Support of business councils and private sector vital to UAE's projected 3% growth in 2009 amidst global crisis

UAE Minister of Foreign Trade H.E. Sheikha Lubna Al Qasimi was speaking at a special Ramadan Gala Dinner held on Thursday, September 3, 2009 at the Mina Al Salam Hotel in Dubai.

During a keynote speech, the Minister outlined the steps taken by the UAE which led to its 7.4% economic growth in 2008 despite the emergence of the crisis. She referred to key indicators that the Emirates will again witness significant economic gains by the end of the current year, such as the country's 7th spot in the recent Nielsen Global Consumer Confidence Survey and its top MENA ranking in the World Economic Forum's 2009 Global Enabling Trade Report. She emphasized how business councils and the whole private sector have been significant contributors to the UAE's economic and commercial success.

"We are where we are right now due to our collaboration with various organizations and individuals, many of whom are present tonight and to whom we would like to extend our utmost gratitude. To the business councils and groups, we thank you for serving as vital bridges between the business communities of our countries. To the numerous multinational organizations that have chosen UAE as their base, we promise the introduction of even more mechanisms and policies which will further enhance your productivity and reward your patronage. And to the countless other individuals who have contributed to the UAE's progress, we look forward to achieving more with you and for you," said H.E. Sheikha Lubna.

The Emirates Foundation was founded in 2005 by H.H. Sheikh Mohammed Bin Zayed Al Nahyan, Crown Prince of Abu Dhabi. The Foundation acts as the governing body of an endowment fund supported nationwide via private- and public-sector partnerships. Among its key programs is Tawteen, an initiative which supports learning and development in the UAE and empowers young Emirati men and women. Tawteen addresses social and cultural obstacles to self-development, and enhances the access of underrepresented groups to various skills. Khuloud Al Nuwais, Director of Projects at the Emirates Foundation, joined several other high-profile personalities during the gala dinner.

Al Nuwais said: "Encouraging critical thinking in our youth is key to supporting the growth of the private sector, and that is the focus of the Emirates Foundation Tawteen Programme. Tawteen unlocks talent and builds career pathways to the private sector. We supply the talent pipeline for the growth of sectors and industries in line with the UAE Government strategy. And we do this in partnership with the Private Sector."

"Tawteen will be working with the Ministry of Foreign Trade to help drive the development of Emirati talent in the private sector and support regional and international trade and investment. Among other areas, Tawteen will be working with the Ministry to help young talent to seize opportunities abroad to represent the wealth of the UAE as our country's young ambassadors," she added.

There are presently more than a dozen business councils and groups based in the UAE that can assist international organizations in successfully engaging in business activities in the Emirates. More than 1,300 foreign company subsidiaries representing over 30 industry sectors currently operate in the country. Their presence has established the UAE as the Gulf's most prolific global investment destination, accounting for around 60% of the region's foreign investment inflow.

The UAE's industrial exports alone were worth Dhs46bn in 2008, and industry experts forecast an even higher figure this year. Trade balance surplus increased 35% from Dhs170.85bn in 2007 to Dhs231.09bn. The Emirates expects to post an investment income of around Dhs40.6bn in 2009 to surpass last year's Dhs30.6bn. Investors continue to be attracted to the country's robust commercial market, exemplary infrastructure, visionary leadership, business-friendly policies and regulations, and effective governance.