The UAE has surpassed Israel and Saudi Arabia as America’s biggest export market in the Mena region, the US ambassador to the UAE has said.

Richard Olson told delegates at a reception hosted by the American Business Council of Dubai and the Northern Emirates that US exports to the UAE in 2000 amounted to $2.2 billion, but had soared to over $15.7 billion in 2008.

“Defence, machinery, autos and even horses make up a large part of this trade, but this does not fully account for services such as legal and consulting,” he added.

The reception, held at the Al Murooj Rotana Hotel, attracted more than 100 senior executives from leading US firms as well as regional companies.

“Times are significantly challenging, but GCC countries are best positioned to recover from the credit crunch and the UAE will be at the forefront leading that recovery,” Olson said.

The ambassador, who became America’s chief diplomat to the UAE in October last year, most recently served as deputy chief of mission at the US mission to Nato from 2006-2008. He has also served at senior diplomatic levels in the UAE both at the US embassy in Abu Dhabi and as US consul general in Dubai. – TradeArabia News Service