U.S. exports to U.A.E. eclipse trade to Israel and Saudi Arabia

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The U.S. Ambassador to the U.A.E. told delegates to a reception held in Dubai that the U.A.E. has surpassed Israel and Saudi Arabia as America’s biggest export market in the MENA region. He added that Dubai would lead the region out of the economic slump.

Richard Olson told delegates at the reception hosted by the American Business Council of Dubai and the Northern Emirates that U.S. exports to the U.A.E. in 2000 amounted to U.S.$2.2billion, but had soared to over U.S.$15.7 billion in 2008. “Defence, machinery, autos and even horses make up a large part of this trade, but this does not fully account for services such as legal and consulting.”

The reception, held at the Al Murooj Rotana Hotel, attracted over 100 senior executives from leading U.S. firms including GE, Morgan Stanley, Wyeth Pharmaceuticals and FedEx among others. Also present were representatives of regional companies Afridi & Angell, Bateel, DNATA and Tatweer.

Olson added: “Times are significantly challenging, but G.C.C. countries are best positioned to recover from the credit crunch and the U.A.E. will be at the forefront leading that recovery.”

The Ambassador, who became America’s chief diplomat to the U.A.E. in October last year, has enjoyed an illustrious career representing U.S. interests in countries around the world. Olson most recently served as Deputy Chief of Mission at the United States Mission to the North Atlantic Treaty Organization (NATO) from 2006-2008. He has also served at senior diplomatic levels in the U.A.E both at the US Embassy in Abu Dhabi (from 1999 to 2001) and as US Consul General in Dubai (from 2001 to 2003).

Bill Ryan, Director of the American Business Council, said Olson is one of those unique individuals whose illustrious career is very much a reflection of the history and dynamism of the U.S. and the U.A.E.

Olson joined the U.S. Department of State in 1982. He has served in a multitude of countries including Mexico, Uganda, Tunisia and Saudi Arabia (where he was the U.S. Embassy's liaison officer to General Schwarzkopf during the 1991 Gulf War). He has also served in Ethiopia and in Najaf, Iraq.

His Washington assignments include: State Department Operations Center (twice), NATO Desk, the Office of Israel and Palestinian Affairs (twice, including as Director), and the Office of Iraqi Affairs (NEA/I), including as Director. Olson has been awarded the Secretary of Defense’s Exceptional Civilian Service Award (for his service in Iraq), and the State Department’s Superior Honor Award (three times).

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