Dubai, 13 Feb. 2010 (WAM) - Juma Al Majed, Chairman of the Dubai Economic Council (DEC) recently received the delegates of the Consulate General of the United States of America in Dubai, Justin H. Siberell, Consul General, Mr Robert W. Dunn Principal Commercial Officer and Mr Chuka W. Asike Economic Officer. The meeting was also attended by a number of DEC members, HE Abdulrahman Al Ghurair, HE Raja Easa Al Gurg, HE Husham Al Shirawi. Also attending were HE Hani Al Hamli DEC Secretary-general, Dr Abdulrazak Alfaris, Chief Economist and Dr Hadif Al Owais Chief Legal Counselor.

Juma Al Majed welcomed the delegates of the US Consulate General and asserted the importance of coordination and collaboration between the Consulate and local business community with the aim of enhancing economic links between Dubai and the USA.

Al Majed commended the development of economic relations between Dubai and the USA which covers many areas such as commerce, finance and tourism stating that these relations are historic, and that the USA is an essential partner for Dubai and the UAE.

The US Consul General in Dubai thanked DEC for accepting the invitation to discuss many issues pertaining to the economic and commercial links between the USA and Dubai and expressed appreciation for the efforts made by the Dubai Economic Council to develop Dubais economy.

Juma Al Majed stated that the economic and commercial relations between Dubai and the USA have exceptional significance due to the huge volume of transactions between them. He indicated that Dubai keeps developing its relations with many countries, and that the Government of Dubai and local business community are keen on enhancing this direction that will positively reflect on all countries whether in the business sector or citizens through an increase in GDP growth rate, employment and hence the economic and social welfare.

Al Majed pointed out that in light of the big jump in Dubais economy especially in trade, we are looking forward to eliminating all obstacles in the way of Dubai and the UAEs trade with the rest of the world. He stressed that one of the secrets behind the big growth of Dubai in regional and international trade is the openness towards the global markets where Asian, European and American commodities enter Dubai without constraints or guarantee by traders, and without commercial risks.

In this context, Al Majed said that there are many foreign companies operating in Dubai, with many international companies basing their headquarters in Dubai, through which those companies are distributing their products to the region. "This is because of the enhanced business environment and reasonable price structure of Dubai" Al Majed stressed.

Al Majed proposed that US decision-making circuits pay special attention to Dubai though providing credits to companies operating in Dubai to enhance trade between Dubai and the USA.

Notably, statistics reveal the rapid growth of foreign trade between Dubai and the USA over the last few years. This trade includes exports, re-exports and imports. Exports and re-exports from Dubai to the USA jumps from $662m (AED 2.4b) in 2004 to $1.076b (AED 4b) in 2006, then increased to $1.5b (AED 5.7b) in 2008. This trade is doubled over 4 years. Most of this trade is in precious stones and metals, machinery electrical and electronics equipments, optical and medical instruments, textiles and base metals.

At the same time, Dubais imports from the USA has increased from $3.9b (AED 14.5b) in 2004 to $13.8b (AED 50.7b) in 2008. That is, it increases 3 times within 4 years. Most of these imports include machinery and electrical and electronic equipments, vehicles, aircrafts, vessels and transport equipments, in addition to precious stones and metals.

Moreover, there are more than 1,118 American companies operating in Dubai, most of them engaged in partnerships with the national businesses.

Justin H. Siberell, the USA Consul General in Dubai commended the commercial links between Dubai and the USA stating that the American business community seeks to enhance these links and utilize the opportunities that Dubai provides namely a commercial and strategic center not in the UAE level exclusively but on the GCC, Middle East and Africa as well. Mr Siberell also highlighted the structure of foreign trade between Dubai and the USA.

Mr Siberell stated that the American business community is unique in Dubai. It participates in many economic activities that Dubai hosts over the year. He also asserted that there is a big opportunity to reshape the commercial relations between Dubai and American business community especially through the vital role that Dubai Economic Council can play in this regard.

Mr Siberell also stated that U.S. President Barack Obama had recently announced a new export initiative that aims to double American exports to the world within five years. He expressed his hope that the said initiative will enhance the commercial relations between the USA and Dubai.

Copyright Emirates News Agency (WAM) 2010.