| 25 Feb 2008 |
|
Mena's resistance to global volatility makes it perfect for investment
- Text size
The Middle East and North Africa region's resilience to volatility and turbulence in the global banking and finance markets has positioned it as an attractive investment destination, a Dubai-based regulator said.
"This region has proved its resilience to uncertainty and volatility in the credit and financial markets of the United States and Europe," Dr Omar bin Sulaiman, Governor of Dubai International Financial Centre (DIFC), told chief executives at the annual meeting of the Institute of International Finance (IFF) in Dubai.
The Mena region's economy achieved GDP growth of 6.2 per cent between 2003 and 2007, well above its previous performance, bin Sulaiman said. "However, in order to sustain the strength of our economy, we must work to implement policies to foster future growth and development and investment in the region."
Dubai has targeted a real GDP growth rate of 11 per cent per annum for the next 10 years, an increase in real GDP per capita to $44,000 (Dh161,595) in 2015, labour productivity growth of four per cent per annum and increased economic diversification into knowledge-based activities. The target is to bring Dubai's GDP to $108 billion by 2015 and should consolidate efforts to sustain and develop the emirate as a regional and international hub, bin Sulaiman said.
"With sectors such as real estate, tourism and financial services developing at an incredibly rapid pace, Dubai has now emerged as a leading regional and global hub for business and banking. Globalisation and the growing importance of Islamic finance have resulted in many of the world's most prestigious banking, legal and financial institutions opening their doors in Dubai.
"Setting up operations in the UAE enables companies to build on their existing successes and to expand their services to regional clients," bin Sulaiman said.
By Staff Writer
© Emirates Business 24/7 2008
Zawya is a distributor (and not a publisher) of content supplied by third parties and subscribers. Any opinions, advice, statements, services, offers, or other information or content expressed or made available by those third parties, including information providers, subscribers or other users of the Service, are those of the respective author(s) or distributor(s) and not of the Company. The Company neither endorses nor is responsible for the accuracy or reliability of any opinion, advice or statement made on the Service by anyone other than authorized Service employee spokespersons while acting in their official capacities. The Company is not responsible for any infringement of intellectual property rights or breach of any applicable law or regulation, including regulation in relation to financial services or the distribution of financial products, defamation, data protection, telecommunications (including regulations relating to excessive use, spamming or other abusive activities) or obscene, offensive or illegal content). Under no circumstances will the Company be liable for any loss or damage caused by a member's reliance on information obtained through the Service. It is the responsibility of member to evaluate the accuracy, completeness or usefulness of any information, opinion, advice or other content available through the Service. Please seek the advice of professionals, as appropriate, regarding the evaluation of any specific information, opinion, advice or other content.
Read the full Member Agreement
http://www.zawya.com/legal/NewsLetter.cfm?name=disclaimer
Loading ...
Post a Comment
1.1 Contain any material which is libelous or defamatory of any person, is obscene, offensive, hateful or inflammatory or causes damage to the reputation of any person or organisation.
1.2 Promote sexually explicit material, violence, discrimination based on race, sex, religion, nationality, disability, sexual orientation or age or any illegal activity.
1.3 Be made in breach of any legal duty owed to a third party, such as a contractual duty or a duty of confidence.
1.4 Be threatening, abuse or invade another's privacy, or cause annoyance, inconvenience or needless anxiety.
1.5 Be used to impersonate any person, to misrepresent your identity or affiliation with any person, or be likely to deceive any person.
1.6 Give the impression that they represent Zawya.
1.7 Advocate, promote or assist any unlawful act such as (by way of example only) copyright infringement or computer misuse.