US-Arab Chamber of Commerce promotes foreign direct investment and encourages transparent CFIUS review

The bottom line, Hamod said, is that the "Arab world has a lot of extra capital and a lot of cash...and I would much prefer to see them strengthening the U.S. economy by putting their money here, rather than taking it to the economies of our foreign competitors."

Hamod's comments followed breaking news that Dubai's stock market, Borse Dubai, plans to purchase a 20 percent stake in the Nasdaq, home to many of America's technology leaders.

The proposed purchase has prompted calls for a national security review by the Committee on Foreign Investment in the United States (CFIUS). U.S. President George Bush announced today that there will be a U.S. Government review of the proposed deal.

On CNBC, Hamod supported comments made by President Bush, as well as leading Democrats in Congress. "I think President Bush has it right," stated Hamod. "There is a process in place - let's follow the process; let's give it a chance."

Hamod also endorsed calls by Senators Charles Schumer (D-NY) and Chris Dodd (D-CT) to scrutinize the deal for homeland security implications. "If there are national security concerns," he said, "let's take a look and make a determination. I have a sense that the White House and Congress will do the right thing."

When questions were raised on CNBC about whether the United States can afford to trust the Arab world, Hamod replied, "I look forward to the day when 'Arab' is not treated as a four letter word...Going back to DP World last year, we saw jingoistic protectionism by some Members of Congress. I would like to think that the debate this time, if there is a debate, will be civil and thoughtful and keep in mind the national interests."

When asked if investment opportunities are a two-way street, Hamod responded, "Absolutely...countries [in the Arab world] are among our best friends and they are actively seeking U.S. investors."

The United States remains one of the world's most attractive investment destinations, Hamod suggested, and foreign investors are playing a very important role in shoring up the U.S. economy. Hamod concluded, "I shudder to think of where we would be today if we didn't have those foreign investors to service our debt."