Biggest US export market in Mena is UAE

The UAE has surpassed Saudi Arabia and other countries from the region as America's biggest export market in the Mena region, according to Richard Olson, US Ambassador to the UAE.

Speaking at a reception hosted by the American Business Council of Dubai and the Northern Emirates, Olson said US exports to the UAE rose to over $15.7 billion (Dh57.65bn) in 2008 from $2.2bn in 2002.

"Defence, machinery, autos and even horses make up a large part of this trade, but this does not account for services," he said.

The reception attracted more than 100 senior executives from leading US firms including GE, Morgan Stanley, Wyeth Pharmaceuticals and FedEx among others. Also present were representatives of regional companies Afridi & Angell, Bateel, Dnata and Tatweer.

"Times are challenging, but GCC countries are best positioned to recover from the credit crunch and the UAE will be at the forefront leading that recovery," he said.

Olson had served as Deputy Chief of Mission at the US Mission to Nato from 2006 to 2008. He has also served at senior diplomatic levels in the UAE both at the US Embassy in Abu Dhabi (from 1999 to 2001) and as US Consul-General in Dubai (from 2001 to 2003).

The Council is a non-profit voluntary body of individuals and firms promoting the development of commerce between the US and the UAE.