Even for someone as accustomed to the “art of the deal” as US president-elect Donald Trump, $20 billion must be an eye-catching sum. Nevertheless, Tuesday’s announcement that Emirati company Damac Properties will invest this considerable amount in building data centres across at least eight American states is just the latest step in a long-running and consequential tech and trade journey involving the two countries.
The UAE has embraced artificial intelligence and big data not only as an integral part of its transition to a post-oil economy but as essential tools to developing and maintaining its high-tech society of digital services, advanced health care and smart cities. This transition has not been carried out in isolation, and the US – as the world’s largest economy and home to many leading tech pioneers – has been an enduring and preferred partner in the UAE’s digital evolution.
During last September’s high-profile White House visit by President Sheikh Mohamed, he and US President Joe Biden welcomed an April 2024 partnership between Microsoft and the UAE’s Group 42 artificial intelligence company that involved a $1.5 billion investment from the US tech giant. During the same visit, the US and UAE issued a joint statement about their collaboration on AI. In it, Sheikh Tahnoon bin Zayed, Deputy Ruler of Abu Dhabi and National Security Advisor and US National Security Advisor Jake Sullivan highlighted “the importance of deepening bilateral ties and strengthen co-operation between our governments, companies and workforces”.
These were political acknowledgements of the growing commercial, professional and educational relationships that exist in this field between the UAE and the US. According to a report published by the US-UAE Business Council, major American companies such as Amazon Web Services, Oracle, Dell Technologies and Nvidia also forged partnerships with UAE businesses last year. Global chip maker Nvidia, for example, will collaborate with G42 to drive advanced climate and weather predictions using AI-augmented simulations. The companies will also establish a ClimateTech lab in Abu Dhabi that will serve as a hub for research and development. NYU Abu Dhabi is involved in AI research and education, and many young Emiratis are keen to pursue a career in advanced technology.
So far, so promising. However, the potential for this relationship to grow further is considerable. Speaking alongside Mr Trump in Florida on Tuesday, Hussain Sajwani, founder and chairman of the Dubai-based real estate developer, said Damac could increase its investment under the right market conditions. Elsewhere in the Gulf, the rush to embrace a high-tech business future is well underway – in March it was announced that Amazon’s cloud division was to invest $5.3 billion in Saudi Arabia and develop data centres there next year. In neighbouring Bahrain, a data centre park spread over a 55,000 square metre site is being built in Al Qurain, and market research agency Arizton Intelligence says the kingdom’s data centre market could be worth more than $290 million by 2029.
The US – as the world’s largest economy and home to many leading tech pioneers – has been an enduring and preferred partner in the UAE’s digital evolution
Technology is a rapidly developing sector and although partnerships are important, the pace and scale of changes should not mean they are exclusive. UAE companies work well with American counterparts but remain open to opportunities elsewhere. In March, Abu Dhabi set up a new technology investment company, MGX, to expedite the development of AI and other advanced technology and in November, Adnoc and Abu Dhabi clean energy company Masdar signed a collaboration deal with Microsoft on AI-driven sustainability and decarbonisation initiatives. In February, Khaldoon Al Mubarak, the chief executive of Mubadala Investment Company – a keen investor in AI and other technologies – said investments would be based on attractiveness of opportunities in key markets, not geopolitical considerations.
To sign a $20 billion deal on the eve of Mr Trump’s second presidency is undoubtedly a significant achievement and another vote of confidence in Emirati business. In a rapidly changing world, progress will lie on such fruitful partnerships continuing.
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Director: Joseph Kosinski
Rating: 4/5
THE SIXTH SENSE
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Director: M. Night Shyamalan
Rating: 5/5
Where to donate in the UAE
The Emirates Charity Portal
You can donate to several registered charities through a “donation catalogue”. The use of the donation is quite specific, such as buying a fan for a poor family in Niger for Dh130.
The General Authority of Islamic Affairs & Endowments
The site has an e-donation service accepting debit card, credit card or e-Dirham, an electronic payment tool developed by the Ministry of Finance and First Abu Dhabi Bank.
Al Noor Special Needs Centre
You can donate online or order Smiles n’ Stuff products handcrafted by Al Noor students. The centre publishes a wish list of extras needed, starting at Dh500.
Beit Al Khair Society
Beit Al Khair Society has the motto “From – and to – the UAE,” with donations going towards the neediest in the country. Its website has a list of physical donation sites, but people can also contribute money by SMS, bank transfer and through the hotline 800-22554.
Dar Al Ber Society
Dar Al Ber Society, which has charity projects in 39 countries, accept cash payments, money transfers or SMS donations. Its donation hotline is 800-79.
Dubai Cares
Dubai Cares provides several options for individuals and companies to donate, including online, through banks, at retail outlets, via phone and by purchasing Dubai Cares branded merchandise. It is currently running a campaign called Bookings 2030, which allows people to help change the future of six underprivileged children and young people.
Emirates Airline Foundation
Those who travel on Emirates have undoubtedly seen the little donation envelopes in the seat pockets. But the foundation also accepts donations online and in the form of Skywards Miles. Donated miles are used to sponsor travel for doctors, surgeons, engineers and other professionals volunteering on humanitarian missions around the world.
Emirates Red Crescent
On the Emirates Red Crescent website you can choose between 35 different purposes for your donation, such as providing food for fasters, supporting debtors and contributing to a refugee women fund. It also has a list of bank accounts for each donation type.
Gulf for Good
Gulf for Good raises funds for partner charity projects through challenges, like climbing Kilimanjaro and cycling through Thailand. This year’s projects are in partnership with Street Child Nepal, Larchfield Kids, the Foundation for African Empowerment and SOS Children's Villages. Since 2001, the organisation has raised more than $3.5 million (Dh12.8m) in support of over 50 children’s charities.
Noor Dubai Foundation
Sheikh Mohammed bin Rashid Al Maktoum launched the Noor Dubai Foundation a decade ago with the aim of eliminating all forms of preventable blindness globally. You can donate Dh50 to support mobile eye camps by texting the word “Noor” to 4565 (Etisalat) or 4849 (du).
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The alternatives
• Founded in 2014, Telr is a payment aggregator and gateway with an office in Silicon Oasis. It’s e-commerce entry plan costs Dh349 monthly (plus VAT). QR codes direct customers to an online payment page and merchants can generate payments through messaging apps.
• Business Bay’s Pallapay claims 40,000-plus active merchants who can invoice customers and receive payment by card. Fees range from 1.99 per cent plus Dh1 per transaction depending on payment method and location, such as online or via UAE mobile.
• Tap started in May 2013 in Kuwait, allowing Middle East businesses to bill, accept, receive and make payments online “easier, faster and smoother” via goSell and goCollect. It supports more than 10,000 merchants. Monthly fees range from US$65-100, plus card charges of 2.75-3.75 per cent and Dh1.2 per sale.
• 2checkout’s “all-in-one payment gateway and merchant account” accepts payments in 200-plus markets for 2.4-3.9 per cent, plus a Dh1.2-Dh1.8 currency conversion charge. The US provider processes online shop and mobile transactions and has 17,000-plus active digital commerce users.
• PayPal is probably the best-known online goods payment method - usually used for eBay purchases - but can be used to receive funds, providing everyone’s signed up. Costs from 2.9 per cent plus Dh1.2 per transaction.
Company Profile
Name: JustClean
Based: Kuwait with offices in other GCC countries
Launch year: 2016
Number of employees: 130
Sector: online laundry service
Funding: $12.9m from Kuwait-based Faith Capital Holding
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BEACH SOCCER WORLD CUP
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Paraguay
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USA
Group B
Uruguay
Mexico
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Tahiti
Group C
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Group D
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Oman
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Nigeria
Living in...
This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
Lexus LX700h specs
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Transmission: 10-speed auto
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On sale: Now
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In Search of Mary Shelley: The Girl Who Wrote Frankenstein
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Mohammed bin Zayed Majlis
Mohammed bin Zayed Majlis
