Farewell 2011

Wine & Cheese & Welcome Arab Health Breakfast Super

Hello 2 0 1 2

Bowl Networking Tax Talk—US Individual Taxation for Americans

Working Abroad American Citizen's Service Day Inter-business

Council Networking at the Armani Re-dedication of the Rings of

Friendship with H.H. Sheikh Hamdan bin Mohammed Al Maktoum

Crown Prince of Dubai Presidents Day Celebration Breakfast

with Under Secretary for Economic Growth, Energy and the Envi-

ronment Department of State Robert Hormats 21st Annual Golf

Tournament Cinco De Mayo Roundtable with President’s Club

members & US Deputy Trade Representative Miriam Sapiro Inde-

pendence Day Trade Talk Dinner with US Under Secretary of Com-

merce for International Trade Department of Commerce Francisco

Sanchez Iftar Emirati Alumni Event with keynote speaker H.E.

Sheikha Lubna Al Qasimi Members’ Dinner with Assistant Secre-

tary for Economic and Business Affairs Department of State Jose

Fernandez Dubai Air Show

Breakfast US Ambassador

to the UAE Michael Corbin

address to members at the

Annual General Meeting

The American Business Council

Dear Members,

As we wrap up 2011 and review our achievements , I want to convey to you all what a great

honor it has been for me to serve as President of the American Business Council of Dubai &

the Northern Emirates (the "ABC") this year. Over the year I have been consistently im-

pressed by the "sum of the parts" of the American business community when we gather at

ABC events – it is truly a formidable collection of individuals, companies, and capabilities.

Throughout the year, we held events that showcased our strengths and diversity, from the

Air Show Breakfast (where our civil and military aviation pre-eminence was evident to all)

to our "Renewing the Connection" Emirati Alumni Event (with HE Sheikha Lubna Al Qasimi

as keynote speaker, highlighting the ABC's ability to engage the most senior levels of UAE

government). The high point of my year, however, was clearly the presence of HH Sheikh

Hamdan bin Mohammed Al Maktoum, Crown Prince of Dubai, who was our honored guest

at the "Re-dedication of the Rings of Friendship" Event – together with a host of other

Emirati notables. During the Rings of Friendship ceremony, we presented HH Sheikh Ham-

dan bin Mohammed Al Maktoum with the American Business Award.

We have received very positive feedback regarding the numerous monthly networking,

business and social activities that have been held throughout the year, and I credit the

strength of the bilateral relationship between the US and the UAE for producing a steady

flow of very senior US government officials through Dubai this fall – who many of our mem-

bers have had the opportunity to engage with.

All these outstanding activities and events aside, it is the membership and members like

you who help steer the ABC through your valuable input. Give us your thoughts through

the new feedback button on our website homepage.

Thank you for your participation in 2011 and I look forward to great shared achievements

together in 2012.

John Podgore

2011/2012 President Board of Directors

President

John Podgore

Dear Members,

This year is ending with the breakneck speed and hectic pace that

has marked the entire year. You can see from our newsletter cover

graphic we held a record 48 events that verged at times from feats

of daring with our royal guest and senior ministry speakers to su-

preme logistic control with our first indoor air conditioned inde-

pendence day celebration and our biggest fireworks display ever.

Our activities ranged from welcoming the new US Ambassador to

hosting the largest inter-business council networking event, plus

the impressive trade roundtables, breakfasts and dinners with

visiting US dignitaries. I hope you didn’t miss a single event this

year, they were remarkable!

However, this year my proudest achievement (and biggest chal-

lenge, I might add) has been to provide members with the re-

launched website. The website now has given us the ability to pro-

vide a much more robust information platform for you to manage

your profile, find other members, register and pay for events and

even renew online. This is a mighty step forward for our organiza-

tion. Throughout 2012 you can expect to see more screens on the

website populated as well as new features added. We are hard at

work on that now.

Thank you for the opportunity to work closely with you, the mem-

bers and the board of directors in my role directing the operations

of this impressive organization. I encourage all members to partici-

pate; stay engaged and let me hear from you. We have a lot to do

in 2012 to top ourselves!

Happy New Year,

Cara Nazari

ABC Executive Director

The Year in Numbers

1 remarkable year

for ABC

16 Consulate supported events

56 event sponsors

Trade Talks by 8 visiting Department of

Commerce, State, Transportation and Military Affairs officials

48 Events in 52 Weeks

1 royal prince

96 new members

Over 6,500 firework shells

1 Forbes’ 100 Most Powerful Arab Women

adds up to

1,238 people to

network with at September’s inter-council networking

over 24,000 member notices sent by email annually

CORPORATE UPDATE - DECEMBER 12, 2011

New UAE Companies Law Approved On December 4, 2011, the Cabinet of the United Arab Emirates announced that it had approved a new federal

Companies Law which is expected to relax the foreign ownership restrictions on companies conducting busi-

ness in the UAE. While the text of the new law has not yet been published, according to initial reports, it should

have a strong focus on greater financial transparency and introduce corporate governance requirements.

There has been much speculation over many years as to whether the maximum permissible level of foreign

ownership of companies organized in the UAE will be increased from 49%. The Cabinet’s approval of the new

law could set the stage for significant changes in the Companies Law by providing a legal framework for the

maximum ownership threshold to be raised by subsequent action of the Cabinet. Until the Cabinet takes fur-

ther action, however, the foreign ownership threshold remains at 49%.

While the addition of a framework to increase foreign ownership levels in the future is a positive step, the mar-

ket is likely to be disappointed that the new law itself does not formally increase those levels with immediate

effect. Regardless, the new law signals an alignment between the federal government’s stated legislative goals

and the desires of foreign companies operating in the local market, and could bring about greater legislative

change in the near future.

According to initial reports, some of the main features of the new law include:

The existing 49% foreign ownership threshold will remain; however, the new draft law permits the Cabinet

to issue a separate resolution specifying the types of businesses that may be majority-owned by foreigners.

There is no timeframe for amending the threshold, and we expect the 49% threshold to remain in effect for the

next few months at least. It is unknown whether, once the threshold has been increased, it can be lowered

again and, if so, the mechanism for doing so. If the threshold can be easily lowered, this would adversely affect

the effectiveness of the new law and therefore the willingness of companies to rely on it to increase their in-

vestments in the UAE.

It is expected that majority foreign ownership will initially be permitted only in business sectors in which the

government seeks to increase foreign direct investment. Expectations are that these sectors will include tech-

nology, research and development, and insurance.

Until further developments are disclosed, the maximum level of permissible foreign ownership in the rele-

vant sectors remains uncertain and it is not clear whether foreign companies will be permitted to own up to

100% of an entity established onshore or simply a greater percentage than is currently permitted by law. The

maximum permissible level of foreign ownership will have a direct impact on voting, management, and other

important shareholder rights.

The new law reportedly exempts from its application public joint stock companies wholly owned by a fed-

eral or local government, and will likely focus on private joint stock companies and limited liability companies.

It is unknown whether the new law could apply to public joint stock companies that are partly owned by the

From Vice President’s Club member Baker Botts LLP

The materials in this document are made available by Baker Botts L.L.P. for infor-

mational purposes only and are not legal advice. The transmission and receipt of information contained in the document

do not form or constitute an attorney-client relationship. If these materials are inconsistent with the rules governing

attorney communications in a particular jurisdiction, and the materials result in a

client contact in such jurisdiction, Baker Botts may be prohibited from assuming representation of the client contact.

Vanessa Abernethy Dubai +971.4.436.3600

Stephen Matthews Dubai +971.4.436.3630

Greg Golden Abu Dhabi +971.2.401.4710

www.bakerbotts.com

Business News for Members

Number of new business licenses issued by the

Dubai Government in Q2

3840

Source: 2011 Department of Economicnnn Development, Government of Dubai nnn

government, most of which are listed on local stock exchanges. This could encourage

foreign investment in the shares of such companies and thereby revive the local stock

market which has been struggling for the last few years. Ultimately, however, it will be

for each company individually to decide whether to relax any foreign ownership re-

strictions it may have in its constitutional documents.

With respect to minimum capital requirements, the current position seems unchanged

as the new law will not require new companies to have a minimum required share

capital and this has been the position under the existing law since 2009. In practice,

however, companies have been required to provide a minimum level of capital de-

pending on the Emirate in which they are established and the industry in which they

operate. We would expect this to continue following the implementation of the new

law, where certain types of activities could be subject to substantial minimum share

capital requirements which may be set by the relevant Emirate level or federal govern-

ment departments. For example, we would not expect the new Companies Law to

affect the current requirement on certain contracting companies to be substantially

capitalized upon incorporation. This is a requirement set by the local departments of

economic development in Abu Dhabi and Dubai.

One of the many aims of the new legislation is to reduce the length of time re-

quired to establish a company. How this is expected to be implemented remains to be

seen however, as the procedures for establishing a company are set by the authority in

each Emirate respectively.

The new law is likely to increase stock subscription amounts for raising capital for

newly founded public joint stock companies.

We expect the new law will require companies to develop a general framework

for corporate governance including increased transparency guidelines, protection of

shareholder rights, and disclosure of financial statements. It is not known at this stage

whether the new law will provide for such specific matters as the protection of minor-

ity rights, more elaborate rules on holding board and general meetings for limited

liability companies, or other corporate governance matters.

We understand that the new law will also require unified accounting and audit

standards for companies doing business in the UAE, however, commentators have

speculated that no specific accounting standards will be mentioned.

Baker Botts will continue to monitor the legislative developments and provide updates and insight into any changes in the law as they are published.

Growth for bank loans in first 10 months of 2011

4.1%

Source: UAE Central Banknnn

Number of active UAE mobile phone subscribers

surpasses

11m

Estimated total bank deposits for January to

October 2011

Dh 1tn

Source: UAE Central Bank n

Source: Arabian Business

“Washington’s Assault on American Expats”

As many of you are aware the new IRS regulation Foreign Account Tax Compliance

Act (FATCA) directed toward foreign financial institutions, and the new Form 8938

(along with the existing FBAR requirements) are causing an uproar among American

expats world-wide. As William McGurn wrote in his January 3rd Main Street column in

the Wall Street Journal titled “Washington’s Assault on American Expats”, — the

idea behind Fatca is that by cracking down on Americans abroad , the IRS

would bring in $8.7 billion in tax revenue over the next 10 years. The burden

for this reporting will fall more heavily on foreign financial institutions.

Within the next two years, these companies will be required to register with

the IRS and to report information about their U.S. customers to the IRS or

face a 30% withholding tax on securities transactions that originate in the

U.S. Financial associations on several continents are screaming foul, and

some foreign banks have responded the way you would expect them to re-

spond to something that makes dealing with American customers more

costly and burdensome: They’re dropping their American customers.’

As a part of the initiatives for 2012, the Council has organized a US Public Affairs

Committee (USPAC) chaired by Bilal Sabouni. Bilal adds from the the MECACC report—

‘Other industrialized nations, notably the U.K., Canada, Germany, France, Ja-

pan, China, and Russia, aggressively target exports as a major source of earn-

ings and employment. These countries subsidize their exports through the

elimination of taxes on the foreign earned income of

their citizens working abroad.

These other major exporting countries actively exploit

our tax policies by encouraging their nationals to fill

the void left by Americans who are tax incentivized to

remain in the United States.’

Bilal and the USPAC would like to hear personal and anecdotal experiences from mem-

bers responding to these IRS rules as they prepare their report for 2012. Contact

Bilal Sabouni at info@abcdubai.com

Find William McGurn’s full article at www.wallstreetjournal.com in the archives for

January 3, 2012, title “Washington’s Assault on American Expats”.

Business News for Members

If you are in the health sector

and have an interest in the

Health Sector Task Force now

forming, contact

info@abcdubai.com

to be a part of this initiative.

Renew your Membership and Update your profile by January 15 to ensure you are accurately listed in the

2012 ABC Membership Directory

Step 1. After you log in you will land at the

Member Home page go to My Info

Step 2. Click on the Edit Profile tab to review

and update your member information.

For Corporate Members—continue to Step 4.

Step 4. Review and update your company profile by selecting

your Company from the drop down menu.

Step 4. In the Edit Company tab upload a new Company Profile PDF.

Step 5. Scroll to the bottom of the page to SAVE your changes. Congratulations, your profiles are updated.

Follow these easy steps to update your ABC online profile. The online profiles will be downloaded beginning January 15 for the 2012 Membership Directory.

For Individual Members

Step 3. Scroll to the bottom of the page to SAVE your changes. Congratulations your profile is updated

Renewals have past. Be sure your online profile is current!

ANNOUNCING

YOUR 2012

BOARD OF DIRECTORS

GENERAL MEMBERS

President

John Podgore

Vice President Finance

Katherine D’Arcy

Vice President

Legal Affairs

and Secretary

Ramsey Jurdi

Vice President Membership

Katie Shaver

Executive Vice President

Dana Salloum

Vice President Programs

Mac McClelland

Stephanie Fisher

Frank Kemnetz Anne Jafery

John Lancia

Jimmy Larsen

MEMBERS REPORT

Presenting the 2012

President’s Club and

Vice President’s Club

2012 PRESIDENT’S CLUB

2012 VICE PRESIDENT’S CLUB

MEMBERS REPORT

Don’t miss Jack Canfield’s inspirational seminar April 10— for information contact success@rightselection.com or call 04 352 7803.

Daily Disciplines for Effortless Success By Jack Canfield, co-creator of Chicken Soup for the Soul

Hand’s down, one of the most popular questions I’m asked by delegates is this… “Jack, what are your most

important daily actions that you correlate with your success.”

In fact, Oprah Winfrey asked me a similar question just days before appearing on her show. She asked me

to come up with some easy-to-apply steps for her viewers to start applying The Law of Attraction in their lives.

One of the basic first steps is to determine, write down and talk about what you do want, not what you don’t

want. Be as specific as possible. Once you have clarified what you want, do the following each and every day.

1. Morning Intention, Visualization and Releasing

As soon as you wake up in the morning, take about 5 minutes to focus your mind on your desires, goals and

intentions. Start by sitting in a comfortable position, closing your eyes and visualizing your desires and goals as

already being fulfilled. Spend 30 seconds to a minute on each of your core desires and goals. You can also take

a few moments to visualize your day going exactly as you would like it to.

When you do this, you will often find negative limiting beliefs that are the result of negative programming

from your childhood will come up. You may hear thoughts like “I could never afford that,”“there’s no way I’ll

ever get that,” or “who am I kidding?” coming up. If you do, use one of the many releasing techniques that are

available (see the list below) to release the negative thought. Don’t fight or argue with the thought; just re-

lease it.

Remember to also spend several moments feeling the feelings you would feel if you had already mani-

fested your desire in your life. The intensity of the feeling is what fuels the intensity of the attraction.

2. Use External Images to Keep you Focused on Your Desires and Goals

Keep yourself focused on what you want to manifest by surrounding yourself with visual images of the things

and experiences you want to create in your life. There are many tools you can use for this, including creating a

Vision Book from our Vision Board Collection.

Cut out pictures of the things you wish to own (like your ideal car or home) and pictures that represent the

experiences you want to have (like the perfect relationship, your ideal job, perfect health, being at your ideal

weight, more joy, inner peace or balance in your life) to remind yourself of how you want it to be. Put them

somewhere where you will see them every day—on the mirror, the refrigerator, or in your Vision Book.

For even greater impact, combine your pictures with words that reflect your desired outcome, such as abun-

dance, romance, fun, vitality, etc. I think you get the picture. When you look at any of these pictures, do what

Bob Doyle, who is featured in The Secret teaches— think the thought, “THIS IS MINE NOW! THIS IS WHO I

AM!”

3. Think a Better Feeling Thought

Start paying attention to the many times during the day that you have emotional responses (to other people,

experiences, or your own thoughts) that are not in alignment with having or producing your desires. Pay spe-

cial attention to when you feel disappointment, resentment, frustration or anger about your experiences and

circumstances.

Remember, it’s your feelings (which are created by your thoughts, opinions, and beliefs) that are creating

your current circumstances. You must make a shift by changing your thoughts to ones that make you feel bet-

ter (i.e., raise your vibration). Remember that you must become a vibrational match for the things and experi-

ences that you want to attract into your life.

It is especially important to focus your thoughts and behaviors on things that cause you to feel joy. Focus

your thoughts on thoughts that bring you joy (your lover, your best friend, your grandchildren, your favorite

vacation spot) and your actions on doing the things you love to do (pet your cat, work in your garden, listen to

your favorite music).

To continue this article visit www.jackcanfield.com

Give back to US military service members through the USO

Since 1990 we have been fortunate to have a USO operation in

Dubai. This allows Dubai and Northern Emirates residents a unique

opportunity to show their appreciation and interact with active US

troops in the region. The USO, (United Service Organization), was

originally established in Dubai to accommodate military personnel

during Operation Desert Storm. Since then they have provided

assistance to all branches of the US military services by offering

recreation and “a home away from home” for service men and

women on leave.

Volunteering at the USO facility is one way to show your support to

these active duty troops serving far from home. From hosting ser-

vice members in your own home at holidays to volunteering at the

USO facility, to enlisting your corporate CRS department, there are

many ways you can participate with the USO.

Jaclyn Ray, the USO staff coordinator for volunteers can give you

all the facts. Contact Jaclyn at jray@uso.org to find out how you

can participate with the USO individually or through your com-

pany.

The USO has a long history of troops on foreign missions across the

globe since its formation in 1941 by President Franklin D. Roose-

velt. Over the years at its 120 locations, the programs and services

offered have evolved to meet the needs of modern service men

and their families, such as call rooms to give service men and

women free access to contact their families and friends back

home. The USO is not part of the U.S. federal government and

receives no direct federal funding. All programs are funded

through private individual or corporate donations.

Upcoming in March —

an opportunity for employers to participate with ABC member American University in Dubai

The American University in Dubai (AUD) will hold their an-

nual career fair “ACT NOW: AUD CAREERS TODAY”, on the AUD

campus on Tuesday the 20th of March, 2012.

Participating in ACT NOW provides an excellent opportunity

for your company to connect with AUD students and alumni

and to discuss and interview for current and future career

related employment and internship opportunities. Last

year’s Career Fair gave the opportunity to more than 300

senior and junior year students as well as to alumni to meet

64 regional and international employers. We are hoping to

increase that number for the 2012 edition of our career fair.

AUD is a private, non-sectarian institution of higher learning

founded in 1995. The university is accredited by the Commis-

sion on Colleges of the Southern Association of Colleges and

Schools in the United States, to award Bachelor’s and Mas-

ter’s degrees. It is also licensed and its programs are accred-

ited by the UAE Ministry of Higher Education and Scientific

Research.

MEMBERS REPORT

-Her Excellency Sheikha Lubna Al Qasimi

Engage the American business community through the American Business Council’s sponsorship programs

and membership directory

Use the Power of American Business

The Council has been instrumental

in strengthening commercial

as well as cultural ties between

the Emirati and American

communities.

American Business Council

2012 Print Membership Directory

PREMIUM POSITIONS

Outside Back Cover 20,000 dhs

Inside Front Cover 14,000 dhs

Inside Back Cover 14,000 dhs

Cover Spreads 18,500 dhs

Opposite Table of Contents 12,000 dhs

Bookmark 12,500 dhs

Editorial Section

“Doing Business in Dubai”

Two ad pages plus

On-line presence

April to March 30,000 dhs

SUBMISSION FORMAT

PDF or EPS

SIZE

Full bleed 22cm x 31cm safety 19.5x 28cm

DEADLINE FOR AD MATERIALS

February 10, 2012

Don’t miss the opportunity

to reach this audience in the 2012 American Business Council Membership Directory

Publication Date: April 1, 2012

Contact Susan Whistler, at

communications@abcdubai.com

The go-to source on American business,

the 2012 American Business Council

Directory is the only published listing of

all ABC member corporate profiles

made available to the public.

The Directory is distributed to over

700 key American business leaders plus

the US Embassy, US Consulate General

Dubai, US Chamber of Commerce,

Washington DC and UAE government

ministries, the Dubai Chamber of

Commerce, UAE business councils

and trade associations.

This Directory is first choice for

information on the American business

community in Dubai and the Northern

Emirates.

BOOKING FORM

Ad Unit:

Company Name:

Booking Representative:

Contact for Ad Materials:

Company Stamp:

SOLD

2012 Sponsorship Programs

Don’t Miss this Opportunity!

Sponsorship of ABC events provides an outstanding platform to present your corporate profile,

services and products to a prestigious business audience.

Choose any two packages and make payment by January 30th to receive a 15% discount.

Please complete this form and fax to the American Business Council.

For further details contact coco@abcdubai.com

Company Name: ______________________________Contact Person: ____________________________

Sponsorship Package: ______________________________________________________________________

Phone: _____________________________ E-mail: _______________________________________________

Signature: ___________________________________________________ Date: ________________________

ARAB HEALTH BREAKFAST

January 24

Gold Sponsor 7,500dhs

Silver Sponsor 5,000dhs

PRESIDENTS’ DAY CELEBRATION

February 24

George Washington Package 20,000dhs

Abraham Lincoln Package 15,000dhs

Grand Prize Sponsor 7,500dhs

Corporate Prize Sponsor

ANNUAL GOLF TOURNAMENT

April

Golf Shirt Sponsor 35,000dhs

Hole Sponsor 7,500dhs

Goodie Bag Sponsor 7,500dhs

1st Prize Sponsor 5,000dhs

2nd Prize Sponsor 4,000dhs

3rd Prize Sponsor 3,000dhs

Longest Drive Sponsor 2,000dhs

Closest to the Pin 2,000dhs

INDEPENDENCE DAY

July 4

Title Sponsor 50,000dhs

Patriotic Sponsor 30,000

Red Sponsor 25,000dhs

White Sponsor 15,000dhs

Blue Sponsor 7,500dhs

Grand Prize Sponsor above 7,500dhs

Corporate Prize Sponsor

EMIRATI ALUMNI EVENT

October 8

Presenting Sponsor 25,000dhs

Support Sponsor 10,000dhs

THANK YOU TO OUR

2011 PREMIER SPONSORS

American Hospital

Abu Dhabi Commercial Bank

Boeing

General Motors

Mark your calendar for upcoming ABC events Keep up-to-date with 2012 activities as events are added to our calendar by checking in at the ABC website www.abcdubai.com

2012 ABC CALENDAR HIGHLIGHTS

Sun 8-Jan Healthcare Round table with CG Justin Siberell

Tues 10-Jan Rock-n-Roll Networking

Thurs 19-Jan MECACC Steering Committee Meeting

Tues 24-Jan Arab Health Breakfast-Monthly Meeting

Mon 6-Feb Networking - Super Bowl Event

Tues 7-Feb Inter-business Council Networking hosted by Swiss BC

Mon 20-Feb Monthly Meeting - Tax Breakfast

Fri 24-Feb President's Day Celebration

March American Citizen's Service Day

March Monthly Meeting-Rudy Gulianni

April Inter-business Council Networking hosted by German BC

Thurs 12-April 21st Annual Golf Tournament

April Door Knock in Washington, DC

Mon 16-Apr Monthly Meeting

May Cinco De Mayo Networking

Mon 21-May Monthly Meeting

TBD President/Vice President's Exclusive Dinner

June Consul General's Farewell

June Inter-business Council Networking hosted by French BC

Mon 18-Jun Monthly Meeting

Wed 4-Jul Independence Day Celebrations

Mon 13-Aug Networking - Iftar

September Inter-business Council Networking

Mon 17-Sep Monthly Meeting

Mon 15-Oct Emirati Alumni Event

Oct Monthly Meeting

Oct Inter-business Council Networking

Oct President's Club & Vice President's Club Appreciation

Mon 5-Nov General Meeting - Announce 2013 BOD

TBD American Citizen's Service Day

Mon 28-Nov Annual General Meeting - Announce 2013 BOD

Nov Dubai Chamber Gala

TBD Award Presentation

COMMUNITY ANNOUNCEMENT