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UN Economic Advisor to address international financial leaders in Dubai

Jeffrey Sachs, one of the most influential economists of his generation, will address international financial leaders on the pressing matter of the diversity of wealth, finding an end to poverty, and the UN Millennium Development Goals.

  • United Arab Emirates: Monday, July 23 - 2007 at 13:42
  • PRESS RELEASE


Jeffrey Sachs.
Jeffrey Sachs.


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He will give The Gate Lecture on November 20, as one of a series of headline events during DIFCweek, November 17 - 23.

Professor Sachs will explain why wealth across the globe has diverged so much and offers an integrated set of solutions to the problems that hold societies back.

He said: 'Our planet is crowded to an unprecedented degree. It is bursting at the seams in human terms, in economic terms, and in ecological terms.

'This is our greatest challenge: learning to live in a crowded and interconnected world that is creating unprecedented pressures on human society and on the physical environment.'

Sachs has advised heads of state around the world on development issues and global competitiveness. He was special Advisor to (former) UN Secretary-General Kofi Annan, spearheading the creation of the UN's Millennium Development Goals to reduce extreme poverty, disease, and hunger by the year 2015. He has the same role for the current UN Secretary-General Ban Ki-moon.

For more than 20 years he has been at the forefront of the challenges of economic development, poverty alleviation, and enlightened globalisation, promoting policies to help all parts of the world to benefit from expanding economic opportunities and wellbeing.

He is also one of the leading voices for combining economic development with environmental sustainability and, as Director of the Earth Institute, leads large-scale efforts to promote the mitigation of human-induced climate change.

Professor Sachs has identified three common and inter-connected problems that are threatening society.

He explains: 'The first problem is the Anthropocene: the idea that for the first time in history the physical systems of the planet - chemical fluxes, the climate, habitats, biodiversity, evolutionary processes - are to an incredible and unrecognised extent now under human forcings.

'The second is a challenge of geo-politics - the Age of Convergence. Our world is more connected than ever before, and we have the fabulous prospect for the rapid closing of economic gaps that now exist between the rich and the poor. One result is that there will be in our time a fundamental shift of economic power, and the political power that goes along with it.

'The third issue of the weakest links. In an interconnected world, all parts of the world are affected by what happens in all other parts of the world. We cannot be surprised when events in some far off and distant place can be of fundamental significance for survival.'



Professor Sachs is internationally renowned for his work as economic advisor to governments in Latin America, Eastern Europe, the former Soviet Union, Asia and Africa, and his work with international agencies on problems of poverty reduction, debt cancellation for the poorest countries, and disease control.

Sachs has been an advisor to the IMF, the World Bank, the OECD, the World Health Organisation, and the United Nations Development Program, among other international agencies.




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Notes and media contacts

The Gate Lecture will be offered as a stand-alone event or as part of a DIFCweek event pass, with discounts rising according to delegates' selection of events.

Delegates booking before August 15 will meet Sachs in person during an exclusive private audience after the lecture.

DIFCweek, the first event of its kind in the Middle East, will focus on Financial Opportunities for the Third Millennium. The week of conferences will address every principal topic in the international financial arena. As well as Sachs' The Gate Lecture, other headline events include the first-ever FT/DIFC World Financial Centres Summit, November 19 - 20.

For media enquiries, please contact:

Kirstie Hepburn
tel +971 4 3622437

For delegate information, please call the customer service team on +971 4 3622438.

For sponsorship enquiries, please contact
Tina Schneidermann, tel +971 4 3622436.

About DIFCweek
DIFCweek, the first event of its kind in the Middle East, will focus on Financial Opportunities for the Third Millennium. The week of conferences will address every principal topic in the international financial arena, all viewed from a fresh perspective.

DIFCweek will present some of the world's most thought-provoking speakers, covering the challenges and opportunities in the world's current and emerging financial markets. Sharing in the debate will be hundreds of senior industry practitioners, corporate decision-makers and regulatory and government officials.
The week will turn the financial agenda on its head: it is not about what the industry is talking about today, but what it will be discussing tomorrow.

About the DIFC
The Dubai International Financial Centre (DIFC) is an onshore hub for global finance. It bridges the time gap between the financial centers of Hong Kong and London and services a region with the largest untapped emerging market for financial services.

In just under two years, over 362 firms have registered at the DIFC. They operate in an open environment complemented with world-class regulations and standards. The DIFC offers its member institutions incentives such as 100 per cent foreign ownership, zero tax on income and profits and no restrictions on foreign exchange. In addition their business benefits from modern infrastructure, operational support and business continuity facilities of uncompromisingly high standards.

The DIFC is made up of the following core bodies:

1. The DIFC Authority (DIFCA) - Responsible for the Companies and Security Registries and attracting financial as well as non-financial institutions to set up in the DIFC. The DIFC Authority is also responsible for developing the financial services industry. (www.difc.ae)

2. The Dubai Financial Services Authority (DFSA) - An independent, unitary regulatory authority, responsible for the regulation of all DIFC operations. Its principle-based primary legislation is modeled on that used in London and New York and its regulatory regime operates to standards that meet or exceed those in major financial centers. (www.dfsa.ae)

3. The DIFC Courts - An independent court system set up to uphold the provisions of DIFC laws and regulations, the courts provide comprehensive legal redress in civil and commercial matters within the DIFC. The DIFC Courts system is especially designed to deal with all of sophisticated transactions that will be conducted within DIFC. The DIFC Court laws, based on the common law, not only sets out the jurisdiction of the court but also provides for a dispute resolution services, including arbitration and mediation, thus allowing for the independent administration of justice in the DIFC. (www.difccourts.ae)

DIFC Investments- The creation of DIFC Investments will result in the allocation to it of all non public administration activities previously carried out by DIFC Authority. This will include amongst other things all commercial and other activities such as the operation and management of any current and future subsidiaries, the development of the centre's investment strategy and relevant policies and any other strategic investments or alliances which will further the goals and objectives of the Dubai International Financial Centre and contribute to the fulfillment of the Centre's vision. Some of the companies and organizations that DIFC Investments owns include:

1. The Dubai International Financial Exchange (DIFX) The DIFX is the region's first international financial exchange for equities, bonds, Islamic products, funds, index products and (subject to regulatory approval) derivatives. The target areas of the DIFX for seeking issuers include the Middle East and North Africa, as well as South Africa, Turkey and the Indian sub-continent. The regulator of the DIFX is the Dubai Financial Services Authority. The DIFX is located in the Dubai International Financial Centre (DIFC) and its owner is the DIFC Authority. (www.difx.ae)

2. Hawkamah- the first Institute for Corporate Governance in the region, has been established in partnership with a group of international institutions, including the Dubai International Financial Centre (DIFC), Organisation for Economic Cooperation and Development (OECD), UAE Ministry of Finance and Industry, Centre for International Private Enterprise (CIPE), International Finance Corporation (IFC), the Union of Arab Banks (UAB), Dubai School of Government (DSG), Young Arab Leaders (YAL), and the Institute of Management Development (IMD). (www.hawkamah.org).
Medilyn Manibo Posted by Medilyn Manibo, Assistant News Editor
Monday, July 23 - 2007 at 13:42 UAE local time (GMT+4)

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