The UAE Minister of Economy, Abdullah bin Touq Al Marri, met with New Jersey Governor Phil Murphy to explore ways to strengthen economic and investment relations between the UAE and the United States, particularly with New Jersey. This collaboration aims to open new avenues for cooperation in vital sectors such as tourism, innovation, technology, sustainable development, and circular economy.

The bilateral trade between the UAE and New Jersey currently supports approximately 7 500 jobs in technology and electronics sectors. The UAE is positioned as a strategic gateway for New Jersey companies seeking access to markets in the Middle East, Africa, and South Asia. Conversely, New Jersey serves as a significant entry point for the UAE into the U.S. market, benefiting from its proximity to New York and its status as the tenth-largest economy among U.S. states. This partnership is expected to enhance commercial and investment cooperation, driving growth for both parties in the future.

Al Marri emphasized that the relationship between the UAE and the U.S. is strategic and robust, encompassing all economic domains. He noted that the partnership is characterized by dynamism, growth, and diversity, reflecting the commitment of both nations to further develop their collaborative efforts in various developmental fields. He stated that the UAE is keen on solidifying its economic partnership with New Jersey, recognizing its strong investment prospects and active economic ties.

During the meeting, Al Marri presented the incentives and opportunities available within the UAE’s business environment, which has seen significant developments in recent years. This includes the issuance and updating of a comprehensive set of economic laws and regulations that have contributed to building a new, flexible, and sustainable model focused on expanding activities in new economy sectors.

He highlighted the strategic location of the UAE, which enhances its status as a leading commercial hub that connects markets in Asia, the Middle East, and North Africa. The UAE’s advanced economic and trade infrastructure further supports this role. Priority sectors such as generative artificial intelligence, technology, tourism, and circular economy are seen as promising areas for mutual investments and joint ventures that will contribute to achieving economic growth targets for both sides.

Al Marri also discussed the tourism sector and key initiatives launched by the UAE to elevate it to new heights, including the “National Tourism Strategy 2031.” He pointed out that the UAE has become one of the top tourist destinations both regionally and globally, indicating that the tourism sector presents ample opportunities for mutual cooperation with New Jersey, particularly in developing a sustainable and innovative tourism industry.

He invited Governor Murphy to attend and participate in the fifth edition of “Investopia,” set to take place in Abu Dhabi next year, emphasizing its role as a leading global platform for fostering cooperation and investment opportunities in new economy sectors, which will enhance trade and investment partnerships with the UAE business community.

The meeting also reviewed the economic relations between the UAE and New Jersey, which serves as a leading model for economic and trade collaboration. New Jersey is the fifth most significant U.S. state in terms of exports to the UAE, having achieved a 24% growth in exports to the UAE from 2019 to 2023, totaling $5 billion in goods.