In an e-mail interview with Khaleej Times, Mohamed Ali Alabbar, Co-Chair of the event said the summit has a strong economic significance; The World Economic Forum looks to the UAE, particularly Dubai as a forerunner of creativity and as a pioneer of initiatives that have a long-term impact on global concerns.
Dubai will host the second summit on the Global Agenda next year and is set to debate over 100 issues and topics. However there has been speculation recently the UAE may not be immune to the global financial crisis. Alabbar played down the impact adding, “The UAE is part of the global economy. With the current financial turmoil in global markets, it is logical and realistic to expect an impact on the UAE economy.”
However, the latest International Monetary Fund (IMF) report, released on 21 October, forecasts growth in the UAE at six per cent for 2009.
The report reiterates that the UAE economy and its financial system are not completely vulnerable to financial risks. Another report from Morgan Stanley highlighted the economic growth of the UAE and the viability of the state’s financial standing.
The event being held in Dubai has a special symbolism according to Alabbar, “As a city we have always been looking forward into the future. That is our DNA. As a city, we are also global in character. I am also reminded here of the words of His Highness Shaikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, that, ‘We don’t await the future but build it with our own hands.’
It comes as no surprise that Dubai was selected to host the inaugural summit, which is a forerunner to the upcoming World Economic Forum Annual Meeting 2009 in Davos.”
Yet the current global financial crisis is likely to dominate discussions during the summit, “While planning for the conference started over a year ago, we had less visibility on the impending global financial crisis. Now that the crisis has become the world’s top most concern, it will be one of the key issues confronting the panellists alongside other vital subject matters. The summit will aim to put forward realistic and comprehensive solutions to address the crisis,” Alabbar added.
The Summit will discuss specific subjects in 70 different areas. However he played down the likelihood the summit would directly impact the world economy, “We expect it to make specific recommendations that will be the engine and inspiration for a fresh new mindset. The summit also convenes ahead of the 15 November summit in Washington that will bring together leaders of the Group of 20 industrialised and developing nations.
The G-20 summit will discuss a common set of general principles for global financial market reforms. All these efforts are aimed at showing the way forward in the current challenged environment” he commented. There will also be significant Arab representation taking part in the summit, “Tapping Arab talent and expertise was one of our priorities. We sought to have a minimum of one or two top-tier Arab representatives in each discipline.
Among those participating will be Arab scholars, media experts, major company executives as well as Arab government delegates of ministerial ranking. There will also be about 50 senior Arab thought leaders, most if not all of whom will be active participants in each of the summit categories and activities.”
