Dubai Group Executive Chairman links economic cooperation to GCC economic strength at World Economic Forum

The Gulf region is currently experiencing significant economic investment, infrastructure development and high oil prices, but the challenge will be to sustain this momentum, according to Soud Ba'alawy, Executive Chairman of the Dubai Group, the global financial investor of Dubai Holding.

Ba'alawy noted that while it has been a quarter of a century since the signing of the GCC Unified Economic Agreement in 1981, less than 10 per cent of trade in the Arab world is intra-regional. He recommended greater regional economic activity to drive intra-Arab development.

Urging GCC countries to set challenging targets, he said: "Dubai has shown it is possible - with the right leadership, vision, determination, will and hard work - to think the impossible and transform that into reality.

"Liberalising the economy has provided the catalyst for Dubai to increase tourism and improve its financial services and industrial sectors. Liberalisation has made Dubai more attractive to international investors."

Addressing the Credit Suisse Panel discussion at the WEF, entitled 'The Future of the Middle East as a Global Financial Center,' Ba'alawy also emphasized that Dubai is not trying to compete with its fellow GCC members.

"In Dubai, we are not trying to be the voice - we work in tandem with other Gulf countries, as well as the Middle East as a whole. We have created a unique government-private sector partnership that could be used as a model for the rest of the Middle East.

"Dubai is a link in the GCC global chain, and although we may compete with each other, our ultimate goal is to complement our strengths. Each country is experiencing varied market growth, but the multiplicity can produce a harmonious balance."

Ba'alawy concluded by stating that Dubai's success story can motivate other GCC countries to work on their individual potential.