Dubai 2003 set to challenge 'misconceptions' over Arabia

Mr. Khalid Al Bustani, Head of the Dubai 2003 Task Force, Organising Committee member and Assistant Under Secretary at the Ministry of Finance and Industry, said the September event would be the perfect opportunity for the Middle East to showcase its potential to stage such a prestigious world event.

He said: "The Annual Meetings will the policy makers of the world to witness the true picture of the Middle East first hand. This will be a perfect opportunity for the region to showcase its economic potential and opportunities for foreign investment.

"The Annual Meetings represent an unrivalled opportunity for the whole Arab World to build and develop closer economic partnerships and business alliances with countries and companies from across the globe."

Mr. Al Bustani continued: "The Arab world offers great opportunity for international investment, yet less than 2 (two) per cent of direct foreign investment is made in this region - and the combined GDP of the Arab world is currently less than that of Spain.

"These meetings are an ideal opportunity to show the world what they are missing - that the Middle East is a region with enormous untapped potential for investment and trade. It has well-developed infrastructure, modern cities, and an educated and dedicated workforce which seeks a larger role in the global economy."

The finance ministers and central bank chiefs from all 184 member countries of the World Bank Group and the International Monetary Fund, as well as senior business and financial leaders from across the globe will be attending the Annual Meetings.

Mr. Al Bustani said that staging the Annual Meetings in the UAE is an ideal opportunity to challenge and address misconceptions about the Middle East.

He said: "For two weeks Dubai will effectively become the centre of the world's financial sector as we host more than 16,000 of the world's most influential people.

"These people will have the opportunity to witness first-hand that Dubai, the UAE and the region as a whole have the infrastructure, stability and social development already in place to attract greater foreign investment and trade.

"The meetings will also help dispel any stereotypical misconceptions that some may hold about our people and culture. For example, in relation to women's rights: UAE national women outnumber men in our universities and higher education institutes, and play a crucial role in our workforce and the development of our nation.

"Delegates attending the meetings will see this for themselves - and they will also see a modern city on a par with any in the 'developed world' where people from all over the globe live and work together in a safe, peaceful and productive environment."

With up to 2,500 media representatives from around the world expected in Dubai to cover the Annual Meetings, Mr. Al Bustani said there would be no better time to showcase the true face of the Middle East.

He explained: "The eyes of the world will be on us at this time: we are looking forward to demonstrating the realities of the Middle East as a stable region which has tremendous untapped potential for investment and trade, while also enabling Arab nations to project their entrepreneurial talents, initiatives and potential for investment and partnership."

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.

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