UAE discusses ways to boost ties with US Ex-Im Bank

The UAE has discussed ways to strengthen its relations with the US Ex-Im Bank in a number of areas of common interest.



By Staff Report

Published: Sat 24 May 2014, 10:42 PM

Last updated: Tue 7 Apr 2015, 10:36 PM

This was disclosed by the Dubai Economic Council’s secretary general Hani Al Hamli after attending the annual conference of the US Ex-Im Bank in Washington DC recently.

The event was also attended by a number of UAE local entities such as the Department of Economic Department-Dubai, Sharjah Investment and Development Authority (Shurooq), in addition to representatives of leading public companies in the UAE.

Hamli stated that the council’s involvement in this conference comes within its keenness to closely follow-up on developments in the global economy. He also said that the DEC delegation also discussed a number of areas of common interest, especially in the framework of the strategic partnership agreement signed by both parties last year.

Earlier, the DEC has announced its strategic initiative which included the agreement reached with the US Ex-Im Bank, by which the bank will provide credit facilities to Dubai worth $5 billin to finance infrastructure projects in the emirate, such airports, trains, and subways, as well as projects to develop ports and power generation, oil and gas, petrochemical and water treatment. In this context, Al Hamli said that the DEC working closely with the US Ex-Im Bank on suitable preparations, including cooperation with major global financial institutions, financial services and investment (FIIC), a number of global financial institutions and service providers for the agreement’s successful implementation to provide all means of success.

Al Hamli and Fred Hochberg also met in the presence of members of American business community. The meeting dealt with the recent and outlook of trading and economic ties between Dubai and the US, and the role of the US Ex-Im Bank in improving these ties.

Hochberg stated that UAE is one of the most important strategic partners for the US, and one of the largest markets for the US exports. He stressed that the agreement inked between the Bank and the DEC would deepen the economic relations between the two countries.

abdulbasit@khaleejtimes.com


More news from Local Business