Annual Meetings will shape the future of Arab economies: Ibrahim Belselah tells seminar in Paris

The seminar titled "The Economic Situation and Investment Opportunities in the UAE" was organised by the UAE embassy in Paris under the patronage of His Excellency, Dr. Mohammed Khalfan bin Khirbash, UAE Minister of State for Finance and Industry, in partnership with Dubai 2003 and Jebel Ali Free Zone and in collaboration with MEDEF, Paris Chamber of Commerce and Industry and the Franco-Arab Chamber of Commerce.

As part of the on-going programme to create the widest awareness on the Annual Meetings of the Boards of Governors of the World Bank Group and International Monetary Fund to be held in Dubai in September, Mr. Belselah spoke on the preparations undertaken so far to host this prestigious event and its importance to the UAE and the Arab world.

Addressing the seminar, Mr. Belselah said: "The significance of the World Bank and International Monetary Fund meetings in Dubai is timely because they will come at a time when there are major developments in the world, and the Arab region in particular, which would have a great impact on future relations between the East and West".

He added:"The Annual Meetings are historic because they will be taking place at the right time and at the right place, offering the Arab world as a whole the opportunity to make its voice, opinions and needs heard among the top decision makers in the world in politics and economics".

He said that the new route that was being taken by the Arab region was not a passing phase, and what will be decided and executed now in the economics sphere and international markets will shape the future of the peoples in the region.

"We have to participate efficiently and effectively in shaping our future. Therefore, choosing Dubai as the first Arab city to host the Annual Meetings is important to Dubai, the UAE and the entire Arab region. This is because Dubai as an excellent role model for the region will reflect well on the world's top decision-makers in finance and economy when they meet in September. They will look at Dubai as a benchmark, and judge the Arab world based on the achievement of Dubai as a world-class regional hub for finance, banking and investment".

Mr. Belselah added that selecting the UAE as the host of the Annual Meetings, was proof of the confidence and trust shown in Dubai by the world's biggest financial institutions, the World Bank and International Monetary Fund.

He spoke of the major achievements of Dubai during the past year including the developing of additional world-class infrastructure, modernising Dubai International Airport, enhancing the road network, communications facilities, constructing new luxury hotels and the Dubai International Convention Centre, the venue of the Annual Meetings.

Speaking on the preparations made so far by the UAE, Mr. Belselah said that Dubai has created world-class facilities and was preparing to offer a unique range of services during the Annual Meetings. He said that once the decision was made that the UAE would host the Annual Meetings, a Steering Committee was established under the chairmanship of His Highness, Sheikh Hamdan bin Rashid Al Maktoum, Deputy Ruler of Dubai, and UAE Minister of Finance and Industry, as well as an Organising Committee and 10 specialised committees to help ensure the success of the Annual Meetings.

Mr. Belselah said that the Annual Meetings are expected to give a boost to the national economy of the UAE through direct revenues of millions of dollars, and showcase the vast investment potential that exists in the UAE. Mr. Belselah invited the banking sector in France to grasp these opportunities and participate effectively to contribute towards the success of Dubai 2003.

On the sidelines of the seminar, Mr. Belselah, His Excellency, Dr. Mohammed Khalfan bin Khirbash and His Excellency, Saif Sultan Mubarak Al Arini, UAE ambassador in France held a meeting with the French Minister of State for Economy, Finance and Industry, His Excellency, Francis Mer.

During the meeting, Dr. Khirbash discussed ways to enhance bilateral cooperation in the finance and economic sectors to further boost bilateral relations between UAE and France, and noted that UAE was France's No.1 trading partner among Arab countries with French exports to the UAE worth 2.5 billion Euros. He said the way to correct this trade imbalance was to increase the number of joint investment projects between the two countries.

Dr. Khirbash said the seminar was a tremendous success and thanked the UAE ambassador in France for helping organise the event.

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 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.