World Bank praises commitment of UAE Government to efficiently 'Breaking out of the Resource Curse' of oil dependency

The report on the MENA region was announced simultaneously by the World Bank in Dubai, Cairo, Paris and Washington and the translation of the comprehensive 204-page into Arabic is being sponsored by Dubai 2003.

Dubai 2003 General Coordinator Mr. Ibrahim Belselah was present at the launch of the report in Paris and explained that the report was one four major publications the World Bank will launch in advance of the Annual Meetings of the Boards of Governors of the Bank and IMF in Dubai in September. Assistant General Coordinator Mr. Ahmed Al Banna represented Dubai 2003 at the announcement in Dubai.

Speaking in Paris Mr. Belselah said: "The MENA report is one of four that have direct relevance to the economy of the region that will be published by the World Bank before the annual meetings with the announcement of each report being held in Dubai as well as other international locations.

"These reports are vital to help the future prosperity of the region which is why Dubai 2003 has offered to sponsor the translation of these detailed documents into Arabic to ensure they reach the widest possible audience."

The report's findings highlighted the fact that the United Arab Emirates, and especially Dubai, has followed an impressive outward-oriented and private investment led growth strategy that so far has been successful.

It details the fact that much of the growth has been led by rapid diversification to non-oil sectors including energy-intensive petrochemicals, fertilizers, cement and aluminium and more recently to tourism, entrepot, trade and manufacturing with 9 per cent growth a year in real terms in the 1990s.

The leaders of the Emirates have been deeply committed to trade and openness as the engines of development and have each been reliant on their advantages. Abu Dhabi in energy-based industries, Dubai in commerce, telecommunications, tourism and financial services, Sharjah in textiles and light manufacturing and the Northern Emirates in agriculture, quarrying, cement and shipping.

Publishers of the report also point out the open trade, investment and labour policies pursued by the Emirates have played a significant role in the UAE's success.

Speaking in Dubai Mr. Al Banna added: "The report shows that the UAE has managed to breakaway from dependence on oil in the past decade. It is also gratifying to see the report highlight the successful infrastructure developed by the UAE and the fact that today our country is among the top 20 economies for Internet usage and the most wired in the MENA region.

"Publishing these reports also allows the Middle East to gain a greater understanding of the role the World Bank plays and how it can help to support and help in the growth of the regional economy especially in the area of encouraging much greater direct foreign investment for the MENA area."

This year, the Annual Meetings will be held on September 23 and 24, and this marks the first time these meetings have been held in the Arab World. The overall event will be held from September 18 to 25, 2003.

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