H.H. Sheikh Mohammed Bin Rashid Al Maktoum inaugurates CNBC Arabiya

"The Middle East has become increasingly important to global finance and economics," Sheikh Mohammed said at the inauguration. "With the upcoming Dubai 2003 IMF-World Bank Conference, the ongoing development of Dubai International Financial Centre (DIFC) and the construction of Dubai Financial District, Dubai is positioned to become the financial centre of the region just as, with Dubai Media City and Dubai Internet City, Dubai has become the region's media hub. The arrival of CNBC Arabiya heralds a new stage in the development of the satellite industry and brings the two worlds - of Arab media and finance - together according to the highest level of excellence."

Zafar Al Siddiqi, CEO of CNBC Arabiya, said of the Crown Prince's inaugural visit, "His Highness Sheikh Mohamed has been one of the most progressive and visionary advocates of the development of media in our region and of the necessity of building the non-oil economies of the Arab world. We are honoured that he would take the time to recognize our efforts to bring financial and economic news to Arab audiences from an Arab perspective and according to the highest international newsgathering and reporting standards."

During his visit to CNBC Arabiya headquarters Sheikh Mohamed toured the $40 million studio complex and visited with the CNBC Arabiya news team.