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Are We Winning the War, but Losing the Peace?
(Dr. Mohamed El-Erian) Back in 2008, the world teetered on the edge of an international financial crisis initially sparked by banks’ excessive risk-taking and the bursting of the U.S. housing bubble. What resulted was the worst global recession since the Great Depression of the 1930s. Thirteen years later, with global economic upheaval once again dominating the headlines, business leaders and politicians can learn from both the success and shortfalls of the past. That’s the message of Dr. Mohamed A. El-Erian, President of Queens’ College, Cambridge, and advisor to international financial services provider Allianz, as well as investment manager Gramercy. |
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A New York-born economic and business leader of Egyptian heritage, El-Erian, 62, spoke March 18 in a one-hour webinar co-hosted by the National U.S.-Arab Chamber of Commerce (NUSACC) and ABANA. (To view El-Erian’s introductory remarks only, click here.)
To read the full report, please click here.
To read the full report, please click here.
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HAS IRAQ REACHED AN INFLECTION POINT?
It has been a good month for the Republic of Iraq. The historic March 5 – 8 visit by H.H. Pope Francis – the first-ever papal visit to Iraq – highlighted coexistence and mutual respect among religious communities. In another first, a new American University (AUIB) has just opened its doors in Baghdad, with its President stating, “AUIB will have a transformative impact on Iraq and the Middle East by distinguishing itself as an exceptional and diverse learning community.” And the price of oil – a commodity on which Iraq depends heavily – has risen nearly 40 percent this year, with Brent crude topping $70 per barrel this past week.
It is still too early to say whether Iraq has turned a corner, but there is reason for optimism. |
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U.S. Ambassador Addresses NUSACC
The National U.S. – Arab Chamber of Commerce (NUSACC) recently continued its golden anniversary year with a webinar featuring the Honorable Matthew Tueller, U.S. Ambassador to Iraq. Tueller provided a thoughtful, comprehensive overview of bilateral and regional developments, with a special emphasis on business opportunities in Iraq for U.S. companies.
To read the full report, please click here.
The National U.S. – Arab Chamber of Commerce (NUSACC) recently continued its golden anniversary year with a webinar featuring the Honorable Matthew Tueller, U.S. Ambassador to Iraq. Tueller provided a thoughtful, comprehensive overview of bilateral and regional developments, with a special emphasis on business opportunities in Iraq for U.S. companies.
To read the full report, please click here.
Pandemic Sinks U.S. Exports to MENA by 27 Percent (2020)
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Top Five Destinations : UAE, Saudi Arabia, Egypt, Qatar and Morocco
Top Three Exporting States: Texas, California, and Louisiana Washington, DC – According to new U.S. Government data analyzed by the National U.S. - Arab Chamber of Commerce (NUSACC), exports of U.S. goods to the Middle East and North Africa (MENA) fell in 2020 to $45.66 billion, a decrease of 27 percent over 2019 levels ($62.68 billion). The reason for the drop can be summed up in a single word: Pandemic.
As COVID-19 swept across the world, it tamped down consumer demand, decimated supply chains, put big-ticket projects on hold, stymied travel and tourism, and drove up budget deficits to record levels. The pandemic also played an important role in the oil price war in mid-2020 that saw contract futures for West Texas Intermediate (WTI) collapse, bottoming out at -$37 per barrel. |
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“There has never been a year like 2020,” said David Hamod, NUSACC’s President & CEO. “American exporters took a beating but, by year’s end, they were still standing. The Arab world, which also took plenty of hits in 2020, remained a reliable destination for American products, even in the face of the global pandemic.”
To read the full report, please click here.
To read the full report, please click here.
Webinar on “Energy Transition” Kicks Off NUSACC’s Golden Anniversary Year!
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The National U.S. – Arab Chamber of Commerce (NUSACC) kicked off its golden anniversary year with a webinar featuring Dr. Daniel Yergin, Pulitzer prize-winning author of four books dealing with energy issues. The webinar featured a wide-ranging discussion that revolved around Yergin’s latest book, The New Map: Energy, Climate, and the Clash of Nations. The New Map has already been recognized as a “Book of the Year” by National Public Radio and USA Today, as well as “Book of the Year” by Bloomberg Surveillance.
This was the first event in NUSACC’s new “Thought Leader Series” of webinars, and the response from NUSACC stakeholders was excellent. More than 400 business leaders and senior government officials participated in the webinar, which included stakeholders in 40 nations around the globe. NUSACC was also pleased to showcase some of its partners, including the Los Angeles Chamber of Commerce, the Union of Arab Chambers, the World Trade Center of Greater Philadelphia, and the World Trade Center of Utah.
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Dr. Daniel Yergin, Pulitzer prize-winning author of four
books dealing with energy issues. |
Please click here to read the full report.
NUSACC Congratulates President-Elect Joe Biden
“Our Chamber looks forward to working closely with the new Administration – just as we have with all previous Administrations, Democratic or Republican – to promote American prosperity.” – David Hamod, NUSACC CEO
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Washington, D.C. – The National U.S. – Arab Chamber of Commerce (NUSACC) – an independent, nonpartisan U.S. business association – extends its congratulations today to Joe Biden on his election as President of the United States.
“This has been a long and contentious election, and we believe that it is time for all Americans to come together in support of our new President-elect, Joe Biden, and his Vice President-elect, Kamala Harris,” said David Hamod, President & CEO of NUSACC. “We are grateful to the outgoing President of the United States, Donald Trump, for his service to the nation. We hope that Mr. Trump will work with his successor in the weeks ahead to encourage a peaceful transition and to help promote America’s interests at home and around the world.” |
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The United States has enjoyed a longstanding tradition of peaceful transitions after elections, a process that is admired throughout the world. After succeeding George Washington as America’s second President, John Adams wrote, “The sight of the sun setting . . . and another rising (though less splendid), was a novelty.” Without regard to the party or personality of the incoming President, smooth transitions in the White House have long been testaments to the strength of American democracy.
Hamod went on to say, “The Middle East and North Africa (MENA) region is of great importance to our country in terms of economic prosperity, security, and America’s national interests. I hope that President-elect Biden will strengthen commercial ties with the peoples of the MENA region, one of the most pro-American markets in the world.” He concluded, “Our Chamber looks forward to working closely with the new Administration – just as we have with all previous Administrations, Democratic or Republican – to help promote American prosperity.”
Hamod went on to say, “The Middle East and North Africa (MENA) region is of great importance to our country in terms of economic prosperity, security, and America’s national interests. I hope that President-elect Biden will strengthen commercial ties with the peoples of the MENA region, one of the most pro-American markets in the world.” He concluded, “Our Chamber looks forward to working closely with the new Administration – just as we have with all previous Administrations, Democratic or Republican – to help promote American prosperity.”
