As part of its vision of being a strategic partner to the Government of Dubai in economic policy-making, the Dubai Economic Council conducted a visit to the United States, recently. The DEC delegation led by His Excellency, the Secretary General Hani Al Hamli, visited various international law and financial development institutions and policy making centers in the US.
The Secretary General stated that the main aim of this visit was to anchor strategic partnerships and cooperation with a number of decision making networks and international organizations in the US to improve the economic ties between UAE and the US.
The DEC delegation visit was initiated with the Commercial Law Development Program (CLDP), where the Secretary General singed a Letter of Intent; representing CLDP was Mr. Stephen Gardner, CLDP Chief Counsel.
During the signing ceremony, the Secretary General praised the significant cooperation made by CLDP with the DEC in revising a number of federal and local commercial law drafts with the aim of strengthening legal infrastructure of the UAE economy. Al Hamli stressed the necessity of initiating an action plan to translate the agreement between the two parties into practical steps.
Established in 1992, CLDP is a division of the U.S. Department of Commerce that helps achieves U.S. foreign policy goals in developing commercial legal reforms in post-conflict countries. CLDP’s unique, government-to-government technical assistance draws upon highly-experienced regulators, judges, policymakers, business leaders and attorneys from both the public and private sectors to deliver results that make meaningful and lasting changes to the legal and judicial environments of our host countries.
The DEC delegations’ visit also included the Exim Bank of the United States (EX-IM); Mr. Al Hamli met with Hon. Fred Hochberg President and Chairman of the said bank. In their meeting both sides discussed setting up strategic partnerships.
Worth noting, the DEC has hosted “Commercial Financing Dialogue” in May 2010 about the commercial financing that US financial institutions could provide to the business sector in Dubai to enhance the trade relations between Dubai and the USA. The event was attended by representatives of the US Consul General in Dubai, U.S. Exim Bank, in addition to representatives of a number of US and global banks, such as JP Morgan Stanley, Citibank, Standard Chartered, Deutsch Bank, Barclays bank, and Credit Agricole.
The US Export-Import Bank objective is to support U.S. jobs through exports and it is quickly approaching its lending cap of $100 billion. By increasing the cap to $140 billion over the next four years, the Bank can help to strengthen U.S. businesses and support an additional 1.3 million jobs. In addition to supporting U.S. jobs, the Bank is a self-sustaining agency that operates at no net cost to the taxpayers. Exim Bank pays for itself by charging fees or interest to its customers for loans, credit insurance and loan guarantees that they receive.
The DEC‘s delegation also visited US Dept. of Commerce for International Trade. At the meeting the delegation met with Mr. Francisco Sanchez, U.S. Under Secretary of Commerce for International Trade U.S. Department of Commerce International Trade Administration. to establish a business partnership between both DEC and US Dept. of Commerce for International Trade in a variety of areas.
The International Trade Administration (ITA) aims to strengthen the competitiveness of U.S. industry, promotes trade and investment, and ensures fair trade through the rigorous enforcement of our trade laws and agreements.
Al Hamli also met with Mr. Danny Sebright President of the U.S. /U.A.E. Business Council at the Council’s office. The meeting discussions included establishing a business partnership between the two councils.
The U.S.-U.A.E. Business Council is a progressive business advocacy organization solely committed to advancing the trade and commercial relationship between the United States and United Arab Emirates.
The DEC delegation also visited Latham & Watkins LLP (L&W) headquarters, where HE Mr. Hani Al Hamli met with Mr. David S. Dantzic, Partner in the Washington, D.C.
The meeting focused on the ways to improve the relations between DEC and L&W in legal consultation. With the onset of the meeting, Al Hamli praised the generous support of L&W to the Council in organizing the DEC forthcoming global policy conference “Towards a Legal Regulation of Financial Restructuring and Bankruptcy for Sustainable Economic Development” that will take place on 14-15 May, 2012.
Latham & Watkins LLP is a global law firm, one of the largest in the world. Latham currently employs approximately 2,000 attorneys in the United States, Europe, the Middle East and Asia. The firm was started in Los Angeles in 1934 and has extensive Californian roots as well as a large presence worldwide. Latham has historically been one of the most profitable law firms. In 2007, it became the first American law firm to attain more than $2 billion in yearly revenue.
At the IMF offices the DEC delegation met with Mr. Sean Hagan, General Counsel and Director of the Legal Department. At the meeting both parties discussed scope of collaboration from a legal perspective.
The International Monetary Fund (IMF) is an organization of 187 countries, working to foster global monetary cooperation, secure financial stability, facilitate international trade, promote employment and sustainable economic growth, and reduce poverty around the world.
The DEC delegation visit also included the UAE Embassy in Washington DC where they were received by Mr. Omar Ubaid Al Shamsi, Minister Plenipotentiary, Head of the Administrative and Finance Department. Mr. Hani praised the tangible cooperation made by the Embassy in terms of logistic facilitation to the DEC delegation. He also commended the quality services the Embassy provides to UAE nationals in the US whether businessmen or students. At the end of the meeting, Al Hamli presented a number of DEC publications to the Embassy.