Senior IMF delegation in UAE to brief government and business leaders

In September 2003 the annual gathering of the world's financial community will take place in an Arab City for the very first time.

Among the regional issues likely to be discussed is the help that the IMF and World Bank can provide to support the economic rehabilitation and reconstruction of Iraq.

The four-person delegation has met senior Government officials and business leaders to brief them on their assessment of the world economic outlook, the situation in the Middle East, including the Gulf region, and policies that could help to boost prospects for growth, job creation and poverty reduction in the region.

In meetings held in Dubai and earlier in Cairo and Beirut, the delegation outlined details of the main issues to be discussed by the IMF at the Annual Meetings that will be held on 23 and 24 September and in meetings of official committees and groups to be held in the preceding days.

Led by the Deputy Director of the IMF External Relations Department, Graham Hacche, the team also included Deputy Director of Research Department, David Robinson, External Relations Department Adviser, Mohamad Chatah and Assistant Director of the Middle Eastern Department, Abdelali Jbili.

Mr. Hacche said: "The Annual Meetings are likely to discuss a broad range of regional issues, including reforms that are ongoing, policies that need to be strengthened, the rehabilitation and reconstruction of the Iraqi economy and the help that the IMF and World Bank can provide in all these efforts.

"The hosting of the Annual Meetings by the UAE will also expose the world to the great economic potential of the Arab and broader Middle East region and to the economic challenges that the region faces."

The visit by the IMF delegation is one of a number that are being made by the host organizations of the Annual Meetings to both the UAE and the region to promote the event and highlight the opportunities it represents for regional business development.

Commenting on the visit, Dubai 2003 General Coordinator, Mr. Ibrahim Belselah, said: "Visits of this kind are invaluable in helping to build closer partnerships between the IMF and the public and private sectors in the UAE. Dubai 2003 is committed to ensuring that these Annual Meetings are a springboard for future economic development and inward investment into the region.

"The IMF and the World Bank Group share our determination to use this prestigious event in September to significantly enhance the regional economy and boost prosperity and growth throughout the Arab World."

Dubai 2003 is hosting the Annual Meetings of the Boards of Governors of the World Bank Group and International Monetary Fund, and is overseeing the introduction of the highly complex logistical framework required to ensure the success of such a global event.

The Annual Meetings will be held in the Dubai International Convention Centre that can accommodate 4,500 delegates for the Annual Meetings, 6,000 delegates for usual convention events and up to 15,000 people standing for other events.

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, other than Washington DC, 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.