Amlak Chairman at World Economic Forum

• Speaks on WEF panel discussion titled, 'Is the Gulf crash coming?'

• Says training local talent and attracting world's best employees necessary to sustain region's long-term growth

• Points to strength of region's political leadership, rise of private sector and increased infrastructure investment

• Insists this is just beginning of region's extraordinarily bright future

Speaking at the World Economic Forum meeting in Sharm El-Sheikh, Egypt, H.E. Nasser Bin Hassan Al-Shaikh said that the Gulf must invest in providing local talent with world-class education and skills, while also attracting best-in-class human resources, from across the globe, to this high-growth region. Al-Shaikh made these comments during a panel discussion titled, 'Is the Gulf Crash Coming?', as part of a larger debate about the future of the region.

According to Al-Shaikh, today's key economic indicators point to an extremely bright future for the Gulf. 'A so-called 'crash' is by no means imminent in the region,' he said. 'We are witnessing strongly positive measures being undertaken by the political leadership of the Gulf, which encourage public-private partnerships as well as major privatisation projects.

More than $2 trillion of such ventures were announced in the region during 2007, a 43% increase over the previous year. It is clear that we are now standing on the cusp of great future growth; this is only the beginning of what is to come.

'While many warn of boom-bust cycles, or speak of a bubble waiting to burst, I believe the region is primed to attract an even greater share of foreign direct investment, which will further support the growth we have witnessed in the past few years,' said Al-Shaikh.

'Of course, we must simultaneously focus on increasing intra-regional trade levels and strengthening business relations among regional firms. All of this contributes to the further establishment of the Gulf as a vital trade bloc that can continue to prosper despite instability in the global markets.'

Al-Shaikh quoted the words of His Highness Sheikh Mohammed Bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, to indicate the strength of the region's political leadership and their collective determination to serve as agents of positive change.

'If we don't change, the people will change us,' Sheikh Mohammed has remarked, a comment that the Amlak Finance Chairman highlighted to the audience of global decision-makers gathered in Sharm El-Sheikh.

A firm believer that the region's future is extremely bright, Al-Shaikh cited recent McKinsey data that states that the region will earn some $9 trillion in oil revenues until 2020.

He also pointed to the enormous investments being made in the region's real estate sector, including vast economic cities being developed by the private sector in nations such as Saudi Arabia.

As well, he noted that the regional real estate finance industry, which does not engage in subprime lending, has emerged unscathed from a crisis that has impacted the industry worldwide.

'Today, across the Gulf, we have all the ingredients for continued success,' Al-Shaikh said. 'Visionary political leadership, increasing levels of liquidity, an empowered private sector - these elements combine powerfully, and position the Gulf as one of the world's most vital economic centres. As well, the significantly enhanced role played by the region's female population - who now represent fully half of all university graduates - means that we are increasingly realising the potential of all our people.'

Al-Shaikh spoke on Tuesday, May 20, on a panel discussion that also included: Fouad M Alaeddin, Managing Partner, Middle East, Ernst and Young; Saad H Al Barrak, Deputy Chairman, Group Chief Executive Officer and Managing Director, Zain; and Shafik Gabr, Chairman and Managing Director, Artoc Group for Investment and Development. The discussion was moderated by William Green, Editor, Time Europe.