Dec. 3, 2023

The U.S.-U.A.E. Business Council hosted a luncheon discussion with a delegation of U.S. Mayors from the States of New York, New Jersey, Michigan, and Missouri at Westin Mina Seyahi Hotel in Dubai on Sunday, December 3, 2023. The delegation traveled to the U.A.E. to attend COP28 and is led by Ambassador (Ret.) Nina Hachigian, who is the first U.S. Special Representative for City and State Diplomacy within the U.S. State Department’s Office of Global Partnerships. The conversation centered on partnership opportunities between the U.A.E. and cities in the United States and provided the opportunity for the delegation to directly engage with  prominent U.A.E. sovereign wealth funds, family offices, and private sector institutions.

Consul General Meghan Gregonis welcomed all attendees and praised the strong presence at COP28 of U.S. subnational entities, and noted the participation of U.S. Vice President Kamala Harris, U.S Secretary of State Tony Blinken, and 30 different government delegations. She remarked that the U.A.E. is home to 1,500 U.S. businesses at present and lauded the recent $52 billion deal for Emirates to purchase Boeing aircraft, remarking it is the largest deal ever in the Gulf and “boils down to jobs in cities.” She spoke of President Biden’s commitment to combatting climate change, emphasizing that the Administration is “all in” on both commitments and implementation. Moreover, she spoke of the impact of the Inflation Reduction Act (IRA), which will deliver one billion tons of greenhouse gas reductions by 2030.

Ambassador (Ret.) Nina Hachigian explained her remit as the first U.S. Special Representative for City and State Diplomacy. Her goal is to “elevate the voice of Mayors” and connect them with counterparts throughout the world. In so doing, she hopes to help U.S local leaders serve their people by engaging internationally through the U.S. State Department.

The mayors in the delegation provided brief overviews of the cities they represent and the types of investment most important to their cities. 

• Mayor Shawyn Patterson-Howard from Mount Vernon, New York spoke of her city’s prime location between Manhattan and Connecticut, noting opportunities in healthcare, transportation, water infrastructure, electrification, battery storage, and solar panels. 
• Mayor Barbara Buffaloe of Columbia, Missouri spoke of her city’s ties with the University of Missouri and leading role in producing medical isotopes, and her interest in partnerships to improve energy efficiency.
• Mayor Ravi Bhalla from Hoboken, New Jersey spoke of noted his city is situated across the river from New York City, and there are huge investment opportunities associated with the revitalization of Hoboken Terminal.
• A representative from the Lansing City Mayor’s Office highlighted the importance of long-term sustainable and trusted partnerships as critical for cities operating within budgetary limitations.

Senior executives from prominent U.A.E. sovereign wealth funds, family offices, and private institutions shared their experiences investing in the United States and their interest in further investment in specific sectors.

• Brian Lott, Chief Communications Officer at Mubadala Investment Company, noted that over 40% of Mubadala’s $276 billion portfolio is currently invested in the United States, in areas such as semiconductors, infrastructure, and healthcare. His colleague, Derek Rozycki, spoke of the creation of a new unit at Mubadala known as the Responsible Investing Unit, which encapsulates Mubadala’s value-based investing and looks to integrate environmental and climate considerations into its investment processes.
• Federico Angel from Masdar spoke of Masdar’s investments to date in 1.6 GW of clean power in the States of California, New Mexico, and Texas. He noted Masdar intends to grow these investments in the United States to 5GW by 2025 and 10 GW by 2030.
• Salah Sharaf, the Executive Director of Sharaf Group, shared his company’s activities in the areas of shipping and logistics, highlighting its logistics investments in Miami, New York, Los Angeles, and Houston. He spoke of potential future investments in air freight and air cargo in key hub locations in the United States.
• Zouhair Sabra, Group Chief Finance and Investment Officer at BEEAH Group, discussed its work in the areas of data centers, healthcare, mobility, waste to energy, and now waste to hydrogen. He specifically discussed a 300-bed hospital it is building in Sharjah in partnership with leading U.S. healthcare institutions in the Boston area: MassGeneral Brigham and Dana-Farber Cancer Institute. He noted they are also looking for more partnerships in renewable projects in Sharjah.

U.S.-U.A.E. Business Council President Danny Sebright further noted the business facilitated by Emirates’ flights between the United States and the U.A.E. Moreover, he spoke of additional opportunities associated with the possible expansion of Emirates’ routes to the United States in future.

For more information on this event or the Business Council’s COP28 programming, please contact Graham Reitman at greitman@usuaebusiness.org or click here.