Dubai Economic Council hosts Chairman and President of EXIM Bank

DUBAI, 17th May, 2016 (WAM) -- Under the patronage of H.H. Sheikh Ahmed bin Saeed Al Maktoum, Chairman of Dubai Civil Aviation Authority and Chairman of Emirates Group, Dubai Economic Council, DEC, has organised a luncheon in honour of Fred P. Hochberg, Chairman and President of the Export-Import Bank of the United States, EXIM Bank, at the Intercontinental Festival City Hotel.

The luncheon was attended by Barbara A. Leaf, Ambassador of the USA to the UAE. Hani Al Hamli, Secretary-General at DEC received the dignitaries accompanied by senior staff members of the DEC.

The meeting was also attended by business leaders in Dubai from the public and private sectors, including Abdul Aziz Al Ghurair, CEO of Mashreq Bank and Chairman of the UAE Banks Federation. The meeting was also attended by Abdullah Al Moosa, Chairman of Al Moosa Enterprises, Ahmed Mahboob Musabih, Dubai Customs Director, Saleh S. Lootah, Executive Director of S.S. Lootah Group, Abdulla J. M. Kalban, Managing Director and Chief Executive Officer of Emirates Global Aluminum, DUBAL, Ali Abdullah Al Shafar, Chairman of Al Shafar Group, and Saed Al Awadi, CEO of Dubai Export Development Corporation, an agency of the Department of Economic Development-Dubai.

Al Hamli highlighted that the visit of Mr. Hochberg to Dubai comes within the terms of the strategic partnership between the DEC and the US Export-Import Bank according to the $5 billion MoU signed between the two parties in 2013. The agreement stipulates that the bank will be providing credit facilities in the form of loans supportive of US exports to finance the purchases carried out by several bodies in Dubai to fuel their large-scale infrastructure projects.

Hochberg praised the great developments witnessed by the economy of Dubai and its transformation into a regional and a global centre of many vital sectors. He said that the strategic vision of the Government of Dubai, in addition to the atmosphere of economic freedom, backed by the passion for the business community in Dubai to put their city at the forefront of the region and the world economies, are all critical success factors that have contributed to the resilience of the emirate globally.

The US Ambassador said that the UAE enjoys strong economic relations with the United States in various fields. According to recent US reports, the UAE accounts 30% of the total trade of the United States with the GCC and more than 44% of US exports to the mentioned countries during 2015. The UAE retains its ranking as the largest market for US exports in the region. The UAE is also one of the largest importers of US commodities in the world. "There are more than 1,500 American companies and organisations operating in the UAE in various sectors," Ambassador Leaf concluded.

The Export-Import Bank of the United States is the official export credit agency of the United States. EXIM is an independent, self-sustaining Executive Branch agency with a mission of supporting American jobs by facilitating the export of US goods and services.