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Utah seeks GCC investment in nuclear energy, housing, aerospace sectors
‘Loved my time in Dubai and Abu Dhabi,’ says Utah's governor Spencer Cox who invites UAE and GCC sovereign wealth funds to invest in state's growing sectors
- PUBLISHED: Fri 26 Jun 2026, 4:37 PM
The US state of Utah is seeking investment from the UAE and other Gulf sovereign wealth funds for its burgeoning nuclear energy, technology, aerospace and housing sectors, a senior official has said.
In an interview with Khaleej Times in Salt Lake City, Utah governor Spencer Cox said his administration was keen to deepen the relationship that began when a Utah business delegation visited Dubai and Abu Dhabi nearly four years ago, and a trip later reciprocated by a delegation from UAE.
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“We had an incredible trip there. Loved my time in Dubai and Abu Dhabi as well,” he said, adding that the tech, aerospace and drone sectors had proved fertile ground for “really special common ground” between Utah and the Gulf.
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Led by Governor Cox, a trade mission visited Israel and the UAE from September 8 to 17, 2022, to help the American state to capitalise on emerging opportunities and build economic bridges.
The 2020 Abraham Accords that normalised diplomatic and trade relations between Israel and the Gulf countries have unlocked tremendous economic opportunities in the region.
The UAE and Utah share important similarities from their dynamic innovation ecosystems to their expertise in navigating familiar challenges.
Tapping the region’s $5 trillion sovereign wealth pool
“We've really appreciated our meetings with the sovereign wealth funds and the opportunities to invest. We connected some of our venture capital firms with UAE SWFs as well, so that they can work together to invest. We have certain sectors of our economy that we're really focused on such as aerospace, defence, technology and biotech. The life sciences sector is one that is just exploding, and where there are definitely opportunities for the sovereign wealth funds to invest. Finance is a big one for us, we were doing a lot in that sector as well,” he added.
He added the state had begun connecting its venture capital firms with Gulf sovereign funds so the two sides could co-invest, and had held discussions with sovereign wealth representatives at the Select USA investment summit in Washington DC.
Cox singled out aerospace and defence, technology, biotech and life sciences, and financial services as priority sectors for inbound capital, alongside what he described as the state's biggest opportunity: energy.
Nuclear power and housing
Cox said Utah was racing to expand its electricity generation capacity in anticipation of surging demand from AI data centres and hyperscale computing. The state launched Operation Gigawatt, an initiative aimed at doubling Utah’s power production within roughly a decade, with several nuclear firms already relocating to Utah.
The plan centres on a nuclear innovation campus and includes deploying small modular reactors (SMRs), alongside domestic manufacturing of reactor components and advanced manufacturing facilities. The state has also flagged opportunities in recycling spent nuclear fuel, with Cox citing estimates that as much as $3 trillion worth of usable fuel potential remains locked in existing nuclear waste because earlier and current-generation reactors burn fuel inefficiently.
Cox also pointed to Utah's housing market as ripe for foreign capital, citing a chronic construction shortfall that has driven up prices across the state and the wider Intermountain West region of the US. He said Utah had revised laws and regulations to encourage more housing development, but needed greater investment to build at the pace required to meet demand.
