Al Hanoo participates in Qatar Economic Forum 2009

The forum has attracted a number of large companies, prominent businessmen and economic experts from around the globe.

Al Hanoo's participation forms part of the company's contribution to the development process in the region, most notably through quality and unique projects like Al Nujoom Islands.

According to Fahid bin Abdullah Al Shakrah, Vice President - Business Development, these kinds of forums provide an excellent platform for exploring new opportunities, as well as for economic discussion.

"The opportunities provided by economic forums, in the form of discussions and research of economic issues in times of crisis, are key, as these discussions and seminars help evaluate the damage caused by such crises. These forums also provide a space for laying down solutions that will maintain the role of the economic sector as a sustainable factor in the economic system. It not only helps to identify the reasons leading to market fluctuations, but also assists in finding effective solutions to overcome these problems," he said.

He added, "Although the crisis has had many negative influences, there are some positive effects too. The crisis has confirmed the strengths of the real players in the market, those who have overcome all obstacles and showed that choosing the right projects - which cater to the needs of the market - is key in developing quality projects that are fundamental to the development of infrastructure. However, projects initiated under speculation, and which normally depend on high project costs for big returns, got a big blow when the crisis hit."

Al Shakrah continued, "What is required at this stage is to re-evaluate and re-organize economic mechanisms in the Gulf region, so that its private and public sectors' assets will be greatly supported to overcome extreme times of crisis in a more progressive way than advanced countries. This support, however, should be focused on profitable opportunities, by studying development programs adopted by developers, by providing appropriate project sites, services and facilities, and finally by achieving reasonable profits, which are not expected to greatly decline, but rather to be realistically evaluated in the medium instead of the short term."

Al Shakrah believes that although the correctional process was thorough and effective, the recovery process will go beyond all expectations.

"During the last five years, GCC countries witnessed an unprecedented real estate boom, with project costs amounting to over $1 trillion. Most of these projects were concentrated in the UAE, which saw such high growth rates as 15% of the UAE's GDP, serving as proof of the important role played by the emirate in the property sector. As such, governments of the region should not relinquish such great accomplishments, but should rather continue to support the market, either by pumping liquidity, when necessary, or through the implementation of sound laws and legislations to overcome all challenges and to maintain stability,"

added Al Shakrah.

Topics up for discussion at the Qatar Economic Forum are related to economic issues, and include the global financial crisis and the recovery process on national and regional levels; rapid growth and challenges along the way; industrial development alternatives for the coming period and the financial crisis; infrastructure projects and the opportunities they provide; the development of investments; and development and investment in the property sector.