The US state of Colorado alone exported more than $200 million in products and services to the UAE last year, a number which is expected to grow as ties in the healthcare and commercial space sectors continue to grow, according to Hazza Alkaabi, the UAE’s Consul General in Los Angeles.
Speaking at an event organised by the US-UAE Business Council on Tuesday, Alkaabi – whose responsibilities cover the US West Coast and central mountain states – revealed that despite the pandemic, the economic relationship between the UAE and Colorado grew in 2020.
“In 2020, Colorado exported over $208 million in products and services to my country, supporting around 1,900 Colorado jobs,” he said. “The UAE-Colorado relationship spans many sectors.”
The most visible aspect of the partnership, Alkaabi added, was the partnership between the University of Colorado Boulder’s Laboratory for Atmospheric and Space Physics (LASP) and the UAE Space Agency.
Together, the two built the spacecraft that transported the UAE’s Hope Probe to Mars, where it entered the planet’s orbit in February.
This link, he added, could serve as a model for future partnerships in different sectors. As an example, Alkaabi noted that the UAE is actively seeking opportunities in the healthcare sector.
“I’m looking to explore more opportunities to establish similar partnerships with Colorado companies who can take part in many aspects of this important sector,” he said. “Healthcare and life sciences could not be more evident today, with the pandemic going on.”
Hazza Alkaabi, the UAE’s Consul General in Los Angeles
Alkaabi added that “when you invest in medical technology, you’re investing in a space that’s, of course, profitable, but also solves world problems and saves lives.”
Among the other speakers at the event was Shelli Brunswick, the chief operating officer of the US-based Space Foundation.
In her remarks, she urged US firms to take advantage of the UAE’s shift toward the ‘global space ecosystem’, which is predicted to grow from a market size of $424 billion today to $1.4 trillion by 2030 and over $3 trillion by 2040.
“The UAE wants to transfer what it gained in the last 15 years to the private sector,” she said. “It wants to use space as an enabler to grow GDP….there are a number of opportunities for businesses, as well as universities and non-profits, to find great collaborative opportunities in the UAE.”
As an example, Brunswick noted that US citizens or US-based technology-focused businesses could easily apply for government assistance and partner with counterparts in the UAE.
Shelli Brunswick, the chief operating officer of the US-based Space Foundation
“A US citizen could apply for a patent, open an office in Colorado, apply for a government grant, and then partner with [the UAE] to bring technology to market,” she said. “What we like to highlight is that when someone creates an entrepreneur, they’re creating a job not just for themselves, but for others.”
In many cases, Brunswick noted, a technology originally created for use in the aerospace or space exploration sectors – such as cell phone communications technology, cordless tools or formulated foods – will be applicable on earth, in turn creating significant business opportunities.
“When we think of space, many times, we think about the moon and Mars and beyond, and becoming an interplanetary species,” she added. “But what we’ve learned over the last 60 years is that space technology benefits us here on earth.”
“There are opportunities to take space technology and commercialise it to better humanity,” Brunswick said.
The Colorado-UAE event was one of a number of state-specific events planned by the US-UAE Business Council to encourage greater economic ties between the emirates and individual American states.
During a virtual trade mission hosted by @USUAEBizCouncil and @ColoradoEcoDevo H.E. Consul General Hazza Alkaabi alongside @LtGovOfCO Dianne Primavera and @SpaceFoundation COO Shelli Brunswick discussed the economic and educational ties between the #UAE and Colorado. pic.twitter.com/0Mcirdxz3H
— UAE Consulate in LA (@UAEinLA) May 19, 2021
Another upcoming event, scheduled for May 26, will focus on Arizona.
In a recent interview with Arabian Business, US-UAE Business Council President Denny Sebright said that individual states play a “vital” role in the wider US-UAE relationship.
“They allow for exchange on a local level, fuel local job growth and promote mutual understanding in a cultural sense,” he said. “State governments are also able to make special economic and tax concessions rendering their states more attractive for foreign direct investment from UAE-based entities looking for investment opportunities in the US.”
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