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The ABC Newsletter First Quarter 2015
T he ABC C ommemorates 30 Y ear A nniversary at G ala D inner and C elebration with His Highness S heikh A hmed bin S aeed A l Maktoum, P resident of D ubai C ivil A viation and C hairman and C hief E xecutive of E mirates A irline and Group
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About the ABC
Table of Contents
The American Business Council of Dubai and the Northern Emirates (ABC) functions under the auspices of Dubai Chamber of Commerce and Industry and functions as the Dubai Chapter of the US Chamber of Commerce. The ABC represents US business interests in Dubai and the
Looking Ahead
Northern Emirates, while maintaining
The ABC Celebrates 30 Years and Unveils New Logo!............................................2
strong ties with the leadership of the
ABC Hosts His Highness Sheikh Ahmed bin Saeed Al Maktoum, President of Dubai Civil Aviation and Chairman and Chief Executive of Emirates Airline and Group at 30th Anniversary Gala Celebration.....................................................................3
communities in which our members live and work.
2015 Calendar....................................................................................................9 The Council is comprised of members from all sectors of business and industry who elect a board of directors annually. This board of directors is
Meet & Greet with University of Texas Football Coach, Mack Brown......................10 Economist Events: Future of Work: Middle East Summit.......................................11 Middle East & Africa Business Outlook Conference...............................................12
responsible for the strategic vision
Memorial & Independence Day Celebration.........................................................13
of the organization and for assuring
State of American Business 2015.......................................................................14
strong alliances with US and UAE government officials, giving greater voice to the membership at-large.
Looking Back 2014 US & UAE Trade Statistics..........................................................................18 The ABC Dubai & AmCham Abu Dhabi Collaborate...............................................19
Contact Information: Phone:+ 971 4 379 1414 Fax: +971 4 379 1515 PO Box 74648 Dubai, United Arab Emirates www.abcdubai.com Cara Nazari Executive Director director@abcdubai.com Liz Stevens Membership Coordinator membership@abcdubai.com Sabrina Walsh Events Coordinator events@abcdubai.com Coco Makhzoumi Public Relations Coordinator publicrelations@abcdubai.com Laura Goodnight Communications Coordinator communications@abcdubai.com Lilibeth Delatina Administrative Coordinator admin@abcdubai.com
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ABC Hosts Annual Arab Health Breakfast...........................................................20 24th Annual Golf Tournament.........................................................................21
member News FedEx Express Appoints David Ross President of New Middle East, Indian Subcontinent and Africa Region......................................................................23 7 ABC Corporate Members Make top 15 list of arabianbusiness.com’s Best Companies to work for in the UAE...................................................................24 American Thoroughbred Racehorse, California Chrome, Places 2nd in 2015 Dubai World Cup...............................................................24
Premium Level Members............................................................................25
Independence & Memorial Day Celebration Sponsorship Opportunity...............................................................................................25
Looking Ahead... The ABC Celebrates 30 Years and Unveils New Logo! Successfully
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This year marks 30 years of The American Business Council of Dubai & the Northern Emirates doing business, creating opportunities, and partnering with Dubai and the UAE. And for 30 years we have had a wonderful logo that has represented the organization well. But as they do, things have changed, time has moved on, and so must we. Therefore, we have seized this opportunity to develop a new logo that represents the organization as it was yesterday, as it is today, and as it will be tomorrow and years to come. The US and UAE both remain extremely well positioned for a longstanding, and strong bilateral relationship, and the logo represents this objective, two countries linked together in success. 2
Looking Back...
The American Business Council of Dubai & the Northern Emirates’
30th Anniversary
G
ala
March 6, 2015
ABC Hosts His Highness Sheikh Ahmed bin Saeed Al Maktoum, President of Dubai Civil Aviation and Chairman and Chief Executive of Emirates Airline and Group at 30th Anniversary Gala Celebration March 6, 2015
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he ABC commemorated 30 successful years of operating in Dubai by hosting His Highness Sheikh Ahmed bin Saeed Al Maktoum, at a Gala celebration on the evening of Friday, March 6. The gala welcomed a distinguished audience of nearly 400 Emirati and American business leaders and government officials at the Armani Hotel Dubai, in the Burj Khalifa. Ramsey Jurdi, President of the American Business Council and International Partner at Chadbourne & Parke acknowledged the visionary leadership of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai by presenting him, on behalf of the American Business Council membership, an exclusive Tiffany & Co. timepiece, representing the relationship between the US and the UAE over the past 30 years. Mr. Jurdi stated, “This milestone embodies the strength of enduring relationship between the US and the UAE and represents the past 30 years of doing business, creating opportunities, and partnering with Dubai and the UAE. The UAE is the US’ top trading partner in the Middle East and Africa. We can attribute much of this success to the UAE’s leadership and Dubai’s openness to working with international companies. With over 1,000 American companies and 50,000 American citizens in the UAE, both countries remain extremely well positioned for a longstanding and strong bilateral relationship. The ABC’s 30th Anniversary commemorates this history and sets the stage for another 30 years of mutual growth and partnership.”
Highness Sheikh Ahmed bin Saeed Al Maktoum, President of Dubai Civil Aviation and Chairman and Chief Executive of Emirates Airline and Group flanked by The Honorable Robert Waller, US Consul General in Dubai; and Ramsey Jurdi, President of the American Business Council and International Partner at Chadbourne & Parke
The evening continued as the ABC unveiled its new logo. For the past 30 years, the ABC has been recognized by the red, white, and blue sailboat. But as they do, things have changed, time has moved on, and so must the ABC. Therefore, the ABC has seized the opportunity to develop a new logo that represents the organization as it was yesterday, as it is today, and as it will be tomorrow and years to come. The logo represents this objective of two countries linked together in success. The evening concluded on a high note with a live auction where more than 235,000 AED was raised. The community’s generosity will be donated to Dubai Cares a philanthropic organization working to provide children in developing countries with access to quality primary education. This event would not have been possible without the generous support from our sponsors: FedEx, General Motors, Emirates, Peninsula Hotel New York, Peninsula Hotel Shanghai, American Hospital Dubai, Contempo Events Design, Flowers by Contempo, PepsiCo, Al Maha, a Luxury Collection Desert Resort & Spa, Boeing, Cara Jewelers, Crystal Gallery, Dr. Kamil Al Rustom Skin & Laser Centre, and International New York Times.
Saeed Alnajjar, Member Relations Manager at the Dubai Chamber and Ramsey Jurdi, President of the American Business Council and International Partner at Chadbourne & Parke
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Thank you to our sponsors! Presenting Sponsor
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2015 Calendar Date
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Event
Monday 12 - January - 2015
Monday Mixer- Hail and Farewell to the Board
Tuesday 20 - January - 2015
Knowledge Exchange Series: Norton Rose Fulbright
Tuesday 27 - January - 2015
Arab Health Breakfast
Monday 02 - February - 2015
Monday Mixer- Super Bowl!
Sunday 15 - February - 2015
24th Annual Golf Tournament
Monday 02 - March - 2015
DIFC OBE Mark Beer Event- Wills and Probates
Friday 06 - March - 2015
Gala - ABC turns 30!
Monday 23 - March - 2015
Chief Judge Loretta Preska Luncheon
Monday 13 - April - 2015
Monday Mixer
Wednesday 22 - April - 2015
Meet & Greet with University of Texas' Head Coach Brown
Wednesday 29 - April - 2015
Joint event with the Economist- The Future of Work: Middle East
Tuesday 05 - May - 2015
Cinco de Mayo
Wednesday 27 & 28 - May - 2015
Middle East & Africa Business Outlook Conference
Friday 29 - May - 2015
Memorial & Independence Day Celebration
Monday 22 - June - 2015
Iftar
Tuesday 28 - July - 2015
Summer Mixer
Monday 17 - August - 2015
Monday Mixer
Monday 14 - September - 2015
Back to Business Intercouncil Newtworking
Monday 05 - October - 2015
Monday Mixer
Wednesday 21 - Oct - 2015
Emirati Alumni
October 2015 TBC
Knowledge Exchange Series: TBD
Monday 02 - November - 2015
Monday Mixer
Sunday 08 - November - 2015
Dubai Airshow Breakfast
Tuesday 17 - November - 2015
4th Annual American Business Forum, I.D.E.A.S.
Monday 30 - November - 2015
Annual General Meeting
Saturday 12 - December - 2015
Christmas in the Desert
To register for ABC events please visit us at www.abcdubai.com.
Meet & Greet with University of Texas Football Coach, Mack Brown April 22, 2015
We invite you to join the ABC for a meet and greet with the University of Texas football Coach, Mack Brown. Coach Brown will be giving short remarks on his time leading the Longhorns and his other endeavors. Coach Brown has been giving leadership talks for many years, and whether you’re from Texas or your interest is in other sports this is still not an evening you want to miss.
About Coach Brown:
Mack Brown was the head coach of the Texas Longhorns for 16 seasons. With a mark at Texas of 158-48 (.767), the 2008 Bobby Dodd National Coach of the Year, and the 2009 Big 12 Coach of the Year elevated the Longhorns program to new heights. He was also the 2005 Paul W. “Bear” Bryant National Coach of the Year award winner and coach of the 2005 BCS National Champions, he is one of a handful of coaches in the history of college football to lead two separate programs to a top five national finish. With all of the success on the field, the primary emphasis remained the same with Brown’s squads — maintaining a high level of achievement in the classroom and in the community. Eighty percent of his players at North Carolina received their degrees and he increased the pace at Texas, while more than a third of his players at Texas have regularly earned 3.0 grade point averages and achieved spots on the Big 12 Commissioner’s and Athletics Director’s honor rolls. Over his last eight years, the success in the classroom reached an all-time high. The Longhorns led the Big 12 in academic all-conference selections in five of Brown’s last eight seasons, and in three of those had equal or more first-team selections than all but two Big 12 schools have had total selections.
Date: Wednesday, April 22, 2015 Registration: 6:00 pm Program: 6:00 pm - 8:00 pm Canapés & Refreshments
Keep watch for the invitation for more details!
To register for ABC events please visit us at www.abcdubai.com.
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Economist Events: Future of Work: Middle East Summit April 29, 2015
The Economist Events’ inaugural Future of Work: Middle East summit, will take place on April 29th at the Madinat Jumeirah Mina A’Salam Hotel, Dubai.
His Excellency Sultan Bin Saeed al-Mansoori, Minister of Economy, UAE will deliver one of the keynote addresses. The summit will bring together government ministers, policymakers, HR directors, academics, industry experts and influential commentators from the Middle East and beyond. It will enable you to discover the latest industry news and explore the rapid change associated with the future of work in the Middle East. You will hear first-hand: • THE GOVERNMENT’S PERSPECTIVES on diversification investment, local talent and their innovation and entrepreneurship initiatives. • THE CHANGING DYNAMICS OF ‘WORK’ in the region and the new skillsets required to meet the need for the Middle East to become a future global powerhouse and knowledge-based economic centre. • VIEWPOINTS ON EDUCATIONAL OPPORTUNITIES in the region and whether university curricula are providing the right skills for today’s—and tomorrow’s—workforce. • PERSPECTIVES ON EMPOWERING WOMEN and what’s needed to develop a diverse, mixed-gender workforce. • FORECASTS FOR THE FUTURE OF WORK in the Middle East presented by leading entrepreneurs, investors and financiers. All participants will receive a signed certificate of attendance. SPECIAL OFFER: YOU ARE ENTITLED TO A 25% DISCOUNT To receive your special offer, quote ABC/DC at check out on our website: www.futureofwork.economist.com. You can also call us on +44(0)20 7576 8118 or email us at emeaevents@economist.com.
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To register for ABC events please visit us at www.abcdubai.com.
Middle East & Africa Business Outlook Conference May 27-28, 2015
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Access Private Sector & Government Expertise The US Department of Commerce will hold its 2015 Africa & Middle East Business Outlook Conference May 27-28, 2015 in Dubai, UAE. The event will be held at the Ritz-Carlton, JBR. • Over 20 Senior US Commercial Attachés and Specialists will be available for 1-on-1 meetings with conference participants. Learn about sales and project leads in the GCC, Sub-Saharan Africa, North Africa and the Levant. • Learn from regional business and government leaders about sector and industry trends that affect regional and global growth. • Network with key US government and private sector decision makers. Access 19 Markets At Once Markets represented by Senior US government trade diplomats and specialists at the 2015 Africa & Middle East Business Outlook Conference will include: Middle East: Algeria, Egypt, Morocco, Saudi Arabia, Qatar, UAE, Kuwait, Jordan, Iraq, Oman. Sub-Saharan Africa: South Africa, Mozambique, Kenya, Tanzania, Ethiopia, Angola, Nigeria, Ghana May 27 - Middle East & Africa Industry Insights: The program will consist of a series of in depth panel discussions on key industry sectors in the Middle East, North Africa and Sub-Saharan Africa. Networking opportunities will also abound. May 28 - Doing Business in Africa: The program will feature Africa market overviews by Senior US trade diplomats and specialists and private sector representatives. The discussions will enable you to learn about Africa, home to some of the world’s fastest growing economies. Who should attend? This year’s Africa & Middle East Conference is tailored for American companies with sales and distribution operations in the UAE who are interested in expanding their sales throughout the Middle East and Africa, and for American companies interested in establishing either a Middle East or Africa presence. How do I register? Please visit ABC Dubai at: http://abcdubai.olasoft.com/viewEvent.html?no_header=true&productId=8834 Cost: 210 USD or 750 AED per person
To register for ABC events please visit us at www.abcdubai.com.
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Memorial & Independence Day Celebration May 29, 2015
Mark your calendar for Friday, May 29 for our Independence & Memorial Day Celebration! Date: Friday, May 29, 2015 Time 4:00 pm -10:00 pm Venue: Meydan Come & enjoy... Dinner buffet Cash bar DJ and dancing Fabulous Prizes Fireworks And activities for all ages to take part in!
Keep watch for the invitation!
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To register for ABC events please visit us at www.abcdubai.com.
State of American Business 2015 Remarks by Thomas J. Donohue President and CEO, U.S. Chamber of Commerce January 14, 2015 Washington, D.C.
Thank you very much, and good morning ladies and gentlemen. I want to thank the U.S. Chamber Foundation for organizing this event. And thanks to all of you for being part of this annual Chamber tradition. The Economic Outlook The state of American business is improving. Six long years after the recession technically ended, investing, hiring, and consumer spending are all firming up. The housing sector continues to recover in fits and starts. Entrepreneurship and good, oldfashioned ingenuity in our energy sector have created millions of new jobs, though the recent drop in energy prices may slow this sector over the next year. We’ve had a few good quarters of solid growth, surprising some of the experts. The economy should continue to improve moderately in 2015. The Chamber expects to see growth at 3% to 3.5% at least through the middle of the year. Interest rates, energy prices, and inflation should remain low for the time being. There’s no reason to think that another recession is lurking out there on the near-term horizon. But when you look beyond the near term, the outlook is less certain. Businesses are concerned about the health of their major customers overseas. China is slowing, Europe is floundering, and Japan may be sinking back into a recession. There is also the potential for disruption from a whole host of international conflicts. Closer to home, employers are being saddled with another new health care mandate, and they’re worried about what’s coming next. At the current rate, some 4,000 new regulations will pour out of the regulatory pipeline this year. The new Congress faces a series of government funding and debt limit deadlines this year. We hope that lawmakers and the administration will act responsibly and not add to uncertainty. And everyone wonders when the Federal Reserve is going to raise interest rates. When the time inevitably comes, how will the markets react? Adding to these uncertainties are all the questions about cybersecurity. What happened to Sony can happen to any business, organization, government agency, or media outlet. Government and
the private sector must work together on this challenge, and we are calling on the new Congress to pass a cybersecurity information-sharing bill without delay. Based on recent economic reports, it’s understandable that the administration, the business community, and even the Chamber may want to take a victory lap. Not so fast. There’s lots more to do. We can’t forget that 17.7 million Americans are still unemployed, underemployed, or have given up looking for work. Participation in the workforce stands at 62.7%, the lowest since 1978, reflecting a significant level of discouragement. Current policies have eroded our economy’s long-term potential rate of growth. It would be a serious mistake to think that higher taxes, a bigger debt, and more regulations can deliver more growth, jobs, and prosperity. They will deliver less. Restoring a Governing Center The American people understand this, which is why last November they clearly rejected the economic course we are on. They voted for a new direction— one that puts jobs and growth first and demands competence and leadership from government. The Chamber played a significant role in the midterm elections. We have since been meeting with leaders on Capitol Hill as well as with the administration. We are urging them all to become part of what we call a governing center—to solve problems and get things done. A governing center suggests you can be a committed conservative, a passionate progressive, or even one of a shrinking number of moderates and still work together. Sometimes you can find common ground. But more often than not you acknowledge your differences and just make a deal. That’s how governing is supposed to work in a democracy. We’ve had divided government many times in the past and lawmakers still got things done. Why not now? The Jobs, Growth, and Opportunity Agenda In 2015, we are asking the nation’s leaders to rally around a common bipartisan cause—and that cause is stronger and deeper economic growth in order to create jobs and expand
opportunities for all Americans. How can we get there? First, we need a growth agenda that capitalizes on the extraordinary potential we have in trade, energy, technology, and infrastructure. Second, we need a government reform agenda that eases uncertainty and supports growth by improving our immigration system, the regulatory process, the tax code, entitlement programs, the legal system, and our public schools. With a return to regular order in the Senate and an expanded role for congressional committees, we hope that business priorities will get attention and see action—through the passage of bills and amendments and in the appropriations process. To support our proposals on the Hill, we will further grow and employ our grassroots network of state and local chambers, associations, small businesses, and free enterprise activists. We will lay the groundwork this year for the pivotal elections next year. We will be very clear about what lawmakers in both parties need to do if they hope to earn or keep our support. Outside of Washington, the Chamber will be busy in the states, fighting for legal reform, workplace freedom, and education reform. We will be working in the regulatory agencies to fix and improve new regulations. We’ll be working around the world to open markets, defend the interests of American companies, and protect our intellectual property. Last but not least, we will be extremely busy in the courts. Legal action—to stop government abuse and defend the rights and freedoms of the business community—will be a critical tool in 2015. Last year, the Chamber’s Litigation Center successfully filed a record number of briefs in federal and state courts, and we’ll likely surpass that record this year. The Growth Agenda Let me continue now with some comments about things we can do right now to accelerate growth, secure our recovery, and create jobs.
Trade The first is trade. Ninety-five percent of the people we want to sell something to live outside of the United States—and 14
we now have some great opportunities to open markets and increase American exports. The administration is negotiating two historic trade agreements—the TransPacific Partnership Agreement and the Transatlantic Trade and Investment Partnership. The Chamber has supported these initiatives from the start. The president has said that he is committed to finishing the job on both pacts—and we congratulate him for that—but he’s going to need Trade Promotion Authority to do it. He must really fight for it, especially before members of his own party. Enacting TPA so that we can finish these agreements is one of our top legislative priorities for this year. We’ll also continue to advance other trade priorities, including a revised Information Technology Agreement, a Trade in Services Agreement, and a Bilateral Investment Treaty with China. We’ll work on successfully implementing the WTO’s Trade Facilitation Agreement, modernizing our own borders with customs reform, and extending the charter of the Ex-Im Bank. Our Global Intellectual Property Center will support efforts to improve intellectual property protections here and around the globe. We will work to improve our own rules on trade secrets while advancing IP protections in China, India, and in pending trade agreements.
Energy Even with the recent decline in energy prices, abundant domestic energy still stands out as an extraordinary opportunity to generate millions of jobs, billions in revenues for government, and trillions in new investment while securing affordable energy for American consumers. Congress and the administration should take the needed steps to unleash this energy revolution in an environmentally responsible manner—and we should reform export rules so that we can sell this energy around the world. Our Institute for 21st Century Energy has issued 64 specific recommendations on how, for example, to remove barriers to oil and gas production; ensure the continued use of coal and nuclear energy; and enhance the competitiveness of renewable sources. And we are going to keep pushing on the Keystone pipeline. The administration’s own facts clearly show that this project will create jobs and energy security without harming the environment. One more thought about energy: Over time, energy development can deliver hundreds of billions of new dollars to government coffers, and that would 15
be a nice down payment on our rapidly growing bill for entitlements. Energy won’t solve the entitlement problem or remove the need for reform—but it sure can help.
The Government Reform Agenda Along with action on trade, energy, technology, and infrastructure, we must embark on a sweeping program of government reform.
Technology Along with trade and energy, American leadership in technology can continue to deliver great benefits to our economy and our quality of life. Yet as it grows bigger, our tech sector is also becoming more of a target of governments and activists at home and abroad. This year our new Center for Advanced Technology and Innovation will be running at full speed and will spearhead a Chamber-wide effort to defend our technology companies and advance their policy interests. Tech companies find themselves unfairly targeted by law enforcement and regulators in key markets from China to the European Union. Domestically, companies urgently need highly skilled talent as well as the expansion of spectrum and broadband capacity. We recognize that the issue of net neutrality divides the tech community, but there can be no neutrality as far as the Chamber is concerned. We oppose efforts to regulate the Internet as if it were a 20th century public utility. The Internet is one of the greatest drivers of prosperity and innovation in our economy. We need to develop better and smarter frameworks for data security and sharing—but the system must remain open, flexible, and innovative—and excessive government regulation of the Internet would just kill that goose.
Immigration Let’s start with immigration reform. I can assure you that we will continue to make this a top priority until it is done. Meaningful immigration reform can only be achieved through bipartisan legislation. We are renewing our call for commonsense measures that not only better secure our borders but also provide the American economy with the workers it needs at all skill levels, improve the employment verification system, and deal with undocumented immigrants. We know that reform is unlikely to happen in one big bill, and we recognize that moving forward cannot be “comprehensive or nothing.” Yet there is more agreement in the country and in Congress than you may think—and it is in the political interests of both parties to act before the next election. That’s why we believe a resolution is possible this year.
Infrastructure Infrastructure is another big growth opportunity. We’re asking Congress to pass a longterm highway and mass transit bill with full funding—along with appropriate reforms. We must fully fund our aviation and water systems as well. The big question is how to pay for these programs. The simplest and fairest way to do this is through a modest increase in the federal fuels user fee that hasn’t been increased in more than 20 years. I know the politics are difficult. But isn’t this a pretty good time to try? Since last summer, the average price of gas has dropped $1.45 cents. Isn’t it reasonable to consider investing a dime or two of those savings back into our roads, bridges, and highways to put Americans to work, clean the air, grow our economy, and save thousands of lives? The Chamber plans to make a strong case to Congress, the White House, and the American people in 2015.
Regulatory Reform Government reform must also address the regulatory system, which hasn’t been significantly modernized since the Harry Truman administration. Remember him? I do—it was a long time ago! Business recognizes the need for smart regulations. But with a $2 trillion price tag in compliance costs imposed by a virtual fourth branch of government, it’s time to bring the system into the 21st century. The Chamber will launch an all-out effort to pass three regulatory reform bills that already enjoy significant bipartisan support in both the House and the Senate. The bills would modernize the process by which new rules are considered and promulgated, bring transparency and accountability to the now abusive process known as “sue and settle,” and streamline the permitting process once regulations are in place. These are not pie-in-the-sky ideas that have no chance of passing. In fact, one bill has already passed the House. They are bipartisan measures that should be able to clear both houses. As for the president, we hope that by the end of the legislative process, he will find cause to reconsider his early reaction to these important bipartisan reforms. Regulatory Relief and Restraint While working to reform the regulatory process, the Chamber will also address specific regulations that we believe would hurt our economy and throw people out of work while achieving
little or no public benefit. EPA’s proposal to lower the ozone standard and its Waters of the U.S. rule are two examples. And while we strongly support technological solutions to address greenhouse gas emissions, we do not believe that regulation of these emissions through the Clean Air Act is appropriate or workable. In health care, we support congressional efforts to restore the 40hour workweek to define who must be covered under the employer health care mandate. We’ll work to repeal taxes such as the medical device tax, the Cadillac tax, and the health insurance tax. On the labor front, we’ll aggressively oppose measures that would unnecessarily amend our already complex workplace laws covering a whole host of issues—including those that would upset the delicate balance now struck by the National Labor Relations Act.
Capital Markets When it comes to financial markets regulation, it is time we ask who is in charge of making sure that the overall regulatory system actually works for job creators and investors? At the federal level alone, there are nearly two dozen financial regulators that often conflict, compete, and fail to work together. Successful financial regulatory reform can’t be measured by the sheer number of new regulations or the size of the fines extracted from financial firms. We need a modern regulatory system that both drives financial stability and encourages capital formation. And we need to educate Congress and the American people on how capital is actually formed and how, without it, we will not be able to expand our economy. The Chamber has supported positive steps to strengthen corporate governance. However, we will continue to vigorously oppose using the proxy to advance special interest agendas. We will also continue to push for reform of secretive proxy advisory firms. The Chamber will also seek further targeted fixes to Dodd-Frank. For example, the Financial Stability Oversight Council is considering overdue and necessary changes to its systemically important designation process. In addition, both the Consumer Financial Protection Bureau and the Treasury Department’s Office of Financial Research ought to be placed under the appropriations process. And we are very concerned that the Department of Labor is considering misguided fiduciary duty proposals that could result in making retirement savings much harder for middle class families.
Tax Reform The next target for government reform tends to divide the business community, but it is essential—and that is tax reform. The United States has the highest corporate tax rate in the developed world. We adhere to a system of “worldwide” taxation discarded by most other major countries. As a result, American businesses pay taxes twice, first to the foreign country in which they do business and then to Uncle Sam after they bring their profits home. And since 28 million businesses pay their taxes as individuals, we also need reform on the individual side of the code. We need to end the bias against investment and spur small business startups, which have been lagging yet are absolutely critical to new job growth. Republican leaders and the president all say that tax reform will be a priority in 2015. The Chamber plans to be at the table—on the theory that if you are not at the table, then you are on the menu. We will encourage genuine efforts to create a simpler, fairer, pro-growth tax system. We will not support an approach that uses tax reform as an excuse to engineer another big tax increase on American business. Spending, Debt, and Entitlement Reform Turning to the nation’s fiscal condition, short-term deficits have come down—but almost everyone agrees that they will soon rise again. The federal government has already piled up $18 trillion in debt, and it will reach 74% of gross domestic product this year. More than anything else, the nation’s massive debt is being driven by entitlements. By 2024, federal spending will be $5.8 trillion, and more than 76% of that will go to mandatory programs plus interest on the national debt. That leaves less than 24% for national defense, important domestic programs, and everything else. One of the early tests for Congress will be passing a fiscally responsible budget that will lay the foundation for further action on tax and entitlement reform. This will be no small feat. The last time Congress produced a real budget was in 2009. We intend to be very aggressive in helping all interested members of Congress design that legislation. America’s leaders need to start telling the American people the truth. The entitlement crisis is an entirely predictable crisis. It demands action and leadership without further delay. Legal Reform There are two other sets of reforms we need, and the first is legal reform. With the Chamber’s Institute for Legal Reform leading the way, we have made progress in curbing the excesses of the
class and mass action trial lawyers and educating voters in state court elections. But America still has the costliest legal system in the world. Even more disturbing, America’s enforcement system has turned into a shakedown operation. Enforcement officials find a company that may or may not have done something wrong, threaten its managers with commercial ruin, and then force them to pay an enormous fine to drop—or not file—the charges. Our agenda includes curbing these excesses, plus reforming legal systems in key states and jurisdictions, preserving the availability of arbitration, passing the FACT Act to help prevent fraudulent asbestos claims, and challenging foreign governments that are foolishly considering the adoption of Americanstyle class actions.
Education Reform Finally, education reform. It’s fundamentally unfair that some of America’s children get high-quality educations while others are left far, far behind. This is where the real inequality in our country resides. The harsh reality is that a young person without basic skills in reading, writing, math, and computing won’t be able to hold down a good 21st century job of any kind. We must ramp up efforts to reform public schools—to toughen the standards and measure them against prior years so that we know when students are falling behind. We also need to remove bad teachers and pay good teachers more, create more innovative charter schools, and ensure that parental choice is an option not just in wealthy communities but in all communities. An Appeal for Competency and Leadership Ladies and gentlemen, hopefully I’ve helped you understand what the Chamber stands for and what we will fight for this year and beyond. Let me underscore: This is no time to be complacent. We’ve had a few good quarters of economic growth. But we’re not out of the woods. There are many risks and challenges facing our economy that have the potential to send us right back to the doldrums—or worse. That’s why our elected leaders, divided as they may be, must work together to put jobs, growth, and opportunity first. We hope that the new majority in Congress understands that it has something to prove to the voters who elected them. They need to legislate. The president needs to engage. Together, they need to govern.
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Conclusion—Defending Our Rights and Freedoms I have focused in these remarks on what needs to be changed. Yet there are some things that must not change—and that is a set of fundamental American values that define who we are as a people and explain why we have been able to build and sustain the most free, most prosperous, and most compassionate country on earth. I’m talking about the right to speak, the right to due process under the law, and the right to participate in a free enterprise system where you can take a risk, work hard, and achieve your dreams. We should all be concerned by the steady erosion of these rights and freedoms. The Chamber will fight to ensure that all Americans have the right to petition their government without fear, intimidation, or undue regulation. We’ll fight for due process under the law, free of abusive tactics by federal and state agencies and prosecutors. We’ll fight for everyone’s right to speak and even to voice controversial opinions without being tarred and feathered in the public square—or having the IRS threaten his or her tax status. And we’ll fight to preserve the spirit of enterprise in America, which begins with the right to risk, to fail, to try again, to succeed, and to be rewarded for your efforts. Contrary to what some of our political leaders have said, businesses really do create the jobs. They really do build things. Whether they reside on Main Street or even on Wall Street, businesses are not the enemy. They are a big part of the solution to the challenges we face as a nation and a people. Of course, business does not do it alone—and yes, business needs the government to protect our security and maintain the economic platform of our country. But what business needs most of all from government is wise, competent, and courageous leadership that knows when to get involved and when not to interfere—a government that is judicious and responsible in the exercise of its extraordinary powers to tax, spend, and regulate. Today we’re hearing a lot of talk about so-called economic populism. Its advocates claim they are standing up for the average citizen—but what they really stand for is the unbridled growth of the central government and a state-run economy. We already have real economic populism in this country, and I’ll tell you what it is. It’s28 million businesses of every conceivable size and endeavor that have sprung to life in every town, city, and community. 17
It’s millions of businesses invented around a kitchen table, in a garage, or in a college dorm. It’s millions of womenand minority-owned businesses whose owners are persistently laying claim to their share of the American Dream. And it’s tens of thousands of larger businesses, many of them with a global reach, that are providing jobs, services, health care, retirement savings, and charitable giving for the entire nation and the world. American free enterprise is the economic populism we need and must support. It has built the most successful economy in history and built it from the bottom up. Not everyone succeeds,and not all outcomes are equal. But our enterprise system is the envy of the world. It’s why people from rich and poor countries alike are beating a path to our door. We must reject trickle-down government and support, expand, and celebrate the entrepreneurial spirit and make sure that it thrives—not just in business but in every field of endeavor in our society. So as the Chamber pursues a full policy agenda focused on economic growth and government reform, rest assured that we are reserving a good measure of our fight, our spirit, and our passion for that which must not change— the unique American rights and freedoms that made this country great and that will carry it forward into a bright future. Thank you very much.
Looking Back... 2014 US & UAE Trade Statistics
d e The International Trade Administration recently announced the global trade statistics for 2014. The US and UAE shared $24.9 billion in overall trade in 2014 which is slightly lower from 2013. However, the UAE still remains the US’ top export destination in the region and the 17th largest export destination worldwide. The top five goods exported to the UAE remain the same at: 1. Transportation Equipment 2. Computer & Electronic Products 3. Machinery 4. Chemicals 5. Primary Metal Manufacturing The top five Exporting states to the UAE changed with California taking over the District of Columbia’s spot: 1. Washington - $3.27 billion 2. Texas - $2.64 billion 3. New York - $1.92 billion 4. California- $1.92 billion 5. Florida - $1.77 billion
(Source: International Trade Administration) 18
The ABC Dubai & AmCham Abu Dhabi Collaborate January 11, 2015
In January, the Board of Directors from ABC Dubai along with AmCham Abu Dhabi and Barbara A. Leaf, US Ambassador to the UAE, met together to strengthen bonds and collaborate on the upcoming endeavors in 2015. Separately we may focus on different matters but together we can focus on any strategy we have in common, which makes us both stronger organizations.
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ABC Hosts Annual Arab Health Breakfast January 27, 2015
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he ABC hosted industry leaders from all areas of the health sector at its annual Arab Health Breakfast on Tuesday, January 27, 2015 at Dubai Healthcare City. Creating an ideal environment for those looking to explore and expand their opportunities in this industry and region, ABC hosted its annual Arab Health Breakfast on the sidelines of Arab Health. ABC members seized
Pavilion at Arab Health 2015). During his keynote address, Mr. Abedin provided insights to Dubai Healthcare City’s initiatives taking place and how US businesses can use this as a platform to engage in the region. Mr. Abedin noted “In the UAE healthcare expenditure accounts for 3.4% of the GDP. The sector is thriving, with growth expected over the next five years, at a compounded annual growth rate of
this opportunity to engage with industry leaders from healthcare and pharmaceutical companies, exhibitors, local representatives and government officials who provided valuable industry insights. Last year, more than 230 companies gathered in the US International Pavilion at the conference and this year 268 US companies will be participating. These companies will exhibit the latest American medical technologies, solutions and services to the region’s healthcare decision-makers and influencers. This will be the largest American group ever to assemble at the MENA’s leading health industry trade show. The breakfast welcomed The Honorable Robert Waller, US Consul General in Dubai; Marwan Abedin, CEO of Dubai Healthcare City; and Tom Kallman, CEO of Kallman Worldwide Inc. (host of the US International
13.1%. On a policy level, emphasis is being placed on spurring innovation on transforming the country to one of the most innovative in the world in the next six years, as part of the UAE vision 20/21. Through our growing healthcare capacity with 130 plus medical facilities and 4,500 plus licensed healthcare professionals, Dubai Healthcare City has come a long way, since its inception in 2002, in building a cohesive clinical environment through advanced medical education and academic offerings. Today more than ever medical tourism is recognized as an integral part of Dubai’s future success. The Emirate itself presents the ideal formula to achieve this. Dubai has the required factors to attract medical tourists which are infrastructure, innovation, safety, regulatory environment, along with its geographic proximity.”
Tom Kallman, CEO of Kallman Worldwide Inc.; Ramsey Jurdi, President of the American Business Council and International Partner at Chadbourne & Parke; Marwan Abedin, CEO of Dubai Healthcare City; and The Honorable Robert Waller, US Consul General in Dubai. 20
ABC’s 24th Annual Golf Tournament February 15, 2015
The 24th Annual Golf Tournament was held at the Dubai Creek Yacht and Club on Sunday, February 15th. The Texas Scramble style tournament ended with a BBQ dinner and fabulous door prizes. First Place: Pseudo Ryder Cup Michael McGinley, Mark Darmody, Mark McCarthy, JP Fitzgerald Score: 56.5 Second Place: GM Richard Pompa, Mike Belt, Cass Hunt, Kenny Babcock Score 57.7 Third Place: Kellogg’s Amr Farghal, Ken Newell, Tarek El Sakka, David Clouston Score: 58.5 Congratulations to Tarek El Sakka for winning the Target Golf Competition and taking home the 100,000 Emirates Skyward Miles!
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Member News... FedEx Express Appoints David Ross President of New Middle East, Indian Subcontinent and Africa Region FedEx Express, a subsidiary of FedEx Corp. (NYSE: FDX) and the world’s largest express transportation company, has named David Ross president of its new Middle East, Indian Subcontinent and Africa (MEISA) region. In his new role, Mr. Ross is responsible for the leadership and strategic direction of this newly-formed region, headquartered in Dubai, UAE. “David Ross has a deep understanding of international trade and logistics in the Middle East, Indian Subcontinent and Africa and he knows what our customers in this region need to be able to grow their businesses,” said David J. Bronczek, president and CEO of FedEx Express. “His knowledge and expertise will be extremely valuable as we continue to enhance our capabilities and expand our product offerings in this important part of the world.” Mr. Ross has spent more than thirty years in the global logistics industry and has held several executive level positions for FedEx Express since joining the company in 1992. Before moving into his current role as president, Mr. Ross most recently served as senior vice president for MEISA Operations under the former Europe, Middle East and Africa (EMEA) region. Prior to that, he served as vice president of FedEx North Pacific Operations (1998); vice president of FedEx South Pacific Operations (2005); and in 2011, he was named vice president of Integration and Domestic Operations for FedEx in India, where he helped lay the foundation for domestic business operations in that country.
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“Some of the world’s most rapidly emerging economies are in the Middle East, India and Africa,” said Bronczek. “GDP in this important area is expected to grow by 4.2 percent in 2015 and, through David’s leadership, we are prepared to build on our long-term presence in the region so that we can better serve our customers in the local markets as they expand their businesses. Commenting on his new role, Mr. Ross said, “I am very proud to be a part of the FedEx Express MEISA team and I look forward to working with our dedicated and enthusiastic team members to continue serving the needs of our customers who ship globally.” Mr. Ross has been an active member of the ABC’s President’s Club, representing FedEx Express. FedEx was the title sponsor for the ABC’s 30th anniversary gala night on March 6th. During the gala’s charity auction, FedEx concluded the bid by donating an additional AED 100,000 over and above what the auction had raised, bringing the grand total to AED 237,000. The donation was granted to Dubai Cares - a philanthropic organization - in support of an educational program for the less privileged children in developing countries. Mr. Ross plays an integral role at FedEx as well as in the American business community. ABC is proud to be associated with FedEx Express and call Mr. David J. Ross a President’s Club member!
7 ABC Corporate Members Make top 15 list of arabianbusiness.com’s Best Companies to work for in the UAE
American Thoroughbred Racehorse, California Chrome, Places 2nd in 2015 Dubai World Cup
American Thoroughbred racehorse who won the 2014 Kentucky Derby, Preakness Stakes, and was named 2014 American Horse of the Year, California Chrome, placed 2nd in the 2015 Dubai World Cup on March 28th. Owner Mr. Steve Coburn said on Friday, the day before the big race that he had some butterflies but that California Chrome is doing great if not better now, than in preparation for the Kentucky Derby in 2014. He stated, “We have been sticking to what we always do to prepare for the race, and I hope that everyone stays healthy, sound and safe including jockeys and horses.”
ABC Dubai members: Apparel Group, Estee Lauder, FedEx, Hyatt, Marriott, MasterCard, and Weber Shandwick all made the top 15 list on arabianbusiness.com. The annual study assesses the level of credibility, respect, fairness, pride and camaraderie within an organization.
Mr. Coburn also raved about his experience in Dubai saying, “This is a very interesting place, we’ve had a wonderful experience here so far. We met His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai and seen things we’ve never would have imagined.” 24
2015 President’s Club
2015 Vice President’s Club
2015 Strategic Partner
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Independence & Memorial Day Celebration Sponsorship Opportunity
In 2015 ABC will be combining the Memorial Day and Independence Day Celebrations. This festive event attracts nearly 500 people. ABC serves traditional American dishes and even ends the night with a firework show. This is an event you want to be seen at! If you are interested in sponsoring please contact ABC Public Relations Coordinator, Successfully
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CoCo Makhzoumi at publicrelations@abcdubai.com, or at +971 4 379 1414. 2015 Independence & Memorial Day Celebration Sponsorship Packages Sponsorship Benefits
Title Sponsor 75,000 DHS
Car Sponsor 60,000 DHS
Activities Sponsor 50,000 DHS
Red Sponsor 30,000 DHS
White Sponsor 20,000 DHS
Blue Sponsor 10,000 DHS
20 tickets
10 tickets
10 tickets
8 tickets
6 tickets
4 tickets
6 Banners or 12 Flags
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4
2
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Grand Prize Sponsor 7,500 DHS
Photo opportunity with VIPs 1 table on-site to display your promotional products Corporate profile in event program (provided by sponsor) Recognition in Quarterly Newsletter Complimentary tickets with VIP table reserved seating Standard size roll-up banners to be displayed at the event (provided by sponsor)
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(Dependent on venue)
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Company brochures displayed at the event Company logo on event marketing materials Verbal recognition from the podium Company logo printed on sponsor banner Recognition in after event American Business Council press release and social media pages Tailored branded activity built for your company (provided by ABC) Cars displayed at venue
Special 4th of July Sponsorship Packages
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(Dependent on venue)
Fireworks Sponsorship 40,000 AED
Red sponsorship benefits apply plus exclusive fireworks sponsor recognition during the event.
Patriotic Sponsorship 30,000 AED
White sponsorship benefits apply plus tickets go to U.S. Service members to attend free of charge.
For sponsorship inquiries, please contact Public Relations Coordinator, Coco Makhzoumi, at 04 379 1414 or publicrelations@abcdubai.com.
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Successfully
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PO Box 74648, Dubai, UAE Tel: +971 4 379 1414 • Fax: +971 4 379 1515 www.abcdubai.com • info@abcdubai.com