With the strategic partnership of Deloitte Corporate Finance Limited (Deloitte), Dubai Economic Council (DEC) is to hold a seminar to launch their joint report entitled ‘Financial Sector Development for Promoting Investment and Sustainable Growth in Dubai’ on Monday, 3rd March 2014, which takes place at the Intercontinental Hotel Dubai Festival City.
Hani Al Hamli, “The report provides a reference framework for decision makers on how to boost the investment environment in Dubai.”
H.E. Hani Al Hamli, DEC Secretary General, stated, “The report is the first of its kind in the UAE and the region.” It reviews and presents an analysis of the key factors that could enable Dubai to transform and foster its position as an international hub for trade and finance and to attract more investment. A core component of the report is the benchmarking study against other peer international financial and trading hubs that have been successful in attracting investment to unprecedented levels, such as Singapore and Hong Kong. Additionally, the report identifies potential gaps that require further development in order to enhance Dubai’s competitiveness and attractiveness of more investment opportunities.
Al Hamli stressed that Dubai has managed to transform its economy as an example to follow for other countries worldwide. This is in part due to the strategies adopted by the Dubai Government, driving diversification of the economy, enabling expansion of local infrastructure and promoting best service standards. Additionally, Dubai’s construction of free zones has helped promote more direct foreign investment in the Emirate. However, to help maintain these achievements, Dubai’s main challenge now is to sustain growth, including the fulfilment of Expo 2020 requirements in line with the pillars of the Dubai Strategic Plan. This requires comprehensive financial sustainability in addition to an enforcement of legal infrastructure, development of business markets, increasing nationalization rates in the private sector and confronting the challenges encountered by the different sectors and activities.
Al Hamli further noted, “The purpose of the stated report, its findings and recommendations, is to provide decision makers in Dubai with a reference framework to help design appropriate policies and strategic plans, which aim to encourage direct foreign investment and consequently fulfil Dubai’s potential economic growth.” He added: “From this springboard, the significance of organizing a seminar on the 3rd March arises to highlight the vital role the financial sector could play in fostering investment, in a way that could lead to realizing higher levels of economic growth in Dubai.”
The DEC Secretary General further added, “A roundtable will be organized on the side-lines of the seminar with the participation of a number of governmental entities representatives, financial leaders, national and multinational financial institution and experts, in order to learn about their vision on how to take the performance of the major sectors in Dubai to the next level, especially the financial sector, and how to meet the conditions of sustainability.”
Additionally, Al Hamli stressed that the collaboration between DEC and Deloitte would benefit from the international expertise that Deloitte has in the field of financial and economic consulting, which ultimately would help improve the development process of the Emirate of Dubai and the UAE as a whole.
In the words of Humphry Hatton, Chief Executive Officer of Financial Advisory Services in the Middle East at Deloitte: “The existing success of Dubai’s economy owes much to its integration into a globalized economy where, by building world class infrastructure, it has become a preferred centre for areas such as import-export, aviation, logistics and other related activities, in addition to its increasingly important role as a major tourism destination. However, the very nature of global competition means that no country can afford to stand still and Dubai has an extraordinary opportunity in the next six years leading up to Expo 2020 to put in place the foundations for a further remarkable transformation of its economy. Developing the correct financial investment policies for Dubai will be essential to ensure that many of the Emirate’s plans can be realized for the long-term benefit of its people in the years ahead.”
Hatton concluded, “The report recommends a number of actions for further consideration as part of Dubai’s economic development objectives”.