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23 February 2024

DEC chief seeks US credit support for firms in Dubai

Justin H Siberell, US Consul General in Dubai with Juma Al Majid, Chairman, Dubai Economic Council. (SUPPLIED)

By Staff Writer

Juma Al Majid, Chairman of the Dubai Economic Council (DEC) urged US decision-makers to pay special attention to Dubai by providing credit to companies operating in the emirate and enhancing its trade with the US. More than 1,118 US companies operate in Dubai.

Al Majid was speaking to a delegation from the Consulate General of the United States of America in Dubai led by Justin H Siberell, the Consul General.

Commending commercial links between Dubai and the US, Siberell said the American business community sought to enhance these links and utilise Dubai's commercial and strategic advantages at the centre of the Middle East and Africa region.

Exports and re-exports from Dubai to the US jumped from $662 million (Dh2.4 billion) in 2004 to $1.076b in 2006 and to $1.5b in 2008, registering a four-fold increase. Most of the trade was in precious stones and metals, machinery, electrical and electronics equipments, optical and medical instruments, textiles and base metals.

Dubai's imports from the US have increased from $3.9b in 2004 to $13.8b in 2008, registering a three-fold increase in four years. Most of these imports included machinery and electrical and electronic equipments, vehicles, aircraft, vessels and transport equipment, precious stones and metals.

Al Majid said Dubai's cooperation with the US covered areas such as commerce, finance and tourism, makingthe country and an essential partner for Dubai and the UAE. He added the Government of Dubai was looking forward to eliminating all obstacles in trade with the rest of the world.

Dubai's success was due to its openness towards global markets where Asian, European and American commodities enter the emirate without constraint or guarantee by traders, and without commercial risks. "This is because of the enhanced business environment and reasonable price structure of Dubai," he said.

Siberell said US President Barack Obama had recently announced a new export initiative aimed at doubling US exports to the world within five years. He expressed his hope that this initiative would enhance commercial and trade relations between the US and Dubai.


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