INFEX 2002 to be held in Abu Dhabi

As a unique event being held at the Abu Dhabi International Exhibition Center from 13-15 May 2002, ' INFEX 2002" comes at an appropriate time when Arab investments have started returning home in the aftermath of September ,11 anti-US terror attacks.

According to industry sources, an estimated $1 trillion dollars worth of Arab investments are parked abroad .

" The central aim of INFEX 2002 is to highlight the investment opportunities available in the Arab world and chalk out strategies of attracting back Arab investment currently invested overseas" said Mr. Hussam M. Hittiny, Exhibitions manager, Damas Exhibitions & Conferences organizer, the organizers of INFEX 2002.

Economic indicators suggest that the Arab economies are not cash - strapped , but investments are diffused rather than concentrated. " INFEX 2002 will aim to channel these dissipated resources to profitable and meaningful investments in Arab countries," he said. INFEX 2002 will be the starting point and will be held annually.

The INFEX Exhibition will feature the investment opportunities available in the Arab countries by showcasing various products and services. Banks, investment houses, insurance companies, securities markets and other financial institutions will exhibit a wide range of investment opportunities available over and area of 7500 square meters.

The exhibition will cover four main sectors : a) Banking and Finance (b) Insurance and Markets and (d) Projects, businesses, Real Estate and Free Zones.

Running parallel to the exhibition will be the Infex Conference in which high-ranking speakers will present papers on investment opportunities in Arab countries and quality criteria
in the finance and investment fields.

Appropriately enough, Infex 2002 is being held at a time when major economic and political changes are taking place globally especially since September 11. Moreover, Arab economics are undergoing a big economic transformation and embarking on mega projects in various sectors. Thus the need for capital and investment, amounting to several billions of dollars is of paramount importance in the coming years.

What is more significant is that since last year, a chain of events have led to repatriation of overseas investments from the US and Europe back into Arab countries. The recession in the US and Europe, the historically low interest rates, the September 11 anti-terror attacks and the tightening of laws in many countries have all led to the repatriation of overseas funds back into Arab countries, many top bankers have confirmed.

The exact figures are unavailable but according to senior bankers, around $3 billion of overseas investments has been repatriated to the UAE since September 11 and this is basically non-institutional money and belonging to the private sector.

An equally contributing factor to repatriation of Arab money back is better opportunities for investment in the Arab countries. The Arab stock markets have picked up and according to forecasts the are likely to maintain healthy growth rates in the coming years.

Many new mutual funds have been launched in the recent past In Arab countries and new, innovative investment instruments are being planned. A number of countries in the Arab world have opened up to foreign investment in many sectors by undertaking privatization of huge projects. The real estate sector too is being opened up for foreigners in some Arab countries and understandably plans are underway in some gulf countries to amend agency laws as well.

Analysts, Experts, top-notch bankers and others will provide a deeper insight into these issues during Infex 2002.

Hittiny said several large financial, investment and local banks have confirmed their participation in this quality event and they include the National Bank of Abu Dhabi, National Bank of Dubai, Arab bank for Investment & Foreign Trade and the Jordan Bank of Housing for Trade & Investment, Abu Dhabi Securities Market, Global Assist Management. Others to participate in the event are Emaar Real Estate, Palm Islands, Dubai Financial Marketing, Investment Banks, HSBC, Abu Dhabi Islamic Bank, Union National Bank, Oman Investment Promotion Center, Majid Al Futtaim Sons Group of Companies and the Sharjah Department of Economic Development.

At least 4000 specialized visitors are expected to visit Infex 2002, added Hittiny.

A special feature of Infex 2002 will be the awards. Damas Exhibitions & International Conferences will offer prestigious awards for the best professional company from the financial and banking sector, best investment projects, best pavilion design and best performer among Arab Financial Markets.
A number of other prizes for participants and visitors will be up for grabs.

INFEX 2002 enjoys strong governmental support with several key bodies backing it.

They include the federation of the UAE Chambers of Commerce & Industry, Arab Businessmen's Council and Arab financial and investment organizations. Representatives from Arab governments attending INFEX 2002 will be announcing the new investment opportunities in their countries.

An information campaign to highlight the importance of INFEX 2002 will be launched soon in Arab countries.