Dubai is bouncing back on track, says Doha Bank Group CEO
- United Arab Emirates: Sunday, September 30 - 2012 at 13:55
- PRESS RELEASE
The GCC states are rightly investing heavily into infrastructure development, modernizing the existing structure to pave way for uninterrupted economic growth in the coming years, said Mr. R Seetharaman, Group CEO, Doha Bank. He was speaking at a knowledge sharing event organized by Doha Bank in Dubai.
Dr R. Seetharaman, Group CEO, Doha Bank, hosted and moderated a panel that included Mr Mohammed Sharaf, CEO of DP World, Mr Amit Juneja, Executive Director at JP Morgan, Mr Ian C Golt, General Manager of Axis International Middle East, Mr Carl Roberts, Senior Loss Adjuster at Cunningham Lindsey and Mr Ahmad Anani - Counsel, Latham & Watkins LLP, a premier global law firm in Qatar on 'Legal Risks'.
In his opening remarks, Dr Seetharaman elaborated on the economic outlook of the GCC countries. On the global financial situation, he said, "What started off as a liquidity crisis in 2008 has today grown to become a funding crisis. This further reflects on sovereign debts. The Gulf economies have responded well to the crisis and Dubai is bouncing back on track."
"Infrastructure financing can come from various avenues such as government fiscal measures, long term and short term financing. Regional banks are becoming more active in project finance given the size and volume of projects in the region, as evidenced by active deals in short term financing and an increased appetite for longer-term facilities," Mr Seetharaman said.
Expert speakers at the special event shed positive light on the growing GCC economies.
"The Dubai government has consistently and proactively invested in building its infrastructure to support is diversified economies," Mr Mohammed Sharaf of DP World commented during the panel discussion.
Commenting the opportunities in the region, Mr Sharaf said, "About $120bn will be spent on infrastructure projects over the next 10 years in the GCC. While the global macro-economic uncertainty continues, the Middle East and North Africa region is projected to pose an output growth of 5.5% ahead of the global output of 3.4%. FDI in the MENA region over 2010 - 2011 stood at a staggering $128bn."
Mr Amit Juneja spoke on the subject impact of risk on commodity prices. He gave outlook on oil market and metals market. He highlighted global PMI is in the caution zone with Australia and china more concerning than Greece. Significant risk management is required due to commodity price volatility and emphasised that having a strategy on hedge execution is vital. He also gave insights on possible hedging strategies and the key considerations in risk management.
Dr Seetharaman highlighted the trends in global and regional markets and the key developments from crisis to date. He also elaborated on the economic outlook of the world economies in consideration of the on-going crisis and the policy changes that are required at a macro-economic level and monetary levels.
"Global growth at the moment is absolutely volatile," Mr Seetharaman said, adding "The global market is still recovering. According to recent reports, the US and European economies are still reeling under pressure, labor market is not in order and housing sector is still under pressure. Purchasing power parity has not increased in the definite moment."
Mr Ian C Golt who spoke on 'Risk identification in insurance' gave insights on risk management, components of risk and various insurable risks. He was followed by Mr Carl Roberts who covered 'Risk Solutions' highlighted the risk matrix, various risk management techniques and key points to be considered in insuring projects. Mr Ahmad Anani spoke on 'Legal Risks'.
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