Dubai, United Arab Emirates

The U.S.-U.A.E. Business Council hosted the U.A.E. Minister of Foreign Trade Sheikha Lubna Al Qasimi, in Dubai last week at the Jumeirah Emirates Towers Hotel. Her Excellency provided a key note address on the U.A.E. economy and opportunities for expanding her country’s business partnerships with the United States.  Over 60 senior energy, defense, and financial leaders attended the event including H.E. Khaldoon Al Mubarak, Mubadala’s Chairman; Abdul Wahid Al Ulama, Dubai World’s Group Chief Legal Counsel; Rolf Monjo, Occidental’s Executive VP Middle East Operations & Business Development; and former Secretary of Defense William Cohen, CEO of The Cohen Group.

On the U.A.E. economy, the minister mapped out the pro-active measures the U.A.E. government has taken to respond to the global financial crisis.  The government released billions of dollars of funding to the country’s banks since the last quarter of 2008, a measure to ensure liquidity across the U.A.E. financial sector.   The government of Dubai also introduced a $20 billion bond program to fund its various financial commitments. Building on this, Dubai set up a nine person committee of senior elite leaders to deal with the effects of the economic crisis on the U.A.E. that reports directly to the Prime Minister of the U.A.E. and the Ruler of Dubai, Mohammed Bin Rashid.

Moreover, Sheikha Lubna closed by commending the U.S.-U.A.E. Business Council for strengthening the Emirate’s economic relationship with the United States. President of the U.S.-U.A.E. Business Council Danny Sebright, said, “It is of great importance that we continue to enhance the economic, trade, and security relationship between our two countries. For its part, the Council remains committed to helping build awareness and understanding of the importance of new cooperation in the area of civilian nuclear energy.  We shall support important industry efforts to convince the Obama Administration of the significance of signing a 123 Agreement with the Emirates.”

The event closed with the U.S.-U.A.E. Business Council’s Founding Members proceeding into a closed-door, semi-annual Board Meeting.