With the help of a generous sponsorship by Air France and the support of Export Management Corporation (EMC), the Kentucky World Trade Center (KWTC) organized a successful trade mission to Dubai in the United Arab Emirates (UAE) from February 26 – March 3, 2004.
The delegation included representatives from Kinetic Technologies, Vogt Power International, Simtechs, Charles T. Creech Inc., Farmer's Tobacco Company and the University of Kentucky. Former Jefferson County Judge Executive Rebecca Jackson also joined the group and gave the keynote presentation during a luncheon at the Dubai Chamber of Commerce.
The purpose of the mission was to help participants establish working business relationships in the UAE. As a result of meetings that took place during the mission, one company will soon be constructing and operating a plant in Dubai that is expected to generate $2.7 million per year in revenues. Others made significant progress toward finding and selecting distributors, sales prospects, and even finding the right location for a planned sales & distribution operation covering the Middle East.
In addition to each company's individual business meetings, the delegation had the chance to attend a business briefing with the U.S. Consul General and the Director of the Dubai World Trade Center. Participants met with a member of the ruling family, His Highness Sheikh Ahmed bin Saeed Al Maktoum, Chairman of the Department of Civil Aviation. Meetings were also scheduled with the Director of the Dubai Chamber of Commerce & Industry, and the Dubai Development & Investment Authority (DDIA).
Leisure time activities included a visit to the Palm Island Jumeirah project, one of two man-made islands in the shape of a palm tree; the Burj Al Arab, the world's only 7 star hotel; the Nad Al Sheba Race Track, where the famous World Cup race is held; and a desert safari which included camel riding and belly dancing at a desert camp.
About The United Arab Emirates
The United Arab Emirates (UAE) is the 3rd busiest port in the world in terms of volume, just behind Hong Kong and Singapore. Known for its ethnic diversity and tolerance, the UAE has an open, diverse economy where its 3.9 million citizens enjoy one of the world's highest per capita incomes. Its strategic location makes it a good choice for a regional distribution hub for the Middle East.
There are 500 plus U.S. firms with a UAE presence. U.S. exports totaled US $3.1 billion in 2002, and U.S. imports from the UAE were nearly US $800 million. The UAE is the second largest recipient of American goods and services in the Arabian Gulf region, and the third largest export market for U.S. companies in the Middle East. The UAE enjoys a close tie to Kentucky through its similar passion for horses and horse racing.
Dubai
Dubai is known as the business capital of the UAE and has won international accolades for its economic development initiatives, which have helped the city's economy achieve an 8.5% annual rate of growth. Current pro-business policies allied with stable political and financial systems have created an investor-friendly environment. Companies setting up in Dubai enjoy no corporate taxes, no income taxes, no foreign exchange controls, and competitive import duties of 4% or less.
Dubai has adopted a cluster-based focused approach to industry by creating Internet City, attracting the world's top IT firms such as IBM, Microsoft and HP; Media City, the regional home to global media giants such as CNN, CNBC and Reuters; and Healthcare City, with investments by the Mayo Clinic, John Hopkins and Cambridge. It will soon enhance its position as a regional hub for banking and finance through the establishment of the Dubai International Financial Centre.
The city is known for its fabulous architectural designs and has recently announced the construction of the world's tallest tower, the Burj Dubai. Other impressive projects include the two man-made Palm Islands, called the 8th wonder of the world, and another planned man-made island in the shape of the planet earth called The World. Dubai is also home to the region's largest free zone and port at Jebel Ali.
In addition to being a hub for business, His Highness General Sheikh Mohammed Bin Rashid Al Maktoum, Dubai Crown Price, UAE Defense Minister and President of DDIA, has publicly announced his commitment to making Dubai the tourism, leisure and entertainment capital of the region with a target of welcoming 15 million visitors to Dubai by 2010. To this end, Dubai has announced the creation of Dubailand, a multi-faceted development of 6 separate theme parks on 4 billion square feet of land: Attractions & Experience World, Sports & Outdoor World, Eco-Tourism World, Themed Leisure & Vacation World, Retail & Entertainment World, and Downtown. This investment is expected to total $5.5 billion and reach completion by 2010.
