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Alabbar wins ABANA Award 2012

Mohammed Alabbar has received the prestigious Arab Bankers Association of North America (ABANA) Achievement Award 2012 for his outstanding achievements and pioneering contributions to business.

Mohammed Alabbar is the Chairman of Emaar Properties who received the award at a special ceremony held in New York earlier this week.

A premier recognition by the leading group of New York-based financial professionals, the ABANA Achievement Award is presented annually to individuals or groups who have made compelling contributions to the business sector.

In his acceptance speech, Alabbar underlined the strategic position of Dubai as a key link in the New Silk Road of trade and commerce that connects America and the emerging markets in Asia.

Mr. Alabbar said that America will need fast-growing consumer markets in the Middle East, Africa and Asia markets to drive its exports sector and sustain the growth momentum.

“America’s biggest opportunity is the Middle East region, where it has established strong partnerships. The two regions need to engage positively by focusing on the soft power and skills of the Middle East’s 200 million youth population,” he said.

Mr. Alabbar said that the US-Middle East relations are at the threshold of a new era following America’s rapid move towards oil self-sufficiency. “The America’s oil-led narrative with the Middle East is changing. The discovery of shale gas and its huge prospects is set to alter the oil sector dynamics of the American economy.

He said that exports from the US to the Arab world has increased from US$56.18 billion in 2011 to US$65.91 billion last year, despite the challenges in the region. Central to this growth has been the energy sector, infrastructure development and growing consumer demand, with the UAE as the top US export partner in the Arab world last year, recording an increase of nearly 42 percent. Mr. Alabbar said that US exports to the region is expected to reach US$167 billion by 2015, highlighting the opportunity for stronger business partnerships.

One of the Middle East’s most respected and recognized businessmen, Alabbar is the founder and chairman of Emaar Properties, the leading global property developer; and Africa Middle East Resources (AMER); a private company operating to unlock the value of natural resource opportunities. He is also the Chairman of RSH, the leading Singapore-based pan-Asian marketer, distributor and retailer of international fashion and lifestyle brands.

Alabbar is the Chairman of the board of the Dubai Events Council, and has served as the founding Director General of the Dubai Department of Economic Development (DED), and as a member of the Dubai Executive Council and Dubai Economic Council. Arabian Business, the leading regional business magazine, ranked him fourth in the 2012 list of ‘Power 500: The World’s Most Influential Arabs,’ and honoured him as ‘Businessman of the Year’ 2011.

Earlier winners of the ABANA Achievement Award include Bader M Al Sa’ad (Kuwait Investment Authority); Dr Muhammad Al Jasser (Saudi Arabian Monetary Agency); Youssef A. Nasr (HSBC Bank Middle East Limited); Abdul Aziz Al Ghurair (MashreqBank); and Prince Alwaleed Bin Talal Bin AbdulAziz Alsaud (Kingdom Holding Company), among other illustrious individuals from the Arab world.

More than 320 guests attended the Awards ceremony hosted by ABANA, which has served as an important bridge between the financial sectors in North America and the Middle East for close to 30 years.

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