Corporate governance key to Dubai's growth, says ICD Chief Executive

Shaibani, who is also Director-General of His Highness The Ruler's Court, offered his remarks in support of the statement recently released by the Public Prosecutor of the Government of Dubai.

"As one of the world's most dynamic economies, whose GDP surged to $53.9bn last year and with an annual average growth rate of some 8%, Dubai continues to serve as a model for development and diversification," Shaibani said. "Reducing our dependence on hydrocarbons, which now account for less than five per cent of GDP, while simultaneously encouraging new public-private partnerships and creating vast numbers of new employment opportunities, the emirate is an inspiration to the region - and, indeed, the wider global community."

Shaibani said:

"Under the guidance of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, the emirate has been transformed into a full and leading participant in the global economy. This visionary leadership has led to the sustained expansion of both the public and private sectors, encouraging record levels of foreign direct investment and supporting the performance of companies listed here, which continue to mature and demonstrate superior returns during a period of global economic instability."

Shaibani added, "As outlined in His Highness's Dubai Strategic Plan 2015, the emirate aims to increase productivity by four per cent annually, while raising its GDP to some $108bn and increasing per capita GDP to $44,000 by 2015. Such lofty goals are indeed ambitious, but they can be realised, especially as the emirate increasingly invests in education and training, building a knowledge economy for the new millennium."

"During this period of sustained economic growth, development and diversification, the Government of Dubai also continues to recognise the importance of demonstrating to the regional and international community the emirate's ongoing commitment to good governance and its upholding of the highest regulatory standards. This embrace of global best practices will continue to yield clear benefits for the emirate as a whole and, in particular, for publicly listed companies. There is a clear correlation between good governance, investor confidence and corporate profitability. Indeed, studies have shown that, worldwide, investors are willing to pay a premium for companies exhibiting high standards of corporate governance," he added.

"At the Investment Corporation of Dubai, whose portfolio includes all of the emirate's wholly or partly owned government businesses, we fully support this drive to ensure the highest levels of corporate governance and transparency," concluded Shaibani. "Focused on both local and international opportunities, ICD manages its own portfolio of assets in line with such global standards, and we encourage all entities in the emirate - both public and private - to share our commitment to these principles today and into the future."