Senior executives representing key American and Emirati companies convened for the U.S.-U.A.E. Business Council annual Board of Directors meeting on Monday, November 9th in the St. Regis Hotel, Abu Dhabi, United Arab Emirates. Led by Co-Chairmen H.E. Waleed Al Mokarrab Al Muhairi, Deputy Group CEO & Chief Executive Officer, Emerging Sectors, Mubadala Development Company, and John Rice, Vice Chairman of General Electric, as well as U.S.-U.A.E. Business Council President, Danny Sebright, the meeting of distinguished U.S.-U.A.E. private sector stakeholders charted the 2016 work and policy agenda for the Business Council. Two highly distinguished Minister of State officials, H.E. Reem Al Hashimy, Managing Director for World Expo 2020 Higher Committee and Dr. Anwar Gargash, Minister of State for Foreign Affairs, also addressed the board discussing the current state of affairs of the U.A.E. and the region, the importance of the U.S.-U.A.E. bilateral relationship, and the challenges and opportunities facing the U.A.E.-U.S. relationship in the future.
Among the first orders of discussion, Mr. Sebright emphasized the sole mission of the Business Council; to continue promoting the overall trade and investment relationship, particularly at the strategic level between the countries, to build bridges, and create opportunities for new partnership. Mr. Sebright underscored the position taken by the Business Council on behalf of its member companies to reject any limits on restrictions on air service with regard to the Open Skies debate in the U.S.and Europe. He went on to highlight the critical importance of the aviation and aerospace sector to the overall bilateral commercial relationship.
In 2015 the U.S.-U.A.E. Business Council also began a concerted focus on Dubai World Expo 2020 with the creation of a U.S. Standing Committee whose mission is to organize and help centralize efforts for U.S. Industry to support and work with Dubai and the U.A.E. in meeting their objectives. H.E. Reem Al Hashimy continued the discussion by highlighting importance for a strong partnership between the U.S. and U.A.E. in achieving a successful World Expo 2020.
From Left to Right: Danny Sebright, U.S.-U.A.E. Business Council President, H.E. Waleed Al Mokarrab Al Muhairi, Deputy Group CEO & Chief Executive Officer, Emerging Sectors, Mubadala Development Company, H.E. Reem Al Hashimy, Managing Director of the Dubai World Expo 2020 Higher Committee, & John Rice, Vice Chairman, General Electric
In his presentation to the Board of Directors, H.E. Dr. Gargash underscored the importance of becoming a knowledge based economy and one increasingly focussed on innovation. He identified a few key sectors with strong growth potentials for the U.A.E., which included among others the high tech industry, information technology, music content, education, and logistics that would help achieve this goal. Dr. Gargash went on to reiterate the opportunities and challenges the U.A.E. faced with its neighbors in the region as well as the strong overall relationship with the U.S.
The Honorable Barbara Leaf, U.S. Ambassador to the U.A.E. and His Excellency Yousef al Otaiba, U.A.E. Ambassador to the U.S.also participated in the meeting offering their thoughts on the overall state of the bilateral relationship.
From Left to Right: Danny Sebright, U.S.-U.A.E. Business Council President, H.E. Waleed Al Mokarrab Al Muhairi, Deputy Group CEO & Chief Executive Officer, Emerging Sectors, Mubadala Development Company H.E. Dr. Anwar Gargash, Minister of State for Foreign Affairs, & John Rice, Vice Chairman, General Electric
In his prepared remarks, H.E. Al Muhairi emphasized the importance of education and healthcare in reinforcing economic growth in the U.A.E. as well as highlighting the achievements of private and public sector stakeholders in creating a vibrant transportation and logistics hub. H.E. Al Muhairi highlighted the importance of successful partnerships in innovation rich areas to increasing the overall GDP of the U.A.E. Following H.E. Al Muhairi, Mr. Rice discussed the important role the Business Council plays in the U.S.-U.A.E. Bilateral commercial relationship. In his remarks, Mr. Rice pointed to the successful partnership between Mubadala and General Electric as well as other American and Emirati businesses. These partnerships have achieved a record $25 billion in bilateral trade in 2014.
The U.S.-U.A.E. Business Council Board proceeded to approve its 2016 work and policy agenda, in line with U.A.E. vision 2021, the country’s economic development plan in motion to further diversify the economy’s focus in other areas in addition to oil and toward other sectors including: commercial aerospace; defense & security; commercial trade and foreign direct investment; tourism and hospitality; media and culture; infrastructure and greenbuild; education; healthcare; and alternative energy (nuclear, solar, renewable) as well as approving the new budget for 2016 before the meeting adjourned.
