Young Arab Leaders to build partnerships between Middle East and Asia

Over 100 Arab and Asian leaders, representing more than 20 countries, from the business, media, government and the NGO community are expected to attend the Forum. Held under the patronage of H.M. King Abdullah II, of the Hashemite Kingdom of Jordan, and H.E. Goh Chok Tong, Senior Minister of the Republic of Singapore, the forum aims to foster understanding and co-operation between Asia and the Arab world.

H.E. Dr. Omar Bin Sulaiman, Chairman of the Global Action Forum: Arab and Asian Dialogue, and Governor of Dubai International Financial Centre (DIFC), said: "The Forum hosts an action-oriented dialogue that promotes the development of relations between the Arab world and leaders from business, politics, and civil society from other regions.

"YAL aims to build partnerships which mobilise global leaders for a better future. These partnerships are based on concrete strategies that translate vision into reality through a series of inspiring, innovative, and integrated formats."

Dr. Bin Sulaiman added: "Both regions are not only just opening up to global markets, but developing domestic demand as well. Both regions are diversifying and growth is getting more balanced. Asia is reducing its dependence on manufactured exports as its main driver of growth, and the Middle East is seeking to reduce its dependence on energy exports. Both regions are strengthening their social and economic infrastructure as they diversify."

Dr. Bin Sulaiman said there are many similarities between the economies of Asia and the Middle East, both of which are growing strongly at a trend rate of 7.5 per cent and five per cent respectively.

The rate of savings in the Middle East has been rising also over the past decade and is expected to average about 32 per cent of GDP in the coming years. Likewise, savings in Asia are expected to remain in the region of 35-40 per cent of GDP for many years to come. Savings rate in both the regions is higher than any other region in the world.

The demand side of the financial equation in the two regions is equally compelling. In the Middle East, the reconstruction of Iraq and GCC infrastructure plans are expected to cost over US$400 billion."

Similarly, there is an unprecedented demand for funds to finance infrastructure projects, across Asia. In Southeast Asia alone, about US$461 billion is expected to be spent over the next 15 years to upgrade infrastructure, even when China and India are excluded from the equation.

Dr. Bin Sulaiman said: "Both regions can benefit from close financial ties. The wealth management industry can play a pro-active role in helping investors to diversify their portfolios by introducing opportunities in the Middle East and Asia. By doing so, we will also help Asian and Middle Eastern capital markets achieve greater depth with higher liquidity.

"The Young Arab Leaders 'Global Action Forum: Arab Asian Dialogue' is significant since it formulates and enhances the relationships and strategic partnerships between Asia and the Arab world through the exchange of knowledge and experience in various sectors.

"We must start with our young, bring them together, and help them dispel stereotypes of each other, not just by understanding their differences but finding what they share in common. I think they share far more in common than the generations before them," Dr. Bin Sulaiman concluded.

The YAL Global Action Forum: Arab and Asian Dialogue is being held at The Ritz-Carlton, Millenia Singapore from April 27 to 28. Partners for the forum include strategic partners, TATWEER and Gulf Finance House; organising partner, Citigroup; sponsors, DIFC Investments, Dubai International Financial Exchange, Dubai Aerospace Enterprise, American University of Dubai, Keppel Group and Singapore Tourism Board; and knowledge partners, Gulf Research Centre, Lee Kuan Yew School of Public Policy, INSEAD and Dubai School of Government.