The UAE hosted COP28 in December 2023. Credits: GettyImages/Chris Jackson

Emirati President Sheikh Mohammed bin Zayed Al Nahyan will meet with President Joe Biden and Vice President Kamala Harris next week, as he embarks on his first diplomatic trip to the US.  

The leaders are set to discuss the developments in Gaza, escalating regional conflict between Israel and Lebanon, oil and, most importantly for Emirati officials, economic realignment.  

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Anwar Gargash, a senior advisor to the Sheikh, said that “the purpose of the visit is really from an Emirati perspective, it’s investing in our future […] through an economic lens.” 

Bilateral trade between the UAE and the US was worth $31.4b in 2023, according to the UAE Embassy in Washington D.C. 

The UAE is interested in collaborating in the artificial intelligence (AI), renewable energy, climate and space sectors.

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Tech interest

Sam Altman, OpenAI’s CEO, said earlier this year that the UAE could serve as the world’s “regulatory sandbox” when it came to testing AI. He said that “the UAE would be set up to be a leader in the discussions about [regulating AI].” 

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Microsoft made a $1.5b investment into the UAE’s top AI firm, G42 in April.  

BlackRock, Global Infrastructure Partners, Microsoft and the Abu-Dhabi backed MGX investment firm also announced the Global AI Infrastructure Partnership. It is aimed at investing in data centres and supporting the infrastructure needed for the future of tech.  

The visit comes soon after Australia and the UAE reached a trade deal that will eliminate over 99% of tariffs on Australian products entering the UAE.  

The small gulf country, backed by a sizeable sovereign wealth fund, seems eager to continue to make moves in the FDI space.