WASHINGTON--(BUSINESS WIRE)--In an effort to expand mutual collaboration and promote bilateral economic cooperation, a delegation from the Dubai Economic Council (DEC) signed a Memorandum of Understanding (MoU) with the U.S.-U.A.E. Business Council on Thursday, during their visit to Washington D.C.
“The U.A.E. and U.S. enjoy historic relations covering various domains: economic, trade, financial and technological, among others. Dubai in particular has been a hub for American businesses deployed across a spectrum of industries,” said H.E. Hani Al Hamli, Secretary General of the DEC.
“In terms of its Strategic Plan 2021, Dubai is looking forward to enhancing its ties with the U.S. in a number of non-trade areas, importantly R&D, innovation and education. Against this backdrop, this MoU will provide a framework of mutual understanding and collaboration between the two institutions in various fields by encouraging the exchange of advice, expertise and knowledge through unified collaboration for the favor of business community and citizens of both countries.”
Danny Sebright, President of the U.S.-U.A.E. Business Council, added “the U.A.E. remains America’s top export destination for the entire Middle East and North Africa (MENA) region for the sixth year in a row. The U.S. and U.A.E. shared $24.9 billion in overall trade in 2014. By signing this MoU, the DEC and the U.S.-U.A.E. Business Council will provide a major contribution toward expanding the bilateral U.S. and U.A.E. relationship while adhering to the highest standards of best practice regulations.”
During the remainder of their visit, the DEC will meet with the Export-Import Bank to sign a $5 billion Memorandum of Understanding. This agreement will highlight a variety of goods and services that American exporters will provide the DEC in order for Dubai to continue the expansion of its infrastructure projects.