Minister of Economy and New Jersey Governor explore opportunities to deepen economic ties across new economy sectors, tourism, technology, and sustainability solutions

New Jersey is the fifth largest US state exporter to the UAE, with its exports to the country growing by 24% between 2019 and 2023

H.E. Abdulla bin Touq Al Marri, Minister of Economy, met with Phil Murphy, Governor of New Jersey, to explore ways to enhance economic and investment ties between the UAE and the United States, with a particular focus on New Jersey. The discussions aimed to open new avenues for collaboration in key sectors of mutual interest, including tourism, innovation, technology, sustainable development solutions, the circular economy, and the new economy.

H.E. Bin Touq underscored the strategic and longstanding nature of UAE-U.S. relations, describing them as strategic, resilient, and spanning all economic sectors. H.E. noted that the partnership is characterized by dynamism, growth, and diversity, underpinned by the commitment of both countries’ leadership to deepening cooperation across various fields.

H.E. said: "We are committed to deepening our economic partnership with New Jersey, which offers substantial investment and trade potential and enjoys vibrant economic ties with the UAE. We firmly believe in the promising opportunities that can be capitalized on, given our shared vision and commitment to supporting innovation, technology, and knowledge as key drivers of sustainable economic growth."

During the meeting, H.E. Bin Touq highlighted the incentives and opportunities offered by the UAE’s business environment, which has undergone transformative growth in recent years. Central to this progress has been the introduction and continuous enhancement of a comprehensive framework of economic policies and legislation, designed to foster a resilient, agile, and sustainable economic model focused on expanding new economy sectors. H.E. emphasized the importance of the UAE’s strategic location, which reinforces its position as a leading trade hub connecting Asia, the Middle East, and North Africa, serving as a global trade gateway, further supported by the country’s advanced economic and commercial infrastructure.

H.E. noted that priority sectors such as generative artificial intelligence, technology, tourism, investment, and the circular economy offer promising opportunities to deepen mutual investment and establish joint ventures that actively support the economic growth objectives of both sides.

H.E. also shed light on the tourism sector, underscoring the major initiatives and policies launched by the UAE to elevate the industry to world-class standards, most notably the UAE Tourism Strategy 2031. Today, the UAE ranks among the top travel destinations both regionally and globally. H.E. pointed out that this sector offers vast opportunities for collaboration with New Jersey in support of building an innovative and sustainable tourism industry.

H.E. Bin Touq also extended an invitation to the Governor of New Jersey to attend the fifth edition of Investopia, set to take place in Abu Dhabi next year. He emphasized the forum’s pivotal role as a premier global platform for fostering strategic collaboration and unlocking investment opportunities in the new economy sectors, while also deepening trade and investment ties with the UAE’s business community across key priority industries.

UAE–New Jersey economic relations: A model of sustainable partnership

The meeting reviewed the strength of economic relations between the UAE and the State of New Jersey, highlighting them as a leading model of economic and trade cooperation. New Jersey stands as the fifth-largest U.S. state exporter to the UAE, with exports increasing by 24 per cent from 2019 to 2023 to total USD 5 billion. This bilateral trade supports approximately 7,500 jobs in the state of New Jersey, particularly in the technology and digital sectors.

The UAE serves as a strategic gateway for New Jersey companies seeking access to markets across the Middle East, Africa, and South Asia. Similarly, New Jersey offers the UAE a key entry point into the U.S. market, capitalizing on its proximity to New York and its position as the 10th largest state economy in the United States.