Interview with Hon. Michele Sison

parties in an agency agreement to renew the agreement and to tie the length of the agreement to the length of the contract between principal and agent as a very positive step from the point of view of U.S. businesses.

Do you see any clear trends in U.S.-UAE relations and, if so, how do you see the future of the U.S.-UAE relationship?

I see this important bilateral relationship as continuing to develop in a very positive manner. As you know, the U.S. and UAE made good progress in a number of areas in our Free Trade Agreement negotiations, but both sides agreed that we would not be able to conclude the negotiations before the expiration of our Trade Promotion Authority. To build on the progress attained, we have agreed that in the immediate-term, the U.S. and the UAE will be initiating a Trade and Investment Framework Agreement (TIFA) “Plus” to continue making progress.

How do you envision the UAE in 10 years?

Given the pace of economic development, I am certain that the UAE will be thriving magnificently in ten years’ time and continuing to offer important opportunities for U.S. businesses and partners. Fortune magazine recently noted that there are plans for $200 billion in projects over the next ten years in Abu Dhabi alone. Abu Dhabi has signed agreements with the Guggenheim to build a world-class museum as part of a cultural destination on the $30 billion Sadiyat Island project. Meanwhile, Dubai is building the world’s tallest building: the Burj Dubai. Lest you think these changes are confined to Abu Dhabi and Dubai, the other emirates are also investing heavily in development projects.

U.S. Ambassador to the United Arab Emirates

How would you describe the overall state of the U.S.-UAE relationship?

The U.S. and the UAE have an excellent relationship, characterized by close cooperation in a number of areas. For our part, we view the UAE as a valuable partner in efforts to promote regional peace and security and a very generous donor when it comes to international humanitarian and reconstruction assistance. In terms of our economic relationship, last year the UAE was America’s number one export market in the Middle East and North Africa region. There are over 750 U.S. companies physically present in the UAE, many of which use the UAE as a platform to serve the entire region.

What factors have been most important in bringing about the UAE’s economic success?

The UAE has established pro-business, outward-oriented economic policies. The Government has also fostered political stability and tolerance. The UAE has pursued a policy of economic diversification to the point where only about a third of its GDP comes from crude oil production. In addition, the UAE has strong intellectual property rights protection and has invested in world class ports and airports facilities.

What do you consider to be the UAE’s best sectors for U.S. exporters?

With almost $12 billion in U.S. goods exported to the UAE in 2006, opportunities for American industry are virtually unlimited. Among the many sectors showing excellent promise are aircraft and parts, the oil and gas sectors, construction materials, safety and security equipment, medical equipment and project management and architectural and engineering services.

Can you describe some “success stories” involving U.S. companies in the UAE?

There are so many success stories that I could cite. Over the last four years, Boeing sold 82 aircraft to Emirates Airlines – $19.4 billion worth – and another $850 million in aircraft to Etihad Airlines. Last year, ExxonMobil signed an agreement for a 28 percent stake in Abu Dhabi’s Upper Zakum field. Occidental Petroleum is working on the Dolphin Project, a multi-billion dollar initiative to bring natural gas from Qatar to the UAE and Oman. Many U.S. construction, engineering, and project management companies are focusing on opportunities in the UAE. For example, a U.S. company

recently won the $138 million dollar bid for the construction and operation of the toll collection system for Dubai roads.

We don’t just work with the big guys; some of our most satisfying successes are with new-to-market companies. At last year’s Gulf Food Show in Dubai, U.S. companies made up the largest pavilion at the show. At this year’s Arab Health Show, over 140 U.S. companies participated in this regional showcase of medical goods and services.

What do you see as the best opportunities for foreign direct investment in the UAE?

There are several areas of promise. Health care and education offer excellent opportunities for investment and growth. The energy sector also remains a key area for investment. Given the UAE’s critical need for energy, power generation would be a logical choice as well.

What assistance can U.S. Government agencies provide to American firms interested in the UAE market?

We will advocate on behalf of American firms, and U.S. companies should not hesitate to request this advocacy from the U.S. Department of Commerce Advocacy Center. Either I or members of my team will always be happy to meet with U.S. businesses.

The Foreign Commercial Service (FCS) offers a “Gold Key Service” to U.S. companies that plan to visit the UAE with pre-screened and pre-qualified potential contacts. FCS arranges appointments with prospective clients with background and contact information on each potential contact.

FCS also offers “International Company Profile” reports. This is a comprehensive background check on UAE companies, reporting on its owners, sales, business activities and its suitability as a business partner for American companies.

What economic and/or regulatory reforms would you like to see the UAE implement?

One of the issues that potential U.S. investors note is their inability to have one hundred percent (or even majority) ownership of a company outside the free zones. We believe that this acts as a disincentive to investment, especially in areas where companies have significant intellectual property that they want to protect. On the other hand, I would highlight the UAE’s decision to require both