Washington, DC

The U.S.-U.A.E. Business Council hosted Mr. Waleed Ahmed Al Mokarrab Al Muhairi, Chief Operating Officer, Mubadala Development Company for its Annual Meeting of the Board of Directors and Lunch on March 29, 2010 at the W Hotel in Washington, DC. U.A.E. Ambassador Yousef Al Otaiba; Joseph E. Robert, Founder & Executive Chairman, JE Robert Companies;Saud Al Nowis, Commercial Counselor, U.A.E. Embassy also participated in today’s meeting and lunch.

Danny Sebright, President of the U.S.-U.A.E. Business Council welcomed its new Co-Chairman and Co-Vice Chairman of the Board of Directors. Co-Chairman Ray Irani, Chairman and CEO, Occidental; Co-Chairman Khaldoon Al Mubarak, CEO, Mubadala Development Company; Co-Vice Chair Mohammed Sharaf, CEO, DP World; Co-Vice Chair Waleed Ahmed Al Mokarrab Al Muhairi, COO, Mubadala Development Company; Co-Vice Chair Nabil Habayeb, President and CEO, GE – Middle East & Africa; and Co-Vice Chair Ross Perot Jr., Chairman, Hillwood—A Perot Company.

Mr. Sebright’s opening remarks to the Business Council’s members and friends underscored that “today’s policy lunch is part of the Council’s effort to deepen our members’ understanding of the priority development sectors in the U.A.E. and to highlight opportunities for business and cooperation with our member companies.  It is also part of the Council’s efforts to showcase various members and allow our members the chance to interact directly with top company leadership.”

At the lunch Ambassador Al Otaiba recognized Joseph E. Robert for his visionary leadership and dedication to the U.S.-U.A.E. Business Council as its Founding Co-Chairman, while also highlighting the important outlet the Business Council provides in strengthening the bi-lateral U.S.-U.A.E. trade relationship.

Mr. Waleed Ahmed Al Mokarrab Al Muhairi went on to describe potential partnerships that Mubadala will seek with several U.S.-U.A.E. Business Council member companies, while also discussing the key areas of growth in the U.A.E. Mr. Al Muhairi explained that Abu Dhabi economy is reliant upon 60% Hydrocarbon based revenues and 40% revenue generated from sectors such as renewable energy, aerospace, and the semiconductor and aluminum manufacturing. Through the mission of Mubadala, Abu Dhabi will become less reliant on hydrocarbons and transition into an economy less reliant on the hydrocarbon sector.