FOR IMMEDIATE RELEASE Contact: Laura Goodnight Company Name: American Business Council of Dubai & the Northern Emirates Tel: 04.379.1414 Email: firstname.lastname@example.org Website: www.abcdubai.com American Business Council and Dubai International Financial Centre Co-host Atlanta Federal Reserve Reception DUBAI – MAY 11, 2014 The American Business Council of Dubai & the Northern Emirates (ABC) in conjunction with the Dubai International Financial Centre hosted a morning reception for Dennis Lockhart, President and CEO of the Federal Reserve Bank of Atlanta. Mr. Lockhart discussed the outlook for the U.S. economy and monetary policy along with how developments in global markets influence his views as a policymaker. Jeff Singer, CEO of the DIFC gave opening remarks and introduced Mr. Lockhart. Mr. Lockhart discussed in detail the intricacies of America’s effect on global monetary policy; “The world watches U.S. monetary policy closely, and global capital flows are influenced by expectations of Federal Reserve policy. Recent turbulence in certain emerging markets led to substantial controversy over the effect of U.S. policy on the rest of the world. I’ll give you my perspective as one U.S. policymaker. Changes in U.S. financial conditions do affect interest rates and asset prices in other countries through various channels. U.S. central-bank policy influences capital flows and their effects, in turn, on the foreign exchange rate, equity markets and debt markets, both external and domestic. As a result, some emerging economies may face pressures when U.S. monetary accommodation is reduced. They may have to make policy and business adjustments. This was the situation earlier this year, but since then conditions in most affected countries have stabilized or at least calmed.” Mr. Lockhart continued with his positive outlook; “I believe it is in the world’s interest that the U.S. economy strengthens and that the Federal Reserve pursues policies appropriate for, and supportive of, improving conditions. Also, with my expectation that the United States will experience better economic growth over the medium term, I believe the outlook for emerging economies is also improved.” Other key guests included: The Honorable Robert Waller, U.S. Consul General in Dubai and Ramsey Jurdi, President of the American Business Council and Chadbourne & Parke International Partner.
The event was covered by Al Bayan, Bloomberg, CNBC, CNN, Dow Jones, Gulf News, and Thomson Reuters. To read the entirety of Mr. Lockhart’s speech, please follow this link, http://www.frbatlanta.org/news/speeches/140511_speech_lockhart.cfm. ABOUT THE AMERICAN BUSINESS COUNCIL The American Business Council of Dubai & the Northern Emirates operates under the auspices of the Dubai Chamber of Commerce & Industry and functions as a Chapter of the U.S. Chamber of Commerce. Since its founding in 1985, the American Business Council has supported U.S. business interests in Dubai & the Northern Emirates and acts as a liaison between government and commercial enterprises. The American Business Council is a 500 plus member-driven organization. Fortune 500 companies and key business leaders are well represented among the members of the American Business Council. The American Business Council provides a forum for understanding and interaction between the local business community and members of the American Business Council. Members are supported through a robust calendar of informational programs, round-table discussions, and business networking opportunities. For more information about the American Business Council and to learn how members are engaged, visit us at www.abcdubai.com. ABOUT THE DUBAI INTERNATION FINANCIAL CENTRE The Dubai International Financial Centre (DIFC) is the financial and business hub connecting the region’s emerging markets with the developed markets of Europe, Asia and the Americas. Since its launch in 2004, DIFC, a purposely built financial free zone, has been committed to encouraging economic growth and development in the region through its strong financial and business infrastructure. Currently, DIFC's client base comprises over 1,039 active registered firms, including 22 of the world’s top 30 banks, 11 of the top 20 money managers, six of the world’s 10 largest insurers, and seven out of the top 10 law firms. Around 15,600 employees operate in an open environment complemented by international legal and regulatory standards. DIFC offers its member companies benefits such as 100 per cent foreign ownership, zero per cent tax rate, with no restriction on capital convertibility or profit repatriation. DIFC has its own independent financial and ancillary services regulatory body, the Dubai Financial Services Authority (DFSA). ###