Latest news with #UAE-U.S.
CNBC
16-05-2025
- Business
- CNBC
UAE to up value of U.S. energy investments to $440 billion by 2035
The United Arab Emirates plans to raise its energy investments in the United States to $440 billion in the next decade, it said on Friday, boosting U.S. President Donald Trump's efforts to secure major business deals on a Gulf tour. The wealthy oil power's strategy — which aligns with global growth ambitions for its companies — was announced during a presentation by Abu Dhabi oil giant ADNOC's CEO Sultan Al Jaber to Trump during the last stage of the president's regional trip. The visit has drawn huge financial commitments to the U.S. from the UAE, Saudi Arabia and Qatar. The enterprise value of UAE investments in the U.S. energy sector will rise to $440 billion by 2035 from $70 billion now, Al Jaber told Trump, adding that U.S. energy firms will also invest in the UAE. "Our partners have committed new investments worth $60 billion in upstream oil and gas, as well as new and unconventional opportunities," Al Jaber said. The amount will be invested over the lifetime of projects, ADNOC said in a statement. Exxon Mobil and Japan's Inpex have agreed a deal to expand the capacity of Abu Dhabi's Upper Zakum offshore field, while Occidental Petroleum (Oxy) will explore boosting the capacity of the Shah gas field and EOG Resources has won an oil exploration concession in Abu Dhabi's Al Dhafra region. "The agreements reinforce the shared commitment of the UAE and U.S. to maintaining global energy security and the stability of energy markets," ADNOC said. The $440 billion value of UAE investments in the U.S. was part of a $1.4 trillion investment plan pledged to Washington, it added. That plan will "substantially increase the UAE's existing investments in the U.S. economy" in AI infrastructure, semiconductors, energy, and manufacturing, the White House said in a statement. The two countries also agreed to a deal that will give the UAE access to some of the most advanced artificial intelligence semiconductors from U.S. companies, a major win for Abu Dhabi's efforts to become a global AI hub. "We see significant opportunities for further UAE-U.S. partnerships across the energy-AI nexus, and we look forward to working with our American partners," Al Jaber said in ADNOC's statement. "We're making great progress for the $1.4 trillion that UAE has announced it intends to spend in the United States," Trump said in Abu Dhabi, his last stop on the tour that has focused on investment deals rather than security crises in the Middle East, including Israel's war in Gaza - at least publicly. "Yesterday the two countries also agreed to create a path for UAE to buy some of the world's most advanced AI semiconductors from American companies, a very big contract." Trump said the deal will generate billions of dollars in business and accelerate efforts by the UAE, an oil power and regional economic power, to become a major player in artificial intelligence. "And I read where - the oil and gas and all is great, but you're going to have equally big, and maybe even bigger - at some point, you'll be surpassing it with AI and other businesses," Trump told UAE officials on Friday during his visit. ADNOC's international investment arm XRG is seeking to make a significant investment in U.S. natural gas, Al Jaber, who is also XRG's executive chairman and minister of industry and advanced technology, has said. XRG signed a framework deal with Oxy subsidiary 1PointFive to evaluate a potential investment in a direct air capture project in Kleberg County, Texas, and could commit up to a third of its development cost, ADNOC said in its statement. Other details of the U.S. investment pledge were not disclosed. ADNOC has already transferred stakes in NextDecade's Rio Grande LNG export facility and a planned ExxonMobil hydrogen plant - both also in Texas - to XRG, which was set up last year. According to ADNOC, XRG, which is taking over Germany's Covestro and has agreed with Austria's OMV to merge their petrochemicals businesses Borouge and Borealis, has $80 billion in assets. "The U.S. is a top priority market for XRG," ADNOC said in its statement, adding the firm "is set to boost investments across the American energy value chain, focusing on expanding gas, LNG, specialty chemicals and energy infrastructure". Mubadala Energy, an arm of Abu Dhabi's second-largest sovereign wealth fund, last month signed a deal with U.S. firm Kimmeridge that will give it stakes in U.S. gas assets.
Yahoo
16-05-2025
- Business
- Yahoo
United States forms AI partnership with UAE
May 16 (UPI) -- The United States and the United Arab Emirates have agreed to form an Artificial Intelligence alliance. The U.S. Department of Commerce announced in a statement that the United States will launch a one-gigawatt AI data center, which in turn will be a part of a five-gigawatt "UAE-U.S. artificial intelligence technology cluster" in the UAE capital city of Abu Dhabi. The cluster will manage the region's computation needs that will operate under American-level security standards and be open to the distribution of new AI infrastructure that can serve on an international level. A group will be formed between the countries within 30 days of its announcement and will "work together to make more efficient the process of inward investments into the United States by UAE Investment Funds," which also involves UAE investment in American digital infrastructure. "We are proud to announce the US-UAE AI Acceleration Partnership," U.S. Secretary of Commerce Howard Lutnick posted to X Thursday. "Together we will build the largest AI data center outside the United States, powered by American companies and high tech manufacturing." The deal was made public as President Donald Trump continues a trip through the Gulf region and stopped to visit a new AI campus in Abu Dhabi, where American-produced AI chips will computationally power the facility and become the largest project of its type anywhere outside the United States. The Biden administration had set an "AI Diffusion Rule" in January, under which the U.S. Commerce Department's Bureau of Industry and Security added exceptions to the facilitation in regard to the export, reexport of transfer of "advanced computing" to ensure the tech ended up with "users in destinations that do not raise national security or foreign policy concerns." The Trump administration rescinded that rule Tuesday, a deregulation that now allows the federal government to make deals with other countries to decide how many American chips they would like to purchase. "The Trump Administration will pursue a bold, inclusive strategy to American AI technology with trusted foreign countries around the world, while keeping the technology out of the hands of our adversaries," said Under Secretary of Commerce for Industry and Security Jeffery Kessler in a Tuesday press release.
UPI
16-05-2025
- Business
- UPI
United States forms AI partnership with UAE
The United States reached a deal with the United Arab Emirates to collaborate on an artificial intelligence technology cluster in Abu Dhabi. Photo by UAE Presidential Court/EPA-EFE May 16 (UPI) -- The United States and the United Arab Emirates have agreed to form an Artificial Intelligence alliance. The U.S. Department of Commerce announced in a statement that the United States will launch a one-gigawatt AI data center, which in turn will be a part of a five-gigawatt "UAE-U.S. artificial intelligence technology cluster" in the UAE capital city of Abu Dhabi. The cluster will manage the region's computation needs that will operate under American-level security standards and be open to the distribution of new AI infrastructure that can serve on an international level. A group will be formed between the countries within 30 days of its announcement and will "work together to make more efficient the process of inward investments into the United States by UAE Investment Funds," which also involves UAE investment in American digital infrastructure. "We are proud to announce the US-UAE AI Acceleration Partnership," U.S. Secretary of Commerce Howard Lutnick posted to X Thursday. "Together we will build the largest AI data center outside the United States, powered by American companies and high tech manufacturing." The deal was made public as President Donald Trump continues a trip through the Gulf region and stopped to visit a new AI campus in Abu Dhabi, where American-produced AI chips will computationally power the facility and become the largest project of its type anywhere outside the United States. The Biden administration had set an "AI Diffusion Rule" in January, under which the U.S. Commerce Department's Bureau of Industry and Security added exceptions to the facilitation in regard to the export, reexport of transfer of "advanced computing" to ensure the tech ended up with "users in destinations that do not raise national security or foreign policy concerns." The Trump administration rescinded that rule Tuesday, a deregulation that now allows the federal government to make deals with other countries to decide how many American chips they would like to purchase. "The Trump Administration will pursue a bold, inclusive strategy to American AI technology with trusted foreign countries around the world, while keeping the technology out of the hands of our adversaries," said Under Secretary of Commerce for Industry and Security Jeffery Kessler in a Tuesday press release.
Al Etihad
11-04-2025
- Business
- Al Etihad
UAE, US to deepen strategic partnerships as Energy Secretary concludes visit
11 Apr 2025 20:42 ABU DHABI (WAM)The United States Secretary of Energy Chris Wright, has concluded his first official international trip to the UAE since assuming office, reinforcing the longstanding and constructive bilateral ties between both visit highlighted the central role of energy in strengthening the UAE-US relationship and their shared commitment to supporting global energy security and stability of energy markets. At a time of heightened market volatility, both partners reaffirmed the critical need to enhance operational efficiency and adopt latest technologies to ensure the delivery of cost competitive the course of his two-day visit, Secretary Wright met with senior UAE government and business leaders including Dr. Sultan Ahmed Al Jaber, Minister of Industry and Advanced Technology, Managing Director and Group CEO of ADNOC, Chairman of Masdar, and Executive Chairman of XRG; Suhail Mohamed Al Mazrouei, Minister of Energy and Infrastructure; Mohamed Alsuwaidi, Minister of Investment, Managing Director and CEO of ADQ; Mariam Almheiri, Head of the International Affairs Office at the Presidential Court; and Yousef Al Otaiba, UAE Ambassador to the Sultan Al Jaber said: 'The UAE and the US enjoy a longstanding strategic relationship underpinned by a shared commitment to ensuring energy security and prosperity. Secretary Chris Wright's visit to the UAE has provided an important platform to deepen our ties and unlock new opportunities across multiple sectors, including the energy-AI nexus. We look forward to working with Secretary Wright and the US Administration to foster investment in the energy sector, drive socioeconomic development and shape a more prosperous future for the world.'Suhail Al Mazrouei said: 'It is a great honour to have welcomed the U.S. Secretary of Energy to the UAE. Secretary Wright's visit served as a timely push for our efforts to enhance energy security in both our nations. In the past two days, we dove into meaningful discussions that will take the UAE-U.S. ties to new heights on multiple fronts, including energy, infrastructure, trade and investment. We are confident that the success of this visit has set the stage for even greater collaboration between our countries. We wish Secretary Wright all the best in the remaining part of his journey in the Middle East.'For his part, Secretary Wright said that he was thrilled to visit the UAE, adding that his visit to ADNOC was 'tremendous'. He described the company as a 'high-technology, strong culture and high-performing energy business' and hailed its leadership in adopting AI and technology to future-proof, drive cost-competitiveness and remain a top global energy Wright was hosted at ADNOC HQ and visited strategic UAE energy facilities including the Barakah Nuclear Energy Plant, which now meets approximately 25% of the UAE's electricity needs and was developed under the landmark UAE-U.S. 123 Agreement for Civil Nuclear Cooperation. In addition, he visited ADNOC's Shah Gas Field, where US-based Occidental is a strategic partner. The field is one of the world's largest of its kind, producing over 1.45 billion standard cubic feet per day (scfd) of natural Wright was also given a guided helicopter overflight of the Al Dhafra Solar Photovoltaic (PV) Independent Power Producer (IPP) project. The visit to the facilities highlighted how energy is crucial to driving economic development and global meetings between Secretary Wright and UAE energy, AI and investment leaders explored huge opportunities for further partnerships including the energy-AI nexus, infrastructure and manufacturing. XRG, ADNOC's international energy investment company, is well positioned to play a key role in deepening partnerships with the US as it meets the fast-growing energy needs of AI.
TECHx
18-03-2025
- Business
- TECHx
TECHx Media UAE-U.S. Strengthen Ties with New Investments and AI Collaboration
UAE-U.S. Strengthen Ties with New Investments and AI Collaboration News Desk - Share The UAE and the U.S. continue to reinforce their strategic partnership, built on over five decades of collaboration across security, trade, technology, and clean energy. The official visit of H.H. Sheikh Tahnoon bin Zayed Al Nahyan, Deputy Ruler of Abu Dhabi and National Security Adviser, to the United States marks a significant step in strengthening bilateral ties, enhancing economic cooperation, and advancing shared interests. Bilateral trade between the UAE and the U.S. (excluding oil) reached nearly $40 billion, with merchandise trade rising by 9.47% to $34.43 billion (AED 126.46 billion) in 2024, compared to $31.45 billion (AED 115.51 billion) in 2023, according to the U.S. Department of Commerce. UAE investments in the U.S. totaled approximately $3.7 billion between 2018 and 2023, while U.S. investments in the UAE reached $9.5 billion during the same period. The UAE also holds over $70 billion in the U.S. energy sector through ADNOC, Masdar, and XRG, reflecting its commitment to clean energy and sustainable development. The UAE and U.S. have expanded cooperation in artificial intelligence and emerging technologies. In April 2024, Microsoft announced a $1.5 billion strategic investment in G42, the UAE's leading AI company. In June, World Wide Technology, Inc. (WWT) signed an agreement with NXT Global to establish the first AI integration center in Masdar City. In February, G42 and Microsoft launched the Responsible AI Institute (RAI Institute), the first initiative of its kind in the Middle East, promoting ethical AI development across the region and the Global South. In September, both countries announced a framework for AI cooperation, focusing on AI security, cybersecurity, regulatory standards, and the development of AI-driven sustainable solutions. Space exploration remains a key area of collaboration. The UAE's Emirates Mission to the Asteroid Belt (EMA), in partnership with the University of Colorado Boulder, builds on the success of the UAE's Hope Probe, which was launched in 2021. The UAE is also a major contributor to NASA's Lunar Gateway Programme, developing a dedicated airlock module that will support future missions, including the UAE's first astronaut journey to lunar orbit by 2030. Climate action is another pillar of UAE-U.S. relations, highlighted by the UAE-U.S. Partnership for Accelerating Clean Energy (PACE), which aims to mobilize $100 billion to generate 100 gigawatts of clean energy by 2035. The UAE also co-leads the Agriculture Innovation Mission for Climate (AIM4C) alongside the U.S., bringing together over 50 countries and 500 partners to drive advancements in sustainable agriculture. Masdar, the UAE's leading renewable energy company, has invested in 11 clean energy projects across the U.S., including the Big Beau solar and battery storage project near Los Angeles. With ongoing collaborations in economic growth, technology, clean energy, and space exploration, the UAE and the U.S. continue to strengthen their partnership, fostering innovation and long-term prosperity on a global scale.
