Dubai sets the pace for Middle East's emergence as an economic bloc

Mohamed Ali Alabbar used his keynote address to The Economist's 'Dubai Business and Investment Roundtable' Conference in London to spell out the initiatives being undertaken by the Emirate to consolidate its position as a financial and business hub.

Mr Alabbar, Director General of the Department of Economic Development, Government of Dubai, and Chairman of Emaar Properties, said the continuing development of tourism, real estate, IT and manufacturing sectors and the Dubai International Financial Centre (DIFC) position Dubai at the centre of the new economic zone.

He added that the Emirate's vibrant economy and culture of excellence will carry its neighbours along and act as a catalyst for their advancement. Mr Alabbar said: "The inspired and visionary leadership of HH General Sheikh Mohammed bin Rashid Al Maktoum, the Crown Prince of Dubai and UAE Defence Minister, has given a head start to Dubai, and has served as a beacon of hope for the Arab World."

"Progress for Dubai alone would be meaningless without the consequent progress and development of the rest of the region. So we have started looking outward and have begun to initiate projects and policies that will not only serve to strengthen Dubai's position but also incorporate the development of the region as a whole.

Mr. Alabbar believes that the Middle East, one of the fastest growing markets in the world, is ready to emerge as a separate and powerful economic bloc in its own right. He said: "We are seeing genuine growth and development in the region, underpinned by the high oil price and other revenues and income generators that derive from the massive energy resources the region is blessed with."

"There are other encouraging signs. The population is growing and will soon touch 400 million. A significant percentage of the population is young, they tend to be consumer goods driven and most importantly, they have considerable spending power to go with it."

Commenting on Dubai's extraordinary growth, he said: "Dubai has compressed into a little more than a decade what has taken other cities centuries to develop. With precious little oil and few other natural resources the ambitions and visionary foresight of the emirate's leaders has been brought to fruition. The advantages Dubai has and the elements that continue to drive its progress are leadership, location, local talent, entrepreneurship and a unique public-private partnership driven by a 'can-do' approach."

"It is this power of execution that has characterised the leadership in Dubai and enabled us to move ahead and which some of our neighbours in the region are as yet only in the early stages of duplicating," he added.

Mr Alabbar said the positives for Dubai added up to a winning formula. The city's assets a dynamic economy with modern infrastructure, first class communications, secure and accessible financial system, ready access to skilled labour, low tax, free zones and highly-prized property market with world class developers - were extremely valuable.

He said: "Far from using the Palestinian-Israeli conflict or the Iraq crises as an excuse for lack of development, Dubai has shown that it is possible to move ahead on the economic front despite the conflicts. It has not done so at the expense of the region but by maintaining its distance from the conflict while offering practical support to the Palestinian cause and the Iraqi people."

Quoting Sheikh Mohammed's speech at the recent Arab Strategy Forum, Mr Alabbar said: "Our late beloved President Sheikh Zayed bin Sultan Al Nahyan had a vision of change, and the will to introduce that change. This is exactly what we need in the Arab world today. We are quick to talk about change but less ready to exert the necessary will to bring it about. Had Sheikh Zayed's programme been followed by the Arab nation as it has been in his own country, and had the Arab leaders adopted this programme, our Arab situation would have been different and our way to the year 2020 would have been paved and cleared."

The conference brought together business leaders, investors, senior members of Dubai's government and Economist Group experts on the Middle East.

Dr. Omar Bin Sulaiman, Director General, Dubai International Financial Centre (DIFC), delivered a speech on Dubai being a gateway to opportunity. Other speakers included Arif Masood Naqvi Executive Vice-chairman and CEO, Abraaj Capital; Stevan Koch, Regional Director of General Motors and Mohammed Al Hashimi, Chief Executive Officer for Amlak Finance.

Others to speak include Carlos da Silva, Director of Operations for IBM CEMA, Habib Al Mulla, Chairman of Dubai Financial Services Authority, Anita Mehra Homayoun, Director of Marketing and Corporate Communications at Dubai Department of Civil Aviation, Ravi Patel, Business and General Manager for Eastman Kodak, Marwan Nadak, Group Manager at SC Johnson, and David Wilde, the Country Manager for DHL UAE.