Release
Dubai accounts for 28% of the UAE’s economy. And whilst its economic output shrank by 2.4% in 2009 after the global financial crisis, His Excellency Sultan Bin Saeed Al Mansouri, the Minister of Economy, officially reported the UAE’s economic growth for 2011 at 3.3% – more than double the pace seen in 2010.
The UAE, and Dubai in particular, owes its recent economic successes to a strong synergy between its enabling leadership practices and strong private sector capabilities. As Sami Al Qamzi, Director General of the Department of Economic Development succinctly notes, the Emirate “is embarking on a new phase of its development process, with a stronger commitment at the top level to removing barriers to trade and enhancing public-private partnerships.”
It is developments such as these which cement the timeliness of the 2nd Annual Financial Thought Leaders Summit, which opened today at the Grosvenor House hotel in Dubai. Organized by French business information group naseba, it is connecting 100 senior-level delegates who are collating industry data and discussing sustainable growth plans for the GCC.
Panel discussions and keynote presentations were led by industry specialists, and addressed subjects such as the need for investor relations and corporate governance.
Harun Kapetanovic, Economic Advisor at the Department of Economic Development for the Government of Dubai, gave the opening keynote address on the paradigm of the dynamic economic trends in the MENA region. He began by examining the fiscal regulations in the GCC, before noting how the region’s competiveness will be ensured by internalising its inherent wealth of knowledge and formulating strategies for growth.
The global recession was the focus of the opening panel discussion featuring Tahani Karrar-Lewsley, Middle East News Correspondent for the Dow Jones Newswires and the Wall Street Journal; the aforementioned Harun Kapetanovic; Ziad Makhzoumi, Chief Financial Officer at Arabtec Holding; and Dr Jarmo Kotilaine, Chief Economist at the National Commercial Bank.
All experts agreed on the need to resist factors typically employed by organizations in the face of adversity – namely, staff reduction and heedlessly following industry trends. Ziad Makhzoumi also talked of the positives of the economic recession, saying it is forcing organizations "to use more transparent practices and restructure businesses accordingly, so that what happens next will not depend on outsider markets.”
Jarmo Kotilaine furthered the discussion by highlighting how the recession has created more opportunities then challenges, but warned that some opportunities are currently disguised. He emphasized how the GCC needs to unleash its economic potential by bringing more young people into the workforce and taking advantage of the new recognition small to medium enterprises are enjoying.
Day one drew to a close with group debates that included panel discussions and workshop sessions on ‘stimulating sustainable growth in an emerging market’, and how to support regional and local employment. Day two begins tomorrow, and features in-depth panel discussions and keynote addresses that consider the MENA region as a whole.
About naseba
naseba produces, promotes and hosts business summits, professional training courses and business exhibitions targeting executive level attendees across multiple industries. Each event is focused on re-education, networking and creating a deal-flow platform for all participating organisations. Whether it is raising capital, expanding to a new market, vendor sales contracts or sourcing a strategic partner, naseba facilitates and supports clients’ business development.
Our team of experts conducts extensive research in conjunction with recognised thought leaders to ensure that all events are relevant, timely and at the forefront of market and industry trends.
naseba collaborates with leading media, industry and local authorities, such as International Data Corporation (IDC), International Business Consultancy Group (IBCG), Saudi Trading and Resources Co. Ltd. (STAR Group Holdings), HIL International Lawyers & Advisers (HIL), International Herald Tribune, CNBC Arabia, Zawya, Council of Saudi Chambers, Asharqia Chamber, Abu Dhabi Health Authority, Ministry of Health – UAE, Ministry of Economy – UAE, Ministry of Environment and Water – UAE, Egyptian Ministry of Civil Aviation, Qatar Civil Aviation Authority, Ministry of Municipality and Urban Planning – Qatar, Privatization and Investment Board (PIB) – Libya, Principality of Monaco, Singapore Tourism Board, Malaysia Airports Holding Berhad, Department of Civil Aviation – Malaysia and many others.
Since its inception in France in 2002, naseba has organised over 400 events and played host to 58,000 executive delegates globally. Operating from four strategically located offices, naseba has on-the-ground presence in Monaco, Cairo, Riyadh, Dubai, Bangalore and Kuala Lumpur.
At naseba, we make it happen.
For more information on naseba, please visit www.naseba.com
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