Al Hanoo Holding concludes successful participation in 3rd Qatar Economic Forum

The forum was attended by over 1,000 ministers, government officials, businessmen, Arab and foreign investors, representatives of regional and international funds, and managers of economic committees and professional associations.

Sheikh Abdullah bin Fahid Al Shakrah, Chairman of Al Hanoo Holding said, "The support offered by the government, and the good performance of the financial market, the increase in petroleum prices and the good performance of companies during Q1 2009, which surpassed expectations, are all signs that the market is moving towards stability."

Al Shakrah, whose company is developing Al Nujoom Islands in Sharjah added, "If we consider that other correctional procedures require bank loans, buying and selling conditions, reasonable returns on investment, raising real estate service standards, reducing costs, and adjusting competition terms, then it becomes obvious that the government and private sector must work together in order to bring stability to the property sector, and other sectors as well."

The two-day forum, which was held from 1 to 2 June 2009, featured speeches by top officials who discussed various hot topics, including the financial crisis and its effects, the role of governments in overcoming the economic turmoil, and raising awareness of the lessons learned from the Arab markets, especially dependence on investment in foreign countries and building an integrated economy.

Other topics included the potential after-effects of the establishment the United Arab Market in 2020, H.H. the Prince of Kuwait's Arab fund initiative to support small and medium private sector projects, the importance of setting up economic programmes, initiatives and forums to establish a strong base for the Arab free trade industry, and solving the issues of unemployment, poverty and food security in the Arab world.

Forum participants praised the efforts made by Arab leaders to deal with the current economic issues and to fix the global financial system through the support of monitoring, control and transparency procedures, and the recovery of international financial establishments, taking into consideration the status of major projects, the fundamentals of supply and demand for the coming period, and the available investment opportunities in the property sector.

Al Nujoom Islands, which is being developed by Al Hanoo Holding, is considered the northern gate to the emirate of Sharjah. The 60 million square foot project is superbly located overlooking the Arab Gulf, and offers a combination of residential and commercial units. Al Nujoom islands aims to create a community where residents and workers can live together, as the project offers easy access from and to other emirates, away from traffic jams.