The role of the UAE’s energy sector, particularly ADNOC Group, in furthering the US-UAE bilateral trade relationship was underscored at a reception in honor of visiting delegations in Houston, Texas for the 2012 Offshore Technology Conference (OTC 2012).
The reception, hosted by the Bilateral US-Arab Chamber of Commerce was attended by UAE trade delegates led by Mohamed Thani Al Romaithi, President of the UAE Chambers of Commerce & Industry and Chairman of Abu Dhabi Chamber of Commerce Chairman and ADNOC & its Group of Companies delegation led by Saif Al Ghafli, Chief Executive Officer, Abu Dhabi Gas Development Company Limited (Al Hosn Gas).
Also attending were Emirati businessmen and staff of the UAE Embassy in Washington. The reception offered the attendees with an opportunity to network with senior executives and US government officials.
The gathering was addressed by H.E. Mr. Al Romaithi who spoke about the outstanding bilateral trade between the US and the UAE.
The role played by the UAE’s energy sector, and in particular ADNOC Group, in furthering this trade relationship was highlighted by Saif Al Ghafli.
Stating that the US-UAE trade relationship continues to flourish, and sets new benchmark against which future business partnerships will be measured against, Mr. Al Ghafli pointed out that the US exports to the UAE touched an all-time high of $15.9 billion for 2011 and that UAE is ranked amongst the top 20 export markets for the US.
He added that this has not happened by mere accident, but has been a result of transparent and friendly economic policy by the UAE that encourages and rewards foreign investments, supplemented by the excellent efforts of this business council.
“As one of the top ten global oil producers, with the sixth largest oil reserves in the world, UAE is a key player in the global energy market. This places a serious responsibility on the UAE to provide oil market assurance and build supply confidence, more so during these times of economic recession and regional turmoil,” Al Ghafli said, adding that recent events had shown that oil suppliers such as the UAE have acted responsibly in calming the oil market and promoting global economic recovery, and I am pleased to see that the US economy is showing good signs of recovery.
