Trading Partner Portal: United Arab Emirates
The UAE enjoys a high per capita income and an open economy with a substantial trade surplus. Oil was discovered in the UAE in the 1950s and Abu Dhabi was one of the first emirates to begin exporting oil. Since the discovery and export of oil, the UAE has transformed into an economy with a high standard of living. The UAE has been a member of the WTO since 1996 and a member of Gatt since 1994. The UAE has a population of approximately 9.6 million and a GDP of $414.17 billion. (CIA Factbook, World Bank)
Two-way trade between the United States and the UAE was approximately $24.35 billion in 2019. The United States exported $20 billion to the UAE in 2019. Exports consisted of $5.7 billion in transportation equipment, $3.36 billion in computer and electronic products, $1.37 billion in non-electrical machinery, and $1.2 billion in chemicals. Imports from the UAE were over $4.35 billion, with the top categories being primary metal manufacturing, reimports, and petroleum and coal products.
US FDI in the UAE totaled $17.3 billion in 2018, and UAE FDI into the US totaled $26.7 billion in the same year (Bureau of Economic Analysis). UAE FDI contributed to 9,600 jobs in the U.S. $2 billion of the UAE’s FDI was invested in research and development, and another $208 million went to expanding U.S. exports. The top industry sectors for UAE FDI were: financial services, transportation, consumer products, communications, aerospace, food and beverages, and real estate (Select USA).
UAE – California Trade
In 2019, California exported $1.83 billion to the UAE. Agricultural products made up 27.8 percent or $509 million of the total. Computer and electronic products made up 19.2 percent or $351 million of the total. Second hand merchandise was credited with 11.6 percent or $212million of the total. Finally, transportation equipment held 10 percent or $183 million of the total. (U.S. Department of Commerce)
According to the most recent data, the United States invested over $15.6 billion into the UAE, while UAE investment into the United States reached $3 billion (BEA)
Posting First Rise Since 2014, U.S. Exports to Arab World Grow 4 PErcent to $62.64 Billion in 2019
National U.S.-Arab Chamber of Commerce, February 9, 2020
U.S. Goods Exports to Arab Countries 2018 vs. 2019
National U.S.-Arab Chamber of Commerce, February 2020
U.S. Chamber Hosts U.S. Secretary of Commerce Penny Pritzker in Abu Dhabi and Dubai
U.S. Chamber of Commerce, March 10, 2015
Trade Policy Review: United Arab Emirates
WTO, June 3, 2016
(Per the Dubai Chamber and the Federation of Israeli Chambers Joint Partnership, 2020) The “Abraham Accords” created a historic opportunity for Bi –literal cooperation between the countries, which led to the signing of a strategic partnership agreement between the Dubai Chamber of Commerce and The Federation of Israeli Chambers of Commerce, early this September. Under the agreement, the parties open up to the business sectors in both countries in order to increase and expand business connections, promote mutual trade and encourage investments.
Press Release: Dubai Chamber of Commerce and Industry and the Federation of the Israeli chambers of Commerce launch their first joint economic study
Dubai Chamber and the Federation of Israeli Chambers, November 23, 2020
The economic works are an integral continuation of this cooperation that was forged between the two chambers and is now paving the way for future investments and trade.
1. Joint Economic Paper prepared with the Dubai Chamber of Commerce – Click here to read the document
The economic research work outlines the potential inherent in the collaboration between the business sector in Dubai and the business sector in Israel.
The work is divided into four chapters:
- Economic overview of each country, Corporate Tax, Major Trade Industries and more.
- Trade opportunities between the two countries: Export and Import.
- Investment opportunities with a focus on: High-Tech, Jewelry and Gemstone Manufacturing, Agriculture, Finance, Tourism, Logistics and Maritime Transportation.
- Proposals for the development of business relations between the countries, such as negotiations on Import Tariffs, producing business networking events, identifying business opportunities and more.
2. Research Paper on the Emeriti Business Economy – Click here to read the document
A research paper that drew a basic road map of the Emeriti economy that includes: Key Emeriti stakeholders and the main driving forces in the economy and business culture in the Emirates. The paper includes:
- An overview of the Emirati economy and its main characteristics, such as the public and business sector and shifting to knowledge and innovation-based economy.
- Review and analysis of Emirati foreign trade, including Exports and Imports of goods, Services and Free Trade Zones.
- Mapping key opportunities for Israeli companies such as exports of Goods and Services to the Emirati Market; cooperation in the fields of Economics, Industry, and R&D; Free Trade Areas as a platform for export; and Israel as a platform for developing Emirati foreign trade with Western markets.
Key Country Contacts
- National US-Arab Chamber of Commerce
- American Chamber of Commerce in Abu Dhabi
- Abu Dhabi Chamber of Commerce & Industry
- American Chamber of Commerce in MENA
- Dubai Chamber of Commerce & Industry
- UAE Consulates in California
- International Trade FAQs