The UAE's demand for everything from aircraft to architectural expertise fuelled a surge in trade with the US to a record high last year.
Total trade volume between the UAE and the US rose to US$18.3 billion (Dh67.22bn), a 43 per cent rise on the previous year, according to data released by the US department of commerce yesterday and cited by the WAM state news agency.
The rise represents the highest trade volume yet between the two countries. It means the UAE is the single largest export market for US goods in the Middle East for the third straight year.
"These trade figures underscore the depth and breadth of this important bilateral relationship," said Yousef Al Otaiba, the UAE ambassador to the US. "The UAE has one of the most open and innovative economies in the world, and is a substantial trading partner with the US.
"In fact, the UAE has trade relationships with every state, supporting hundreds of thousands of US jobs in key sectors such as aircraft, manufacturing, services and defence equipment."
Trade between the two countries has rebounded strongly after the global financial crisis dampened demand in the Emirates for US vehicles, machinery and components.
Total exports from the US to the UAE reached $15.9bn last year, a 36 per cent rise on the previous year.
Among the most valuable US exports to the UAE are Boeing aircraft. Emirates Airline and Etihad Airways both added to their already sizeable order books of the plane maker's commercial aircraft last year.
In November, Emirates announced a $18bn purchase of 50 Boeing 777 aircraft. A month later, Etihad placed an order for 10 of Boeing's fuel-efficient 787-9 Dreamliners and two 777 freighters in a deal valued at $2.8bn at list prices.
In addition to goods, the UAE is also a leading customer of services offered by US firms. The US architect Frank Gehry designed Abu Dhabi's Guggenheim museum, which is scheduled to open in the capital in 2017. Westinghouse is also taking part in a South Korean-led consortium completing a $20bn project to build four nuclear reactors for commercial energy generation in the UAE.
US imports from the UAE also doubled last year to $2.4bn, with petroleum a major element.
The strength of the data proved the UAE's position as an important export destination and gateway to global markets, said Danny Sebright, the president of the US-UAE Business Council.
"These numbers provide clear evidence that the US-UAE trade relationship is thriving and remains a key pillar supporting strong diplomatic ties between our two countries," he said.
While UAE officials say their purchase of US goods helped to support US jobs during the recent global downturn, Emirates's and Etihad's use of the Government's export credits to buy aircraft has often attracted criticism. US airlines argue that Gulf carriers use credits to expand their operations at the expense of American carriers.
tarnold@thenational.ae
SPECS
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KILLING OF QASSEM SULEIMANI
UAE currency: the story behind the money in your pockets
COMPANY PROFILE
● Company: Bidzi
● Started: 2024
● Founders: Akshay Dosaj and Asif Rashid
● Based: Dubai, UAE
● Industry: M&A
● Funding size: Bootstrapped
● No of employees: Nine
Monster
Directed by: Anthony Mandler
Starring: Kelvin Harrison Jr., John David Washington
3/5
The stats
Ship name: MSC Bellissima
Ship class: Meraviglia Class
Delivery date: February 27, 2019
Gross tonnage: 171,598 GT
Passenger capacity: 5,686
Crew members: 1,536
Number of cabins: 2,217
Length: 315.3 metres
Maximum speed: 22.7 knots (42kph)
The%20Roundup
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Pharaoh's curse
British aristocrat Lord Carnarvon, who funded the expedition to find the Tutankhamun tomb, died in a Cairo hotel four months after the crypt was opened.
He had been in poor health for many years after a car crash, and a mosquito bite made worse by a shaving cut led to blood poisoning and pneumonia.
Reports at the time said Lord Carnarvon suffered from “pain as the inflammation affected the nasal passages and eyes”.
Decades later, scientists contended he had died of aspergillosis after inhaling spores of the fungus aspergillus in the tomb, which can lie dormant for months. The fact several others who entered were also found dead withiin a short time led to the myth of the curse.
Conflict, drought, famine
Estimates of the number of deaths caused by the famine range from 400,000 to 1 million, according to a document prepared for the UK House of Lords in 2024.
It has been claimed that the policies of the Ethiopian government, which took control after deposing Emperor Haile Selassie in a military-led revolution in 1974, contributed to the scale of the famine.
Dr Miriam Bradley, senior lecturer in humanitarian studies at the University of Manchester, has argued that, by the early 1980s, “several government policies combined to cause, rather than prevent, a famine which lasted from 1983 to 1985. Mengistu’s government imposed Stalinist-model agricultural policies involving forced collectivisation and villagisation [relocation of communities into planned villages].
The West became aware of the catastrophe through a series of BBC News reports by journalist Michael Buerk in October 1984 describing a “biblical famine” and containing graphic images of thousands of people, including children, facing starvation.
Band Aid
Bob Geldof, singer with the Irish rock group The Boomtown Rats, formed Band Aid in response to the horrific images shown in the news broadcasts.
With Midge Ure of the band Ultravox, he wrote the hit charity single Do They Know it’s Christmas in December 1984, featuring a string of high-profile musicians.
Following the single’s success, the idea to stage a rock concert evolved.
Live Aid was a series of simultaneous concerts that took place at Wembley Stadium in London, John F Kennedy Stadium in Philadelphia, the US, and at various other venues across the world.
The combined event was broadcast to an estimated worldwide audience of 1.5 billion.
The specs
Engine: 4.0-litre, six-cylinder
Transmission: six-speed manual
Power: 395bhp
Torque: 420Nm
Price: from Dh321,200
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MATCH INFO
Schalke 0
Werder Bremen 1 (Bittencourt 32')
Man of the match Leonardo Bittencourt (Werder Bremen)
RESULTS
6.30pm: Al Maktoum Challenge Round-1 Group 1 (PA) Dh119,373 (Dirt) 1,600m
Winner: Brraq, Adrie de Vries (jockey), Jean-Claude Pecout (trainer)
7.05pm: Handicap (TB) Dh102,500 (D) 1,200m
Winner: Taamol, Connor Beasley, Ali Rashid Al Raihe.
7.40pm: Handicap (TB) Dh105,000 (Turf) 1,800m
Winner: Eqtiraan, Connor Beasley, Ali Rashid Al Raihe.
8.15pm: UAE 1000 Guineas Trial (TB) Dh183,650 (D) 1,400m
Winner: Soft Whisper, Pat Cosgrave, Saeed bin Suroor.
9.50pm: Handicap (TB) Dh105,000 (D) 1,600m
Winner: Hypothetical, Mickael Barzalona, Salem bin Ghadayer.
9.25pm: Handicap (TB) Dh95,000 (T) 1,000m
Winner: Etisalat, Sando Paiva, Ali Rashid Al Raihe
'Dark Waters'
Directed by: Todd Haynes
Starring: Mark Ruffalo, Anne Hathaway, William Jackson Harper
Rating: ****
What sanctions would be reimposed?
Under ‘snapback’, measures imposed on Iran by the UN Security Council in six resolutions would be restored, including:
- An arms embargo
- A ban on uranium enrichment and reprocessing
- A ban on launches and other activities with ballistic missiles capable of delivering nuclear weapons, as well as ballistic missile technology transfer and technical assistance
- A targeted global asset freeze and travel ban on Iranian individuals and entities
- Authorisation for countries to inspect Iran Air Cargo and Islamic Republic of Iran Shipping Lines cargoes for banned goods
The specs
Engine: 4-litre twin-turbo V8
Transmission: nine-speed
Power: 542bhp
Torque: 700Nm
Price: Dh848,000
On sale: now
OPINIONS ON PALESTINE & ISRAEL
What is the FNC?
The Federal National Council is one of five federal authorities established by the UAE constitution. It held its first session on December 2, 1972, a year to the day after Federation.
It has 40 members, eight of whom are women. The members represent the UAE population through each of the emirates. Abu Dhabi and Dubai have eight members each, Sharjah and Ras al Khaimah six, and Ajman, Fujairah and Umm Al Quwain have four.
They bring Emirati issues to the council for debate and put those concerns to ministers summoned for questioning.
The FNC’s main functions include passing, amending or rejecting federal draft laws, discussing international treaties and agreements, and offering recommendations on general subjects raised during sessions.
Federal draft laws must first pass through the FNC for recommendations when members can amend the laws to suit the needs of citizens. The draft laws are then forwarded to the Cabinet for consideration and approval.
Since 2006, half of the members have been elected by UAE citizens to serve four-year terms and the other half are appointed by the Ruler’s Courts of the seven emirates.
In the 2015 elections, 78 of the 252 candidates were women. Women also represented 48 per cent of all voters and 67 per cent of the voters were under the age of 40.
Mohammed bin Zayed Majlis
