Igor Egorov
Founding Chairman of the Board, Russian Business Council
We are working to develop the non-oil sector of both Russia and the UAE. For Russia, it is extremely important to attract investment, innovations, and new technology, which the government understands. Unfortunately, since the end of the Soviet Union, we have been quite far behind. During the Soviet era, technology and science were the best in the world in many areas, and the investment enormous. After the fall, many companies broke apart and chaos took over for a variety of reasons. Over the past few years, the situation has been improving, but it is not easy to catch up with other countries. We are trying to be successful in new high-tech areas, and are now looking for partners. The UAE is in a similar situation; it has the same challenges as Russia does. For example, each country has to rely on cooperation to develop its own nuclear energy, and that is why we want to put our foot in the door in this new energy sector in UAE, supply what we can, and move forward from there. We are considering nuclear projects that could happen 10 or 20 years from now, which will require heavy investment and cooperation.
Peter Gopfrich
CEO, AHK
Dubai became a major trading partner with Germany very quickly, but it is not yet a two-way street. In the beginning, back in the 1990s, Egypt was our most important trading partner. However, very soon, as the Gulf states picked up, so too did Dubai. The UAE continues to be our biggest trading partner in the region. It is very close to Saudi Arabia, which is also picking up. I sometimes find that people do not know where other Gulf states are located, but they know where Dubai is. This is thanks to its resounding reputation. It is an easy place to start and a good location to serve from—and not only to the UAE, but also the whole region, and beyond. I think the reason for the increase, and this will continue, is that Germany’s export industry remains strong. It has not lost much power during the general economic crisis. The whole GCC region is still the fifth largest market outside of Europe for German exports. The bulk of German exports go to France and other European countries. Beyond the EU, exports go to the US, Russia, China, and Turkey, then comes the GCC. Within the GCC, the UAE is the largest recipient, and within the UAE the largest is Dubai.
Hamdan Mohamed Al Morshedi
President and Chairman of the Board, Hamdan Mohamed Al Morshedi
There was a need for an ABC, especially when I launched it at the peak of the financial crisis in 2008. There was actually a need for a private sector club, or a service like the ABC that would bring Arabs and the rest of the world together. Doing business with Arabs is very different from doing business with the Chinese, Japanese, or Latin Americans. There are many cultural differences, and people are often not aware of these differences. Many people misunderstand Arab behavior, and vice versa. For many years, I have seen deals fail because of cultural misunderstandings, so the club started as a way to bridge investments and businesses rotating around the world. We help people understand each other and understand the culture of the Arab world, as well as match-make investment opportunities with investors. The environment here in Dubai makes you think like an individual. Many people who arrive as employees become entrepreneurs and successful business people. We have many successful stories of people around Dubai who have become millionaires just because they came to Dubai and they saw opportunities.
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