US Has Major Business Opportunities for Emirati Firms
- Business Companies Regional World
Global Business Magazine- 5 minutes read
The US Secretary of Energy Chris Wright on Thursday said that that there were major opportunities for Emirati investments in the US, as well as American investments in the UAE and they include flows of capital and technology, especially following the launch of the UAE’s XRG company.
Wright, who visited the ADNOC headquarters in Abu Dhabi, said that there has been a strong and growing partnership between the US and the UAE in the fields of energy, artificial intelligence (AI), and advanced technology and described the bilateral relations with the UAE was witnessing rapid growth in investment and joint cooperation.
Wright said that capital and technology flows are moving in both directions, praising the level of technology used in oil and gas production, as well as the UAE’s early investments in AI technologies.
Lauding the UAE’s early adoption of AI in its energy sector, he said that the Emirates has been an early mover in AI.
“I saw incredible progress today in applying AI to their own energy system, and a big vision for where their future is going,” Wright said and predicted significant cooperation between the two nations in both energy and AI, involving significant investments in both directions, along with continued geopolitical cooperation between the two countries.
Wright affirmed that the US was open to foreign investments and has been working to empower the private sector and reduce costs, making it an attractive destination for investments in oil, gas, and advanced energy sectors.
He clarified that oil and gas prices were influenced by the forces of the free market and are not determined by any one party, noting that the US continues to produce oil at good levels, while natural gas production is growing rapidly, driven by rising domestic demand and increased export capacity.
Oil Prices Decline Likely
He pointed out that short-term price fluctuations were mostly due to market perceptions related to supply and demand, saying: “In the long term, I believe we will see a gradual decline in oil and gas prices in the US, and we hope this will also happen globally,” he said.
Wright clarified that this decline in prices does not necessarily mean a drop in company profitability, affirming that energy companies will continue to reduce production costs and face fewer government burdens, which will positively impact the sector.
He emphasised that the US President Donald Trump’s agenda focuses on lowering energy costs as a means to improve citizen’s living standards, boost corporate competitiveness, and increase investments.
He said that the US was preparing for a new phase of strong growth in demand for oil and gas in the coming years, in parallel with the expected increase in production, pointing out that artificial intelligence will be a key factor in this growth, particularly by driving up demand for natural gas and electricity.
He also met with the UAE energy, technology and investment leaders at ADNOC headquarters to reinforce the growing ties between both nations, deepen collaboration and explore new partnership opportunities, during his first official overseas trip since assuming office.
The UAE Ministers Dr Sultan Ahmed Al Jaber and Suhail Al Mazrouei, US envoy to the UAE Martina Strong, senior energy, AI, and investment leaders, including Mohamed Al Ramahi, CEO of Masdar; Musabbeh Al Kaabi, ADNOC Upstream CEO; Khaled Salmeen, ADNOC Downstream CEO and XRG COO; Thomas Pramotedham, CEO of Presight; Mansoor Mohamed Al Hamed, Managing Director and CEO of Mubadala Energy; Dr. Bakheet Al Katheeri, CEO of Mubadala UAE Investments Platform, and Magzhan Kenesbai, Acting Managing Director of AIQ were among those who were present at the meeting.
Dr Sultan Al Jaber said that in a dynamic global energy market, the UAE and US share a common goal of driving energy abundance, unlocking the power of AI to enhance cost-competitiveness, while deepening partnerships on cutting-edge technologies and creating new opportunities through a pro-growth, pro-investment, pro-energy and pro-people approach.
