Page 1

IDEAS IDEAS IDEAS IDEAS ABC IDEAS Newsletter IDEASThe IDEAS IDEAS IDEAS IDEAS IDEAS IDEAS IDEAS IDEAS IDEAS IDEAS IDEAS IDEAS IDEAS IDEAS IDEAS IDEAS IDEAS IDEAS IDEAS IDEAS IDEAS IDEAS . IDEAS . . . IDEAS IDEAS . IDEAS IDEAS IDEAS IDEAS IDEAS A merican Business Forum IDEAS IDEAS IDEAS IDEAS IDEAS IDEAS IDEAS IDEAS IDEAS IDEAS IDEAS IDEAS IDEAS IDEAS IDEAS IDEAS IDEAS IDEAS IDEAS IDEAS IDEAS IDEAS IDEAS IDEAS IDEASThe IDEAS IDEAS IDEAS American Business Council IDEAS IDEAS IDEAS IDEAS

American Business Forum American Business Forum American Business Forum Third Quarter 2014

American Business Forum American Business Forum American Business Forum

American Business Forum American Business Forum American Business Forum

American Business Forum American Business Forum American Business Forum

American Business Forum American Business Forum American Business Forum

American Business Forum American Business Forum American Business Forum

IDEAS

American Business Forum American Business Forum American Business Forum

I dentif y D efine E xecute A nalyze S trengthen American Business Forum American Business Forum American Business Forum

American Business Forum American Business Forum American Business Forum How do we leverage the American competitive advantage in the Middle East?

october 28, 2014

American Business Forum American Business Forum American Business Forum

American Business Forum American Business Forum American Business Forum

American Business Forum American Business Forum American Business Forum

American Business Forum American Business Forum American Business Forum

American Business Forum American Business Forum American Business Forum

American Business Forum American Business Forum American Business Forum

American Business Forum American Business Forum American Business Forum o f

D u b a i

&

t h e

N o r t h e r n

E m i r at e s

Chapter, U.S. Chamber of Commerce


About the ABC

Table of Contents

The American Business Council of Dubai and the Northern Emirates (ABC) functions under the auspices of Dubai Chamber of Commerce and Industry and functions as the Dubai Chapter of the US Chamber of Commerce. The ABC represents US business interests in Dubai and the Northern Emirates, while maintaining strong ties with the leadership of the communities in which our members live and work.

Looking Ahead I.D.E.A.S. Annual American Business Forum..........................................................2 American Citizen Services Day...........................................................................3 Monday Mixers....................................................................................................3 Knowledge Exchange: Real Estate in the UAE - the Amazing Decade......................4 ABC Holiday Celebration - Save the Date..............................................................4

The Council is comprised of members from all sectors of business and industry who elect a board of directors annually. This board of directors is

2015 Board of Directors Elections.........................................................................5

ABC President Flies on Emirates Inaugural Chicago Flight..........7

responsible for the strategic vision of the organization and for assuring

Emirates Airline Exclusive Offer for ABC Members..........................8

strong alliances with US and UAE government officials, giving greater voice to the membership at-large.

Member Highlight: American Hospital Dubai....................................9

Looking Back Contact Information: Phone:+ 971 4 379 1414 Fax: +971 4 379 1515 PO Box 74648 Dubai, United Arab Emirates www.abcdubai.com Cara Nazari Executive Director director@abcdubai.com Aurore Nawfal Membership Coordinator membership@abcdubai.com

Law Africanus..........................................................................................12

Knowledge Exchange: Foreign Corrupt Practices Act............................................14 Emirati Alumni..................................................................................................15

member News STEP Program...............................................................................................17 ABC Turns 30 in 2015! Gala...........................................................................17 Shangri-La ABC Member Offer.........................................................................17 International New York Times ABC Member Offer.............................................18

Sabrina Walsh Events Coordinator events@abcdubai.com

Premium Level Members............................................................................19

Coco Makhzoumi Public Relations Coordinator publicrelations@abcdubai.com

The ABC Membership Rewards Program...............................................20

Laura Goodnight Communications Coordinator communications@abcdubai.com Lilibeth Delatina Administrative Coordinator admin@abcdubai.com

1

Spotlight Series: Africa......................................................................................11


Looking Ahead... ABC Brings you the 3rd Annual American Business Forum, I.D.E.A.S. October 28, 2014

I. D. E. A .S. I dentif y D efine E xecute A nalyze S trengthen

American Business Forum Date: Tuesday, October 28, 2014 Location: Park Hyatt Dubai 2:30-3:00: Registration & Networking 3:00: Welcome Remarks 3:30: Keynote Address, followed by Q&A 5:00: Panel of Experts Discussion, followed by Q&A 6:45: Cocktail Reception Cost: ABC Members - 250 AED & Non Members - 500 There will be a group discount for those who are interested in inviting colleagues or clients. For more information please contact, Events Coordinator, Sabrina Walsh at events@abcdubai.com or 04 379 1414.

Panel of Experts Marwan Abedin, CEO of Dubai Healthcare City Jeffrey L. Johnson, President of Boeing Middle East Nenad Pacek, Co-founder of CEEMEA Business Group Paul L. Smith, Corporate Vice President, MEA at Emerson Maurice Williams, President & Managing Director at General Motors Middle East Operations

ABC invites you to participate in the 3rd annual American Business Forum, I.D.E.A.S. Keynote Address: Nenad Pacek, CEEMEA Business Group The Future of Business in MEA Panel of Experts: Moderated by Pedro Oliveira, Partner and Middle East & Africa Head at Oliver Wyman, the panel will take an in-depth look at the American competitive advantage and how we can maximize it in the region. With the U.S.-U.A.E. bilateral trade relationship at unprecedented levels and the recent upgrade of the U.A.E. in the World Economic Forum Global Competitiveness Report, the business community must seize this opportunity. The panel of experts will be discussing: How do we leverage the American competitive advantage in the Middle East? What are our impediments and incentives? Increasing American Businesses’ competitiveness in the region. Where are we now? Diversity & inclusion. Where do we see ourselves? What do we need to do or alter in order to get there?

Since March 2012, the Economic Policy Dialogue (EPD) has served as a government to government umbrella for new and ongoing initiatives that are aimed at deepening economic and commercial ties between the UAE and US. In the spirit of the EPD, the ABC will be holding our annual American Business Forum, I.D.E.A.S. The ABC seeks to reinforce the foundation for longterm partnership with the UAE and bring together all stakeholders in Dubai to explore ways to strengthen the trading ties between Dubai and the US. We hope that you will secure a spot for yourself, your colleagues, and your guests at the event. You don’t want to miss your chance to play a pivotal role as we share insights and identify solutions to help shape the collective voice of American business in Dubai & the Northern Emirates.

To register for ABC events please visit us at www.abcdubai.com.

2


American Citizen Services Day & General Meeting October 15, 2014

We welcome you to American Citizen Services Day. Come meet and greet US Consul General in Dubai, The Honorable Robert Waller and his team and learn what they do at the Consulate for you. As a part of the program, Dr. Houriya Kazim will be speaking on breast health and care in the UAE as a part of Breast Cancer Awareness Month. Additionally, the Consulate will be providing specific (see below) services for American citizens. Meet & Greet the Consulate Team: • • • • • •

Consulate services offered at the event:

US Consul General in Dubai, The Honorable Robert Waller Regional Security Officer Chief of American Citizen Services Commercial Attaché Political - Economic Section Chief And their teams

• Passport renewals for drop off (must pick up at consulate) • Additional visa pages for drop off (must pick up at consulate) • Notaries • Authentications (only for documents originating OUTSIDE the US) • Social Security Number applications • Voting Materials

Please make sure to bring all documents and copies with you in order to make the process as efficient as possible.

Dr. Houriya Kazim attended medical school at the Royal College of Surgeons in Ireland, obtained her fellowship in General Surgery, then sub-specialized in Surgical Oncology and, in particular, Breast Surgery and reconstruction at the Royal Marsden Hospital in London and the MD Anderson Cancer Centre in Houston, Texas. Dr. Kazim is a UAE national and the country’s first female surgeon. She is the Medical Director and founder of the Well Woman Clinic. Additionally, she founded and runs the only breast cancer support group in the city called “Brest Friends” as well as a breast cancer charity , also known as, “Brest Friends.”

Date: Wednesday, October 15, 2014 Registration: 3:00 pm - 3:30 pm Program: 3:00 pm - 5:00 pm Venue: Jumeirah Emirates Towers Cost: ABC Members - Complimentary & Non-members - 100 AED Community Partners

Monday Mixers

K

eep on the lookout for our Monday Mixers, held on the first Monday of every month. With the ABC elections just around the corner the 2015 slate of candidates will be announced during the General Meeting/Monday Mixer on November 3, 2014. Following the conclusion of the General Meeting the ABC will host a

networking event where members can meet and personally talk with the candidates. There is always a reason to stop by for a bite, a sip, and some high level networking. Coming soon to the Ritz Carlton DIFC near you…

3

October 13th

November 3rd - Meet the Candidates To register for ABC events please visit us at www.abcdubai.com.


Knowledge Exchange: Real Estate in the UAE - the Amazing Decade November 19, 2014

S

hahram Safai, Partner at Afridi & Angell, who is a leading authority on property law in the UAE, will survey the introduction and development of the freehold market in real estate in the U.A.E., focusing on Dubai which has experienced phenomenal growth in the past decade. Questions that will be discussed

include: is foreign ownership of real estate the same as that of UAE nationals? Where are real estate prices headed – up or down? What about rent? How much power do landlords have over tenants? What are the laws regarding off-plan purchases? Keep watch for the invitation and more details!

Save the Date! ABC’s Holiday Celebration December 13, 2014

Mark your calendars! This year ABC’s Holiday Celebration will take place on Saturday, December 13 th.

Christmas in the Desert 2013 To register for ABC events please visit us at www.abcdubai.com.

4


2015 Board of Directors Elections Nominations Committee The American Business Council is happy to announce that the 2014 Nominations Committee has been formed for the 2015 Board of Directors election. The Nominations Committee is tasked with securing candidates who will run for the 2015 Board of Directors. Kathy Hyde, Chairman Terry Amin Walid Khoury John Boehm If you would like to nominate an outstanding ABC member to run for the 2015 Board of Directors: 1. Please send an email to ABCnomination2014@gmail.com including their first and last name, company, job title, and position they are being nominated for in the email. 2. The nominated person must have consented to the nomination. 3. If you have any questions all committee members can be reached at ABCnomination2014@gmail.com. 4. Electronic nominations close Sunday, November 2, 2014. 5. Please see requirements on the next page to run for the Board of Directors.

Elections Committee The ABC is now accepting expressions of interest for the Elections Committee for the 2015 Board of Directors election. The Elections Committee is tasked with overseeing the elections. If you have been interested in serving the ABC but haven’t found the right capacity, this might be the right fit for you. If you are interested in serving on the Elections Committee: • Please email your intent to serve to director@abcdubai.com by Sunday, October 12, 2014.

October 15, 2014 The Elections Committee will be announced at the General Meeting, that will take place before the Dechert Knowledge Exchange. November 3, 2014 The 2015 slate of candidates will be announced during the General Meeting/Meet the Candidates Monday Mixer. November 25, 2014 The election results will then be announced at the Annual General Meeting. 5


ABC is your organization, do YOU have time to serve? The ABC encourages you to be active in your business council. We are a member-driven organization that depends on your participation, so let us know if you would like to contribute toward our collective growth and success. Why should I serve on the ABC Board? Drive public policy for the business community: • Lead critical business issues and make a lasting impact • Actively communicate on issues and be the source of information for business • Position the ABC as the progressive and effective force in the community • Give creative solutions that protect taxpayers • Community engagement • Knowledge sharing • Promote US business • Develop a stronger ABC • Increase contact with government officials • Recruit, retain, and engage ABC membership

Requirements for Nomination President US Citizen, American Business Member or American Individual Member.

Vice President, Legal Affairs and Secretary No citizenship requirement, American Business Member or American Individual Member.

Executive Vice President US Citizen, American Business Member or American Individual Member.

Vice President, Financial Affairs & Treasurer No citizenship requirement, American Business Member or American Individual Member.

Vice President, Membership No citizenship requirement, American Business Member or American Individual Member.

Five General Board Members No citizenship requirement, all membership categories are eligible to run for general board member positions.

Vice President, Programs No citizenship requirement, American Business Member or American Individual Member.

6


ABC President Flies on Emirates Inaugural Chicago Flight

I

n early August, Emirates Airline commenced their inaugural flight to Chicago, marking it the ninth gateway city in the US. President of the ABC and International Partner at Chadbourne & Parke, Ramsey Jurdi was fortunate to take part in the flight and gala that was hosted in honor of the new flight. The new daily service will operate as flight EK235, departing from Dubai International airport at 9:45 am and arriving at O’Hare at 3:25 pm. The return flight, EK236, will depart O’Hare at 8:35 pm and arrive in Dubai at 7:10 pm.

Ramsey Jurdi, President of the ABC and International Partner at Chadbourne & Parke; Lionel Richie; Adel Al Redha, Executive Vice President and Chief Operations Officer of Emirates; and Emirates VIP.

7


Emirates Airline Exclusive Offer for ABC Members

8


MemberAmerican Highlight Hospital Dubai Decoding the Benefits of Health Insurance for Patients At the heart of the provision of high quality private healthcare is the relationship between hospital and insurer who, together, create access to the vital clinical services.

regional center of excellence with strong tertiary care capabilities, with world-class facilities including The Heart Center, and the Orthopedics and Total Joint Reconstruction Center.

The American Hospital Dubai – the pioneer of US quality private healthcare in the Middle East – works with around 80 international and local insurance companies, directly or indirectly. Around half of all the hospital’s patients are covered by insurers, who bring valuable patient benefits such as direct billing, which was first introduced into the region by the American Hospital Dubai and BUPA in 2002.

The American Hospital Dubai was the first Joint Commission International accredited hospital outside the US and was also the first in the region to be awarded College of American Pathologists accreditation.

Insurance not only benefits local patients but insurers will also refer complex cases from around the region to the American Hospital Dubai, as a

International accreditation provides assurance to the insurers that an institution is well managed, and insurers also undertake their own inspections of hospital facilities and actively share and support the American Hospital Dubai’s commitment to the highest quality standards.

“Leadership is not about crowning glory, it’s about keeping the team focused and motivated to achieve successful outcomes and continuous improvement from Dr. Firdos Qureshi, Revenue Management Director

9

lessons learned in changing times.”


Insurance Team

The team at the heart of the hospital’s insurance relationships is a group of more than 20 highly qualified professionals, all with strong medical backgrounds, who are capable of assessing medical procedures and patient cases, and with an intimate knowledge of the very substantial detail involved in managing insurance cases. The team has a very high success rate in submitting claims on behalf of patients. When you consider that every medical diagnosis and treatment – and every possible permutation is defined and categorized for insurance purposes using an international classification system, the level of detailed understanding of the team members becomes very clear.

A new e-claims team provides another essential link between physician, patient and insurer, saving vital time and adding greater convenience for the patient. E-claims are supported by the hospital’s health information system, which enables quick access and retrieval of stored patient information. The team processes hundreds of inpatient and outpatient claims every month using the hospital’s unique, standard insurance form, and helps to free physicians to concentrate fully on patients – delivering the standard of care for which the hospital is renowned.

The insurance authorization and evaluation team is highly skilled in encoding and decoding the insurance sector’s standards codes - 64,000 codes just for diagnosis, and thousands more codes for treatment, consumables and pharmacy.

10


Looking Back... Spotlight Series: Africa September 15, 2014

O

n September 15 the ABC and the US

Economic Forum

Department of Commerce – International Trade

Global Competitiveness Report

Administration (ITA) co-hosted the fourth in a

from 19 to 12 is no surprise to

series of Spotlight events aimed at maximizing Dubai’s

me or that American businesses

potential as a regional trade hub: Spotlight on Africa.

have chosen the UAE as their hub.

American businesses continue to pick

The seminar highlighted the importance

of maximizing those unique opportunities given to

the UAE because of exactly the same

companies operating in Dubai and using Dubai as a

factors that Davos considers,

business gateway to the region, which serves as the

such as infrastructure, macroeconomic stability, and a

inspiration for the Spotlight series. The conference

capable workforce. US-UAE bilateral trade outpaces that of

featured a panel of experts who discussed the business

much bigger economies, such as Saudi Arabia and India,

climate, logistical, legal, financial, security and safety

precisely because of the competitive and stable economic

aspects of doing business in the Sub-Saharan and eastern

environment in the UAE. The UAE remains extremely well

regions of Africa. The presenters included: Zeydan

positioned for American businesses, and in particular doing

Abuissa, Country Manager at Pfizer; Ludwika Alvarez,

business in Africa.”

International Trade Specialist at ITA; Zaki Khoury,

Regional Manager of International Organizations, Middle

Corporation, Mohammad Ali Lootah, who addressed

East & Africa at Microsoft; Donald Nay, Regional Senior

the attendees, stated: “I think the event is a good

Commercial Officer at ITA; *John Podgore, Partner at

opportunity to highlight the opportunities for American

Dechert LLP; and Robert Telchin, Senior International

companies in Africa. There are many promising figures

Trade Specialist at ITA.

here today, and the approach that ABC and American

businesses are taking is good to encourage companies to

Ramsey Jurdi, President of the American Business

Deputy CEO of the Dubai Export Development

Council and Chadbourne & Parke International Partner

do business with Africa. There will definitely be obstacles

stated: “The UAE offers American businesses a fantastic

in Africa because it’s an emerging market, but I believe

platform to expand in Africa. Given the recent upgrade

American businesses can utilize the services of the UAE

in the competitiveness ranking of the UAE in the World

and Dubai government to better penetrate the region.”

Additionally, as part of the seminar, participants

were able to book one-on-one meetings with the speakers on the following day. Jim Cramer, Office of the Middle East and North Africa, Global Markets at ITA stated, “This certainly takes the seminar to the next level. By hosting personal meetings participants were able to focus on identifying specific challenges facing their particular sectors and harnessing potential synergies going forward.” *You can find John Podgore’s presentation article on the following pages.

Deputy CEO of the Dubai Export Development Corporation, Mohammad Ali Lootah, addresses the attendees.

11


FEATURE/ Africa

Law Africanus

Africa teems with exciting prospects for those seeking to venture into this evolving global business hub. John Podgore and Tom Renwick of Dechert on lessons learned operating in the continent from Dubai. Dubai in particular) as a hub. According to the Dubai Chamber of Commerce and Industry (the “Dubai Chamber”), Dubai’s non-oil trade with Africa increased by 141 per cent from AED37.9bn to AED91.3bn between 2008 and 2013. The Dubai Chamber recently opened its first ‘foreign’ office in Ethiopia, and it plans to open another in Ghana this year. Additional offices are envisioned for Mozambique, South Africa, Kenya, Uganda and Angola to further strengthen the business links between Dubai and Africa. The rise of Dubai as a hub for African business is nothing short of astounding.

“Africa represents our fastest-growing region in the world. If you want to be relevant, you need to be in this part of the world.” – Dominic Barton, global managing director of McKinsey & Company

C

ultural and commercial links between the Middle East and Africa have existed from time immemorial and have always been strong. The Arabic-speaking North African countries aside, Arabic place names down the East Coast of Africa evoke a prior golden age of Arab trade, and the great mosques and universities of West Africa – well known to the great 15th century diplomat/adventurer/geographer Leo Africanus – all bear testament to the spread of Islamic culture across the continent. Today, these links are being rapidly reinforced by modern businesses using the Arabian Gulf (and 32

Issue 32 • JULY/AUGUST 2014

ExCiting OppOrtunitiEs At the macro level, Africa presents some of the most exciting opportunities for investment in the world today. Private equity investment in Sub-Saharan Africa reached a five year high of USD1.6bn in 2013, according to the Emerging Markets Private Equity Association, and the World Bank forecasts an increase in economic growth in Sub-Saharan Africa from 4.7 per cent in 2013 to 5.2 per cent in 2014. Expanding middle classes hungry for consumer goods, healthcare and technology, countries eager to improve outdated infrastructure, as well as the traditional trade in Africa’s natural resources are all combining to propel Africa into the top rankings for growth. As a result, African countries now occupy no fewer than 10 of the top 25 slots for countries ranked by economic growth in 2013 by the CIA’s World Factbook, with seven of the 10 fastest growing economies in the world being African. Dubai has without doubt become a major hub driving this growth, particularly in respect of “Equatorial Africa”, by which term we refer to the central swathe of African countries excluding a) North Africa/Greater Maghreb (with its traditional European links) and b) the “Southern Cone” of Africa (essentially the Republic of South Africa and the countries adjacent to it, with its natural hub in Johannesburg). Interestingly, there is no natural hub for business within Equatorial Africa – and for a number of reasons companies doing business in that region (whether or not from the region) have increasingly turned towards Dubai as a base. These companies benefit from Dubai’s gateway geographical location, world-class logistics and infrastructure, business-friendly environment, the presence of major offices for regional and international banks and professional firms (lawyers, consultants, tax advisors, etc.), straight forward visa registration, stable currency and the ability to offer business travellers 12


FEATURE/ Africa

or residents (and their families) a mix of comfort, security and entertainment not available in parts of Equatorial Africa. Dubai’s free zones offer easy set-up, 100% foreign ownership and a favourable tax regime, whilst Dubai’s airline, Emirates, offers routes to 25 destinations in Africa, with plans for further expansion in the future. Investors looking to buy into Africa are setting up alongside African companies present in Dubai looking to do business with the rest of the world. Dubai now finds itself sitting comfortably astride the flow of investment into the continent. Arif Naqvi of Dubai’s Abraaj private equity group, which has approximately USD7.5bn in assets under management in Africa, says the continent represents “…an extremely exciting and compelling investment opportunity…”. Top-tier Dubai-based conglomerates, the Al Futtaim Group and Majid Al Futtaim both plan to enter or expand in Equatorial Africa, with other Arabian Gulf-based, family-owned investment vehicles and international private equity houses set to follow suit. Dubai’s port operator, DP World, has operations in five African countries, representing both investment into the continent and dedication to improving logistics links between Africa and the Arabian Gulf (to facilitate, amongst other things, the flow of food from African agribusiness to Arabian Gulf consumers). Dubai’s banks, too, are focusing on Africa, with banking revenues for African business for some banks quadrupling in the space of five years, across conventional and Islamic banking. Chinese banks are setting up in the Dubai International Financial Centre with an eye on Africa as well, and Bank of China has positioned a dedicated Africa team in Dubai to service the business of Chinese companies investing in Africa’s resources, infrastructure and consumer market. WOrds Of AdviCE From our own experience of operating in Equatorial Africa from Dubai, we offer the benefit of some lessons learned: » Do make sure that you are prepared to travel to the region – a credible Equatorial Africa practice comes from the capability and willingness to deploy resources at a moment’s notice. This means, amongst other things, being up-to-date on vaccinations and being able to prove it, so as not to be faced with the choice upon arrival at an airport in Equatorial Africa of (a) paying USD25 for a yellow fever jab (which doesn’t provide protection from the disease until several days after vaccination) and for the World Health Organisation “yellow certificate” that accompanies it or (b) paying USD15 for a bogus yellow certificate without the jab… » Don’t expect deals to run smoothly – expect the unexpected and be prepared for protracted dealings with governmental bodies and regulators which may be genuinely keen on foreign investment 13

but vexingly inexperienced at facilitating it. A transactional lawyer with real Equatorial Africa credentials will have spent many a day “camped out” in the reception areas of various government ministries; it’s how the game is played. » Don’t assume what has worked in one jurisdiction will be accepted in the neighbouring jurisdiction. Unlike the Arabian Gulf, where ‘cross-pollination’ in respect of legal practice is the norm (largely the result of the same lawyers covering multiple Arabian Gulf jurisdictions, coupled with the legacy of Egyptian jurist Abdel Razzaq Al-Sanhouri – and, for example, making major transactions in Qatar very similar to major transactions in Kuwait) – legal practice in the various jurisdictions comprising Equatorial Africa has developed very independently. Be prepared for very different approaches to transactions across the various jurisdictions, even from one civil law jurisdiction to the neighbouring civil law jurisdiction – and between neighbouring common law jurisdictions. » Don’t fall foul of extra jurisdictional anti-corruption legislation. The use of payments to facilitate business is not always viewed as dimly in parts of Equatorial Africa as it is in other jurisdictions; be mindful of the restrictions that apply to you, your company and your client, and be prepared to explain them to others, including to those who might request such payments. » On a related note, do not be surprised if a due diligence question to a seller concerning payments to government officials is met with a “Yes, of course we make payments to officials!”. » Do choose local legal advisers very carefully. Many truly great, and truly local, law firms are found in Equatorial Africa, but the standard of local legal advice is not uniform across the region or even across the various offices of firms present in multiple jurisdictions within Equatorial Africa. Having international legal counsel with Equatorial Africa credentials, and existing local counsel relationships, at your side helps to navigate through a potential minefield of local law and legal practice.

1

2

Text by: 1. John Podgore, partner, Dechert LLP 2. Tom renwick, associate, Dechert LLP This article originally appeared in the July 2014 issue of the Oath magazine.

theoath-me.com • the Oath

33


Knowledge Exchange: Foreign Corrupt Practices Act September 24, 2014

O

n September 24 John Lonsberg and Stephen Matthews both Partners at Baker Botts examined the latest on the Foreign Corrupt Practices Act (FPCA). The experts discussed the complexities of the FCPA and emphasized recent trends in FCPA enforcement including the use of monitors and deferred

prosecution. The objective was to show the risks in the FCPA arena as well as the high cost of defending actions under the FCPA to encourage corporate clients to utilize compliance programs.

“Historically, US business felt that the US FCPA put it at a disadvantage in the global marketplace. The current reality is that anti-corruption enforcement on both a domestic and international basis has become a major focus of governments across the world, including in the Middle East. In view of this development and the current enforcement strategies being employed by the US Department of Justice and the Securities Exchange Commission, it is fundamental for persons operating in high risk environments that they have a strong working knowledge of the application of both US and other applicable anti-bribery regimes.“ -John Lonsberg 14


“Education

Emirati Alumni of US Universities

is the most

September 30, 2014

important thing in any

Renewing the Connection

T

his annual event highlighted

on the impact of attending university in

the strong bonds that exist

the US had on him: “…the impact of

between the UAE and the

those years I spent in the States are

US and stressed the role that higher

irreversible they are carved into my

education

memory,

can

play

in

bringing

my

personality.”

communities closer together. Since

2009, the number of Emirati’s studying

US Consul General in Dubai, noted,

in the US has increased by 40%. From

“Our strategic partnership is made

2012 to 2013 there was an increase of

more resilient by the number of Emiratis

2,256 Emirati students studying in the

who have come to know America and

US, roughly 7.6%. With this number

Americans through travel, tourism,

increasing every year, it solidifies

and study at colleges and universities

the relationship between the US and

across the United States.”

UAE and will be reflected in American

there would be

business and bilateral trade between

distinguished guests included a host

the two countries.

of senior level Emiratis and business

executives,

no sustainable

evening, His Excellency Hisham Al

US universities, and representatives

Shirawi,

Dubai

from American University in Dubai,

Chamber of Commerce & Industry

EducationUSA, and NYU Abu Dhabi.

presented a keynote address stressing

the

His

complimentary event for UAE National

Excellency received an MBA in Finance

alumni and ABC members thanks to

from California State College and BS in

the gracious support of the American

Electrical Engineering from University

Hospital Dubai and Carian College

of

Advisors.

civilization, without education

civilization, no sustainable growth, no sustainable development.” 15

The honored guest of the Vice

Chairman

importance

Southern At

of

of

education.

California. the

reception,

His

Excellency highlighted the importance of education: “Education is the most important thing in any civilization, without education there would be no sustainable civilization, no sustainable growth, no sustainable development.” He continued to elaborate specifically

The Honorable Robert Waller,

The

impressive

National

turnout

alumni

of

from

The ABC was able to hold this


16


Member News... ABC Turns 30 in 2015!

STEP Program

Smart Traveler Enrollment Program The Smart Traveler Enrollment

Come celebrate as ABC remembers the past 30 successful years!

Program (STEP) is a free service from the Bureau of Consular Affairs of US Department of

#FlashBackFriday! The Gala will take place in midMarch, so mark your calendars and watch for the invitation. You don’t miss the opportunity to be a part of a memorable evening!

State to allow US citizens and nationals traveling or living abroad to enroll their trip with the nearest US Embassy or Consulate. Benefits of Enrolling in STEP • Receive

important

information

from

the

Embassy about safety conditions in your destination

country,

helping

you

make

informed decisions about your travel plans. • Help the US Embassy contact you in an emergency, whether natural disaster, civil unrest, or family emergency. • Help family and friends get in touch with you in an emergency. STEP allows you to enter information about your upcoming trip abroad so that the Department of State can better assist you in an emergency. STEP also allows Americans residing abroad to get routine information from the nearest US Embassy or Consulate. Most communication from the US Consulate in Dubai is done via email -- please be sure to include a valid email address to your profile. For more information about traveling or living in a specific country, or to learn more about passports, visas and other consular services, please visit http://www.travel.state.gov/.

17


WHO THOUGHT SUBSCRIBING COULD BE SO THERAPEUTIC? Order a 12-month subscription to the International New York Times for just 1,300AED and get the world’s finest journalism delivered free to your door every day, and receive a Talise Therapeutic Massage voucher for two at a Talise Spa in Dubai – absolutely free.

SPE

FOR A CIAL O BC M FFE EMBE R RS

Order today

Call +971 4 428 9457 Email inytdubai@nytimes.com

Limited number of vouchers available. Offer expires December 31, 2014, and is valid for new subscribers only in the UAE. Participating spas: Burj Al Arab, Madinat Jumeirah, Jumeirah Beach Hotel, Jumeirah Emirates Towers and Jumeirah Zabeel Saray. Terms and conditions apply.

18


President’s Club

Vice President’s Club

Strategic Partner

19


The ABC Membership Rewards Program The American Business Council Membership Rewards Program is an expanding initiative designed to enhance your membership investment and is a benefit open to all members. Our goal is to support American businesses within the United Arab Emirates by promoting an American business referral network, while at the same time enriching the value of membership in the American Business Council.

Current Participating Companies

Dr. Leila Hariri

To see what each company is offering, please visit our membership rewards page at www.abcdubai.com. 20


The American Business Council o f

D u b a i & t h e N o r t h e r n E m i r at e s CHAPTER, U.S. CHAMBER OF COMMERCE

PO Box 74648, Dubai, UAE Tel: +971 4 379 1414 • Fax: +971 4 379 1515 www.abcdubai.com • info@abcdubai.com

ABC Newsletter Third Quarter 2014  
Read more
Read more
Similar to
Popular now
Just for you