Middle East and North Africa Trade Finance Conference convenes

The conference is organized by Ark Group and runs for two days. On behalf of Dubai Chamber of Commerce and Industry, H.E. Abdurrahman Al-Mutaiwee, Director General of DCCI, inaugurated the conference.

The conference aims at achieving a number of objectives, which includes gaining valuable insights into the latest trade finance developments, understanding the impact of inter-Arab trade upon the region, discovering the opportunities in the emerging and developing markets and exploring the latest tools in the Islamic banking to support trade finance.

Al-Mutaiwee on this occasion delivered a speech greeting the participants, welcoming them to Dubai and thanking them for choosing Dubai as the venue and wishing this significant economic event a success.

"Although, the United Arab Emirates has a relatively small population compared to other Middle East countries, it has been registering a steady growth with the passing of each year. The impressive performance could be attributed to the fact that the UAE, and the Emirate of Dubai have emerged as a major business hub for the entire Middle East region," said Al-Mutaiwee.

"The pro-business policies of the government have attracted increasing numbers of regional and multinational businessmen. Foreign companies are recognizing the credibility of Dubai as a hub to launch their products to the emerging markets in the region," he said.

Al-Mutaiwee added that Dubai, based on its historic role as a trading center in the region, has emerged to be a financial hub in the Middle East, aiming to attract economists and financial experts. The financial map has witnessed a vital change over the last five years and has enabled a continuous inflow of foreign capitals into the country. The trend is expected to be maintained with lucrative returns on investment in key sectors. In fact, these advantages have placed the Emirate at the forefront of the global dynamic and emerging market economies.

Dubai has set up its vision on joining ranks of the world's leading economies with a comprehensive strategy to enhance knowledge-driven development and to transform itself into a knowledge-based society and economy.

The government of Dubai has pursued a policy that has proved to be effective in diversifying its economy. The establishing of Dubai Financial Market (DFM), Dubai International Financial Centre (DIFC), Dubai International Financial Exchange (DIFX) and Dubai Metals and Commodities Centre (DMCC) is a functional interpretation for this policy.

It is worth noting that Dubai's GDP has recorded a significant increase from AED 118.4 billion in 2004 to AED 136 billion in 2005. Various factors have contributed to this vibrant growth including population expansion, increase in re-exports and trade, as well as growth in other sectors such as finance, real estate, and manufacturing industries.