Middle East Important for U.S. Export Growth
As the U.S. looks to increase its exports and sustain continued growth, the Middle will be a key region. This came from Emaar Properties chairman Mohamed Alabbar who made the comments after accepting the Arab Bankers Association of America Achievement Award for 2012.
The real estate tycoon was given the award at a New York special ceremony for the pioneering contributions and outstanding achievements to business. The award is a top recognition from the lead group of financial professionals based in New York.
Alabbar said Dubai for example was a key link in the Silk Road of commerce and trade connecting North America and Asia’s emerging markets. He added that America would need the fast growing markets in Africa, Asia and the Middle East to help increase exports and maintain its growth momentum.
Alabbar said the best opportunity for the U.S. was the region of the Middle East, where there are strong business and more importantly strong political partnerships being forged. The two regions, added Alabbar, need to focus on the skills of the more than 200 million youth in the Middle East today.
In 2012, exports to the Middle East from the U.S. increased over 17% to close to $66 billion. Data recently released from the National U.S. – Arab Chamber of Commerce showed exports from the U.S. to 22 Arab countries rose from just over $56 billion during 2011 to nearly $66 billion in 2012.
U.S. Secretary of State John Kerry is visiting the Middle East this week to discuss the Syria conflict but also the economy in the region, most notably that of Egypt which is going through a very difficult economic time.