U.A.E. Hosts U.S.-U.A.E. FDI Networking Luncheon On Margins of UNGA 2017September 20, 2017
The United Arab Emirates Ministry of Foreign Affairs and International Cooperation (MoFAIC), U.A.E. Consulate in New York, and U.A.E. Embassy in Washington, DC jointly hosted the inaugural U.A.E.-U.S. Corporate Networking Luncheon on Tuesday, September 19th. Held on the margins of the 72nd session of the United Nations General Assembly (UNGA) in New York, nearly one hundred senior-level business leaders and government officials gathered on Tuesday to engage in a robust dialogue over “Shifting trends in Global Foreign Direct Investment” and discuss the opportunities and challenges currently facing American and Emirati investors. The U.S.-U.A.E. Business Council collaborated with the U.A.E. diplomatic missions on this endeavor, providing significant advice and assistance.
Attendees were welcomed by His Excellency Majid Al-Suwaidi, Consul General of the United Arab Emirates in New York “Through our partnerships and investments, the U.A.E. seeks to create an economic engine for the entire Middle East,” His Excellency Majid Al-Suwaidi, U.A.E. Consul General in New York, said in his remarks. “This is part of our leadership’s forward-looking vision for the region, a vision that replaces the extremism and violence that we hear too much about in the headlines, with a new sense of opportunity, optimism, and openness.”
His Excellency Dr. Thani Ahmed Al Zeyoudi, Cabinet Member and Minister of Climate Change and Environment for the United Arab Emirates gave his opening remarks. “We have built a robust U.A.E.-U.S. trade and investment relationship over the years through the insightful vision of our U.A.E. leadership and efforts by the U.S. administration,” His Excellency Dr. Thani Al Zeyoudi, U.A.E. Minister of Climate Change and Environment, said during opening remarks. “Testimony to this is the strong trade figure between both countries, which more than doubled between 2006 and 2016.”
From L to R: Danny Sebright, President of the U.S.-U.A.E. Business Council, Rob Lloyd, CEO of Hyperloop One, H.E. Dr. Aisha bin Bishr, Director General of Smart Dubai Office, H.E. Fahad Al Taffaq, Director of Economic and Trade Affairs at the Ministry of Foreign Affairs and International Cooperation, H.E. Majid Al-Suwaidi, Consul General of the United Arab Emirates in New York, and Saud Al Nowais, Commercial Attaché at the United Arab Emirates Embassy’s Trade and Commercial Office in Washington D.C.
A high-level panel discussion moderated by Saud Al Nowais, Commercial Attaché at the United Arab Emirates Embassy Commercial and Trade Office in Washington D.C., set the scene with insights into new trend lines and new policies implemented to drive inbound foreign investment into both countries.
Mr. Al Nowais also outlined key figures regarding the U.S.-U.A.E. foreign direct investment (FDI) relationship, including the latest data released by SelectUSA, the United States Government’s arm in charge of promoting inbound FDI.
- The combined 2016 U.S.-U.A.E. FDI relationship was just under $40 billion.
- The total 2016 stock of FDI from the U.A.E. into the U.S. reached $26.3 billion.
- The total stock of FDI from the U.S. into the U.A.E. reached $13.3 billion.
The panelists, including His Excellency Fahad Al Taffaq, Director of Economic and Trade Affairs at MoFAIC; Her Excellency Dr. Aisha bin Bishr, Director General, Smart Dubai Office; Danny Sebright, President of the U.S.-U.A.E. Business Council; and Rob Lloyd, Chief Executive Officer at Hyperloop One, discussed a range of topics focused on the overall U.S.-U.A.E. business climate.
Danny Sebright, President of the U.S.-U.A.E. Business Council, underscored the challenges posed by increased U.S. protectionism as a threat to future FDI between the two countries. He emphasized the need for stakeholders to raise awareness regarding the tremendous value this critical bilateral relationship offers and highlighted the importance of companies leveraging the expertise of both the U.A.E. Embassy’s trade and commercial office, as well as their American counterparts at the U.S. Embassy in Abu Dhabi and U.S. Consulate in Dubai.
The U.S.-U.A.E. Business Council will partner with U.A.E. diplomatic missions and MOFA on future U.S.-U.A.E. Corporate Networking events and help to highlight the tremendous value our member companies add to the overall bilateral relationship.
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