The U.S.-U.A.E. Business Council launched its fall programming with a Back to Business reception on the evening of Tuesday, September 10th at the Rosewood Hotel in Abu Dhabi. This forum provided member companies the opportunity to network and hear updates about the business climate from U.S. Ambassador to the U.A.E. Martina Strong, Deputy Group CEO of Mubadala Investment Company and co-Chair of the U.S.-U.A.E. Business Council Board of Directors, H.E. Waleed Al Muhairi, and Group CEO of First Abu Dhabi Bank and co-Vice Chair of the U.S.-U.A.E. Business Council Board of Directors Hana Al Rostamani.

Ambassador Martina Strong highlighted the robust bilateral business relationship between the U.A.E. and the United States. As a passionate advocate for business, Ambassador Strong praised not only the thriving investment and trade relationship between the U.S. and U.A.E. but also the energy and speed which the U.A.E. applies to its commercial endeavors. She highlighted how the clear strategic goals and ambition of the U.A.E. leadership translates into opportunities for U.S. companies to partner and deliver solutions in the areas of logistics, infrastructure, transport, and more recently, AI and tech. She then introduced her team at the U.S. Embassy to the audience, who are eager to work with the U.S.-U.A.E. Business Council’s membership on the long term vision for the U.S.-U.A.E. strategic partnership. She concluded by thanking the U.S.-U.A.E. Business Council for its relentless promotion of the business relationship and fostering mutual understanding of the needs, concerns, and suggestions of the business communities in both the U.S. and U.A.E.

H.E. Waleed Al Muhairi discussed the U.A.E.’s growing non-hydrocarbon sectors, noting that despite the well-documented global downturn in international trade, the U.A.E.’s total non-oil foreign goods trade in 2023 reached an all time high, exceeding 650 billion dollars. He also underscored the U.A.E.’s emerging status as not just a global destination for business and wealth management, but also as a preferred tourist destination. His Excellency touted ADGM as a magnet for leading international financial firms, highlighting the addition of 1,271 new licenses in the first half of 2024, and over 200% year on year increase in assets under management. His Excellency touched on Mubadala’s partnership with the United States, and discussed key initiatives undertaken by Mubadala such as Strata, Masdar, GlobalFoundries, M42 and MGX. He thanked U.S. and U.A.E. business executives in the room for their strong support of the U.S.-U.A.E. Business Council. He said that the partnerships between U.S. and U.A.E. businesses formed the bedrock of the bilateral relationship. 

Hana Al Rostamani, Group CEO of First Abu Dhabi Bank (FAB) and co-Vice Chair of the U.S.-U.A.E. Business Council Board of Directors, began by remarking how the event could not be better timed as we approach the final quarter of the year and conclude the world’s busiest election cycle. Ms. Al Rostamani discussed the continued growth of capital markets throughout the GCC with increased focus on diversification and attracting investment. Specifically, she described how the U.A.E. continues to be the preferred investment destination, and the instrumental impact of IPOs in expanding the country’s economic activities in various sectors. She stated the strong outlook for increased trade and optimistic views of GDP growth are evident in FAB’s own business as the largest bank in the U.A.E. and one of the largest financial institutions in the region. Particularly, she stated that FAB’s international revenue has grown by 30% in the first half of 2024, indicating the importance of international connectivity. Ms. Al Rostamani thanked the U.S.-U.A.E. Business Council and everyone in the room for their dedication to the U.S.-U.A.E. business relationship.

U.S.-U.A.E. Business Council President Danny Sebright outlined the Council’s programming schedule for the next three months, highlighting the core themes of AI, Space collaboration, healthcare and the life sciences, and sustainable finance. Sebright also introduced new leadership and members on the Board of Directors including Cleveland Clinic, NYU Abu Dhabi, ExxonMobil, e& and Eli Lilly. Finally, Sebright thanked U.S.-U.A.E. Business Council members and the Board’s Executive Committee for the support and leadership they provide to the U.S.-U.A.E. Business Council.

For more information about this event, please contact Adam Karadsheh at akaradsheh@usuaebusiness.org.