillion that Emirates has announced it intends to invest in the US,” Trump said in Abu Dhabi, his last stop on a regional tour that has focused on investment agreements.
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“Yesterday the two nations also agreed to create a path for UAE to buy some of the world’s most modern AI semiconductors from US firms, a very big deal.”
Trump stated the agreement will produce billions of dollars in business and accelerate efforts by the UAE, an oil power and regional economic power, to become a key player in artificial intelligence.
