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JEDDAH: The UAE strengthened its economic partnership with the US during a three-day visit to New York, where Abu Dhabi officials signed a series of agreements in technology, finance, energy, and manufacturing. 

The high-level delegation, led by Ahmed Jasim Al-Zaabi, chairman of the Abu Dhabi Department of Economic Development, met with US government officials and business leaders to boost trade and investment cooperation, according to the Emirates News Agency, also known as WAM. 

The visit witnessed the inking of agreements to enhance cooperation in sectors including startups, family businesses, and small and medium enterprises, as well as digital infrastructure, new energy, advanced manufacturing, and financial services. 

The two countries share a strong and growing economic relationship, with bilateral trade reaching $34.4 billion in 2024 — an 8.5 percent increase year on year — making the UAE the largest US trading partner in the Middle East, with trade spanning all 50 US states and supporting over 184,000 jobs. 

In a statement, Al-Zaabi said: “We are proud of our strong and evolving partnership with the US. This visit has enabled us to build more collaborative initiatives to harness new trends, mega shifts, and technological transformations witnessed by the global economy.” 

He added: “Backed by five decades of fruitful cooperation, our trade and investment ties with the US continue on an upward trajectory,” noting that mutual investments are also increasing and expanding, supercharging growth across various sectors and industries, and creating thousands of jobs. 

He emphasized that this growth reflects the depth and strength of their cooperation with the US and affirmed their commitment to further enhancing it, enabling businesses and investors to grow, thrive, and expand. 

In recent years, Abu Dhabi’s non-oil trade with the US has grown by 28.4 percent, while US companies operating in Abu Dhabi have seen a 52.9 percent compound annual growth rate, reflecting deepening ties in key economic sectors. 

According to a report released in May by the White House, US President Donald Trump announced over $200 billion in commercial deals between the two countries — bringing the total of investment agreements in the Gulf region to over $2 trillion. 

This builds on the UAE’s commitment to a 10-year, $1.4 trillion investment framework that will contribute to the US boom in AI infrastructure, semiconductors, energy, quantum computing, biotechnology, and manufacturing, as per the US official release. 

The New York event brought together 15 of Abu Dhabi’s largest listed companies from diverse sectors, with a combined market capitalization exceeding $300 billion, and featured more than 100 one-on-one meetings with leading US institutional investors managing assets of over $10 billion. 

The delegation included senior officials from Abu Dhabi’s public and private sectors, among them Ghannam Al-Mazrouei, chairman of the Abu Dhabi Securities Exchange Group, Hamad Sayah Al-Mazrouei, undersecretary of ADDED, and Badr Al-Olama, director general of the Abu Dhabi Investment Office. 

RIYADH: ������Ƶ’s point-of-sale transactions climbed to SR16.14 billion ($4.30 billion) in the week ending Oct. 4, representing a 26.4 percent rise compared to the previous seven days, driven by an increase in spending across the majority of sectors.  

According to the latest report released by the Saudi Central Bank, also known as SAMA, the number of transactions also grew by 14.3 percent to 252.99 million. 

The robust momentum in POS spending in ������Ƶ reflects rising consumer confidence and the Kingdom’s ongoing digital payments transformation under the Vision 2030 initiatives. 

SAMA revealed that the food and beverages sector remained the top driver for POS spending at SR2.67 billion, representing a 44.5 percent rise compared to the previous week.  

Restaurants and cafes witnessed spending amounting to SR1.77 billion, up 12.1 percent, while transactions in the transportation sector rose by 28.1 percent to SR1.18 billion.  

Spending on apparel, clothing, and accessories rose by 20.5 percent to SR1.14 billion, followed by transactions in the health sector at SR1.06 billion, a 25.9 percent increase.  

Expenditure at gas stations reached SR1.13 billion, while professional and business services totaled SR1 billion. 

By contrast, spending on furniture and home appliances fell 4 percent to SR654.71 million. 

The central bank’s latest data show consumer confidence remains firm despite global economic headwinds, providing vital support to ������Ƶ’s broader transformation agenda. 

In April, SAMA reported that non-cash retail transactions in the Kingdom reached 12.6 billion in 2024, up from 10.8 billion in 2023, highlighting the continued expansion of electronic payment systems across the Kingdom.  

It added that electronic payments accounted for 79 percent of total retail transactions in 2024, up from 70 percent in 2023. 

Geographically, ������Ƶ’s capital city, Riyadh, recorded POS transactions totaling SR5.50 billion, representing a weekly rise of 20.8 percent.  

The number of transactions in Riyadh also increased by 12.2 percent to 82.02 million.  

In Jeddah, the total value of transactions amounted to SR2.13 billion, followed by Dammam at SR790.57 million, Madinah at SR621.01 million and Makkah at SR612.15 million.  

Alkhobar recorded POS transactions totaling SR453.30 million, while Buraidah and Abha stood at SR391.75 million and SR199.74 million, respectively.