Dubai 2003 to open up new investment opportunities for European companies in the UAE

Speaking at a reception at the UAE Embassy in Berlin, co-hosted with the UAE Ambassador to Germany His Excellency Mr. Ali Mohammed Al Zarouni, Mr. Belselah said the Annual Meetings were the perfect platform for the senior Government and business leaders from the UAE to strengthen links with their German counterparts.

Mr. Belselah said: "The UAE is becoming an increasingly important business hub for every kind of commercial activity from information technology to education, healthcare, aviation, media and now finance with the development of the Dubai International Finance Centre.

"In fact the creation of the Dubai International Financial Centre will create a major global centre for the financial services industry - effectively creating a bridge between the great financial centers of Europe like London and Frankfurt with those of Singapore, Hong Kong and Tokyo in Asia.

"Dubai is now an international hub for a market of approximately 1.6 billion people making the UAE the ideal location for international investors seeking access to this massive market. In September 2003 representatives of nations from Europe and all over the world will have the chance to see first-hand exactly what the UAE and Dubai has to offer."

The General Coordinator explained that as part of the arrangements to host the meetings Dubai 2003 had secured the support of two partners with close associations with Germany. One is the leading carmaker Audi who will supply 260 luxury A8 limousines to transport senior Government and bank officials to and from meetings in Dubai.

Dubai 2003 also recently hosted with Audi a visiting group of 15 German student journalists from the renowned Georg von Holtzbrinck School of Journalism.

A second major international partner for Dubai 2003 is Emirates Airline who already fly direct to a number of destinations in Germany and are planning to expand the number of flights and destinations to further assist in securing closer links between the UAE and Germany in the future.

Mr. Belselah told the VIP guests and media representatives that the UAE's preparations to host the Annual Meetings were well advanced including the completion of the state-of-the-art $210 million Dubai International Convention Centre that will host the event.

Earlier in the day Mr. Belselah had been a guest speaker at the 5th German-Arab Tourism Forum 2003 where he outlined the positive developments in the UAE and across the Arab World to attract more international tourists to visit Arab countries.

The Annual Meetings of the Boards of Governors of the World Bank Group and International Monetary Fund were first held in Washington DC in 1946. They are hosted by an international city one year in three. Dubai and the UAE were selected because of its highly developed transportation and logistics infrastructure, growing importance as a financial hub and its established position as an oasis of opportunity.

ENDS