The United States and members of the European Union should instead do their best to create a level playing field and serve as role models for the rest of the world, he said.
"Investment is a bonus for nations, companies, industries and individuals, whether it is the case of DP World acquiring P&O or Borse Dubai trying to acquire additional equity in OMX," Alabbar said at the WEF Dalian opening plenary session on the global economic outlook. "The Middle East has the liquidity, and should be given the opportunity to move into established and developing markets. Only when the large economies of the world take their foot off the brakes will growth advance."
The World Economic Forum's inaugural Annual Meeting of the New Champions at Dalian, focused on the new generation of fast-emerging multinational companies, opened Thursday in the Chinese coastal city. Likened to a "Summer Davos," the high-powered gathering of business, industry and government leaders has drawn more than 1,700 participants from 90 countries.
The Emaar chairman also advised the Arab world to get its own house in order before expanding internationally. "Sovereign wealth funds, particularly those originating from the Arab world, should be more transparent and open about their intentions," Alabbar said. "We should take this step voluntarily, before we are forced to do it. It is in our own best interests."
The investment arms of city and state governments around the world, sovereign wealth funds account for an estimated US$2.5 trillion in assets, according to recent estimates. Some of the largest such funds originate in the Gulf. Additionally, five nations in the Middle East hold US$1.7 trillion in their central banks, the largest single concentration of assets in the world.
The center of global wealth, Mr Alabbar added, is shifting from the Atlantic Ocean to the Indian Ocean, creating the right conditions for the new global champions from the Middle East and Asia and the basis for the new world economy.
Other participants in Thursday's opening plenary session on the Global Economic Outlook included William Rhodes, Chairman, President and CEO of Citi North America; Heizo Takenaka, Director of the Global Security Research Institute at Japan's Keio University and member of the Forum's Foundation Board; Wei Jiafu, Group President and CEO of the China Ocean Shipping Group Co., and Kristin J. Forbes, Professor of Economics at the Massachusetts Institute of Technology. The session was chaired by Martin Wolf, Associate Editor and Chief Economics Commentator of the Financial Times.
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Alabbar calls on developed nations to shun investment protectionism
- United Arab Emirates: Saturday, September 08 - 2007 at 10:12
- PRESS RELEASE
Investment protectionism is a barrier to global economic growth and developed nations should avoid this practice, Emaar Properties Chairman Mohamed Ali Alabbar told international business and government leaders assembled at the World Economic Forum in Dalian, China, at the forum's opening plenary session on Thursday, September 6.
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About Emaar Properties PJSC:Emaar Properties PJSC is one of the world's largest real estate companies and is rapidly evolving to become a global provider of premier lifestyles. Powered by its Vision 2010 to become one of the most valuable companies in the world, Emaar is charting a new course of growth with a two-pronged strategy of geographical expansion and business segmentation.
Emaar has highlighted its remarkable global growth by debuting on the Financial Times Global 500 ranking, which provides an annual snapshot of the world's largest companies. Emaar has been assigned A- and A3 ratings with stable outlook by Standard & Poor's and Moody's Investor Services, respectively.
Replicating its successful business model in Dubai, Emaar is extending its expertise in creating master-planned communities to international markets. Emaar is also developing new competencies in malls, hospitality & leisure, education, healthcare and finance, which have evolved from its integrated approach to customer service and property development.
Listed on the Dubai Financial Market, part of the Dow Jones Arabia Titans Index and certified to ISO9001:2000 for quality standards, Emaar is developing Burj Dubai, the world's tallest tower, and The Dubai Mall, one of the world's largest shopping and entertainment destinations. In Saudi Arabia, Emaar is developing the US$26.6 billion King Abdullah Economic City, the region's largest private sector-led project. Emaar's portfolio currently covers the following countries: the UAE, Saudi Arabia, Jordan, Syria, Lebanon, Morocco, Egypt, Turkey, Libya, India, Pakistan, Indonesia, the US, the UK, France and Canada.
An award-winning developer, Emaar has strengthened its product sale competencies, market reach and best practices through strategic acquisitions and joint ventures. Emaar acquired John Laing Homes, America's second largest privately held home builder; Hamptons International, UK's premier realtor; and formed a joint venture with US-based Turner International to strengthen execution capabilities.
Emaar has joined hands with Giorgio Armani and Accor Hotels to strengthen its presence in hospitality, and will launch ten luxury Armani Hotels & Resorts world-wide and 100 Formule 1 budget hotels in India. The company is opening educational institutions and healthcare centres in South Asia, Middle East and North Africa and the Subcontinent. Emaar acquired Singapore-based leading education provider, Raffles Campus, to extend expertise to its educational institutions.
Emaar holds 30 per cent equity in Dubai Bank, focused on retail and commercial banking. Emaar is also the largest shareholder in Amlak Finance, UAE's leading Islamic home financing company.
About the World Economic Forum:
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Incorporated as a foundation in 1971, and based in Geneva, Switzerland, the World Economic Forum is impartial and not-for-profit; it is tied to no political, partisan or national interests. For more information, visit www.weforum.org
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Posted by Anne-Birte Stensgaard, Senior News EditorSaturday, September 08 - 2007 at 10:12 UAE local time (GMT+4)
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