DAVOS: Arab Gulf countries want to strengthen their historic ties with the US under the new administration of President Donald Trump as the Middle East urgently needs peace and stability, according to the UAE’s Minister of Economy Abdulla bin Touq Al-Marri.
The Emirati minister spoke at the World Economic Forum in Davos on Tuesday and said that the UAE was the US’ No. 1 commerce partner within the Gulf Cooperation Council, with a bilateral trade of $40 billion annually.
He added that the relationship between the UAE and the US was an example of the strategic ties that Washington had forged with other GCC countries, such as Oman and Bahrain.
Al-Marri said the GCC region had experienced significant economic growth over the past 50 years. However, the Middle East continued to be a volatile region, riddled with political and armed conflicts.
Al-Marri said: “Now, what do we want in the region? We want more peace and we want more stability, and we want more growth for the region.”
He added that the UAE viewed its relationship with the US from a macro perspective and wished to continue on a strong and steady path during the Trump administration.
The Emirati minister was speaking on a panel called “Hard Power: Wake-up Call for Companies,” which addressed geopolitical and environmental issues related to corporations and investments.
Other panelists included Ukraine’s Deputy Prime Minister Yulia Svyrydenko; Nader Mousavizadeh, the CEO of Macro Advisory Partners; and Nir Bar Dea, the CEO of Bridgewater Associates.
Svyrydenko said that Ukraine faced a challenge in convincing investors and corporations to conduct business in a country locked in a conflict with Russia.
The deputy premier said that Ukrainian officials had done their homework to create a secure environment for investments in Ukraine, but that Kyiv was finding it challenging to meet the safety expectations of potential investors.
Svyrydenko said: “What kind of security guarantee do (investors) need? Do you need an anti-missile system in the industrial belts? Or do you need troops, or do you need NATO? It’s time for business to be more vocal about this and help us (answer) this issue.”
Ukraine's Deputy Prime Minister, Yulia Svyrydenko, said that Kyiv was finding it challenging to meet the safety expectations of potential investors (AFP)
Al-Marri said the UAE was “supportive” of the government of Ukraine when asked if Russian nationals residing in the UAE could return home if Trump helps to end the conflict in Eastern Europe.
There are no officially published figures regarding the number of Russian residents in the UAE although at least 1 million Russians visit the country annually as tourists.
Despite the potential for a tariff war between the US and China, Al-Marri stressed that the annual bilateral trade volume between Beijing and Abu Dhabi stood at $80 billion annually.
He said: “You can’t say ‘I need the world without China,’ and you can’t have the world without China; let’s be clear on that. You need China in this kind of trade domain.”
Al-Marri said that the UAE had “always built a bridge, always designed a supply chain” between regions.
He added: “We are ready for the world. We are very open, and we need corporations as well to think about the UAE as a place (for business and trade).”
He said that the UAE’s strategic location between East and West was ideal for companies connecting with various markets.
He added: “So, if you open a shop in Dubai or Abu Dhabi, you are operating the whole world.”
The minister shared his hopes of Dubai becoming a “20-minute commute” city, as its population is projected to reach 4 million next year.
