DIFC Week: GCC Better Resourced than Other Regions to Weather Global Slowdown

HE Dr. Omar Bin Sulaiman, Governor of the Dubai International Financial Centre (DIFC) and Vice Chairman of the UAE Central Bank.

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DIFC Week, the Dubai International Financial Centre's (DIFC)Dubai International Financial Centre's (DIFC) prestigious annual series of business conferences, concluded today with industry leaders urging the GCC region to take advantage of the many opportunities that will emerge as conditions improve. The consensus among speakers at DIFC Week was that the region was better-resourced than most other parts of the world to weather the global slowdown.

Over 500 international business leaders and policymakers from more than 30 countries in the GCC region and across the world met in Dubai to discuss the opportunities and critical challenges facing the region in the midst of the global economic crisis.

HE Dr. Omar Bin Sulaiman, Governor of the Dubai International Financial Centre (DIFC)Dubai International Financial Centre (DIFC) and Vice Chairman of the UAE Central Bank, said: "Over the past four days we've seen a series of highly insightful discussions about business in the Middle East. We've covered a wide range of fundamental issues and heard many different perspectives, and what is clear is that the region is well positioned to deal with the current financial crisis and there will continue to be many opportunities for growth."

Central issues debated during the week included the vital role of family businesses in the economy and how the global financial crisis can be an opportunity for investments, Dubai's ability to meet its debt obligations, governments' responses to new pressures on financial markets, structuring the regulatory framework for Islamic finance, energy geopolitics, emerging markets in and after the financial crisis and how to get confidence back in the global financial markets.

• "The current financial crisis may provide several opportunities for family businesses to make investments both globally and regionally. In investing, family businesses should focus on good business value. As long as an investment is a good deal today, it will eventually bring good returns. The global economic cycle will turn and when it turns, it will be a wise and good investment." HE Dr. Omar Bin Sulaiman, Governor of Dubai International Financial Centre (DIFC)Dubai International Financial Centre (DIFC) and Vice Chairman of the UAE Central Bank.

• "If you have liquidity, this is a good time to invest. Good value will always be good value. Even if the value of your asset goes down in the next one or two years, it will bring benefits in the long term." Panel member at the Family Business Summit

• "The Government can and will meet all its debt obligations going forward. Let there be no doubt about this fact" HE Mohammed Alabbar, Chairman, The Advisory Council, Government of Dubai and Chairman, Emaar Properties

• "We are rising to the challenge of managing the new economic realities. But our feet are firmly planted on the ground - and our eyes remain fixed on new horizons, on a future that remains bright. Here in Dubai, we are realists. And we are also optimists. We have risen to great challenges before, and we will rise to them again." HE Mohammed Alabbar, Chairman, The Advisory Council, Government of Dubai and Chairman, Emaar Properties
• "I would love to see a change in the US policy of becoming energy independent. Dependency for oil creates interdependency and interdependency promotes security." Nader Sultan, Chairman, Ikraus Petroleum Holdings and former CEO of Kuwait Petroleum Corporation.

• "Emerging markets may not dominate the global economy, but we will have a world where economic power is more widely shared. We will have a situation where all the economies will have a stake in the table." Dr. Kevin W. Lu, Director and Chief Financial Officer, Multilateral Investment Guarantee Agency, The World Bank Group.

• "The operational framework can either hinder or promote Islamic finance. If you over-regulate it you are going to strangle it" Hari Bhambra, Senior Partner, Praesidium LLP

• "The financial crisis will affect poverty-reduction budgets around the world and there is a risk of increased polarisation between the rich and the poor. Islamic Finance can play a role in helping the poorest sections of society by finding creative solutions to support them." Iqbal Ahmed Khan, CEO, Fajr Capital

• "At moments like this, what we need is more 'emotional quotient' (EQ). We need to generate trust. Trust may be intangible, you cannot see it or touch it, but you can feel it. Trust can drive motivation and motivation can lead to the restoration of confidence". Arif Masood Naqvi Founder & Group Chief Executive Officer, Abraaj Capital Limited

The four-day event featured over 70 speakers from the world's major international markets, 21 separate sessions, and a televised debate on how to get confidence back in the global financial markets.

The DIFC Family Summit, held in association with the Tharawat Family Business Forum, provided a platform for the mutual exchange of knowledge and insights on management, growth, continuity, strategy and other business related topics. The Summit, attended by 75 leading Arab families and their representatives from the Middle East region, focused on the global market turmoil and the importance of making a rational and realistic assessment of the situation in order to make good investment.

The DIFC Forum, which took place on Monday 24 and Tuesday 25 November, witnessed a series of debates between analysts and business leaders from across the region and the world on the key issues facing the region.

The Forum opened by looking at the economic outlook for the world and the GCC in 2009. It covered a number of major topics and tackled critical issues that determine the GCC's future such as: the significance of foreign investment attraction and its value, the next generation of Islamic Finance, opportunities and obstacles facing women in business in the Gulf, energy geopolitics in an era of structural change and the emerging business of energy alternatives.

Key speakers reaffirmed that Dubai will take every possible measure to safeguard itself from the global financial crisis and that the government is able to meet its debt obligation. They also added that the Emirate's real estate sector is witnessing a healthy correction and that the Dubai Advisory Council, acting in cooperation with them as well as other private developers, is managing the current and future supply of new projects onto the market.

DIFC Week closed with a Conference on 26 November entitled: 'The Inside Track on Dubai' which highlighted the "upside of the downside" of doing business in the UAE and was divided into commercial and legal/regulatory sessions that included panel and teaching discussions. Furthermore, it featured exhibitions by service providers from DIFC and Dubai's broader business community.

DIFC Week is proud to be supported by its Platinum Sponsors including Deutsche Bank and Abraaj Capital, and Sponsors who include Itau Securities and Goldman Sachs. In addition, the DIFC Week Conference is sponsored by Alvarez & Marsal, Conyers, Dill & Pearman, Emirates NBD, Grant Thornton, HAYS, International Compliance Training (ICT) Middle East, Kershaw LeonardKershaw Leonard, Latham and WatkinsLatham and Watkins, M: Communications, Norton Rose and Union Properties while the DIFC Week Gala Networking Reception is sponsored by Sungard. The DIFC Summit is run in association with the Tharawat Family Business Forum.

DIFC Week is also grateful for the active support and involvement of its Knowledge Partners who include Al Tamimi & Company, British Business Group, DIFC Centre of Excellence, Oxford Analytica, Simmons & Simmons, Young Arab Leaders, and DNM connect; its Media Partners which are, AME Info, Arabian Business,, Al Arabiya News Channel, CNBC, Dow Jones, Dubai Eye, Financial News, The Times, The Sunday Times, SAB Media, The Wall Street Journal, Oxford Business Group and Zawya; as well as DIFC Week's Joint Marketing Partner, Dubai Corporate Counsel Group..

In addition, DIFC Week also expresses its gratitude to Itau Securities, the Sponsors of the DIFC Week Golf Championships.

To find out more information about the Summit, Forum and Conference which took place at DIFC Week, visit www.difcweek.ae

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About DIFC
The Dubai International Financial Centre (DIFC)Dubai International Financial Centre (DIFC) is an onshore hub for global finance. It bridges the time gap between the financial centres of Hong Kong and London and services a region with the largest untapped emerging market for financial services. Since November 2004, over 650 firms have registered at DIFC. They operate in an open environment complemented with world-class regulations and standards. DIFC offers its member institutions incentives such as 100 per cent foreign ownership, zero tax on income and profits and no restrictions on foreign exchange. In addition, their business benefits from modern infrastructure, operational support and business continuity facilities of uncompromisingly high standards. In March 2008, the City of London's Global Financial Centres Index (GFCI) ranked Dubai as the region's fastest growing financial hub. For more information please visit www.difc.ae.

About Tharawat Family Business Forum:
The Tharawat Family Business Forum is a network of family-owned enterprises in the Arab World. The organisation provides a platform for the exchange of ideas and experiences on business and management issues related to family businesses in the Arab world. Tharawat's vision is to become the first-choice networking and mutual-assistance forum for family businesses in the Arab world. Through its network of members, Tharawat aims to encourage collaboration and alliances among family-owned and controlled firms in the region. It provides its members specialised education and helps them leverage business opportunities in the region and beyond. The forum seeks to bring a new focus on the business, social and cultural challenges facing family firms in the region. It promotes and sponsors research that helps advance the sustainable development of family businesses. It also works to raise public awareness of new developments within the family business sector. The Tharawat Family Business Forum has a governance structure designed to guarantee the transparency of its activities and its receptivity to high-quality inputs from both members and external experts. The members of Tharawat constitute an innovative and committed community of family-owned businesses, working together to improve collaboration, business growth, and prosperity. For more information please visit (http://www.tharawat.org )

About Deutsche Bank:
Deutsche Bank is a leading global investment bank with a strong and profitable private clients franchise. A leader in Germany and Europe, the bank is continuously growing in North America, Asia and key emerging markets. With 81,308 employees in 75 countries, Deutsche Bank offers unparalleled financial services throughout the world. The bank competes to be the leading global provider of financial solutions for demanding clients creating exceptional value for its shareholders and people.

Deutsche Bank's commitment in the MENA region is more than a century old, beginning with the Bank's financing of the construction of the Baghdad railway. Deutsche Bank opened its first office in Cairo in 1959, followed in the early seventies by an office in Bahrain. In 1999, Deutsche Bank embarked on a regional expansion drive across the GCC which began with the opening of an office in the UAE's Capital Abu Dhabi in 1999, followed by two offices in Dubai: a representative office inaugurated in 2001 and a branch at the Dubai International Financial Centre (DIFC)Dubai International Financial Centre (DIFC) in 2005. In April of 2006, Deutsche Bank opened a branch in the Kingdom of Saudi Arabia, in the capital Riyadh. In November of 2007, Deutsche Bank opened its branch in the Qatar Financial Centre in Doha. Deutsche Bank AG in the MENA region offers the full range of investment banking, asset management; private wealth management; and global transaction banking services. Deutsche Bank AG is well recognized for its leading role on some of the most prestigious regional transactions. The Bank is the recipient of several regional and international awards in recognition for its achievements in investment banking and Islamic finance in the region.

www.db.com / www.db.com/mena

About Abraaj Capital:
Dubai-based Abraaj Capital is the largest private equity company in the Middle East and North Africa with more than US$ 7.5 billion of assets under management. Established in 2002, the company has led the way in developing the private equity industry in the region. Abraaj Capital Ltd. is licensed by the Dubai Financial Services Authority, which operates according to international regulatory standards. The company's more than 165 'best in class' employees are drawn from the global talent pool, and span more than two dozen nationalities. Abraaj Capital invests in the growing Middle East, North Africa and South Asia (MENASA) region and has executed some of its landmark deals. These include the US$ 1.41 billion purchase in 2007 of Egyptian Fertilizers Company, the largest leveraged buy-out in MENA. Abraaj Capital has won several industry awards, including 'Middle Eastern Private Equity Firm of the Year' from Private Equity International (2005, 2006 & 2007). On average, Internal Rates of Return exceed 50 percent.

Media enquiries:
Amira Abdulla
Director- Regional Public Relations
Dubai International Financial Centre
Tel: +971 4 362 2433
E-mail: amira.abdulla@difc.ae

Shaima Al Zarouni
Assistant PR Manager
Dubai International Financial Centre
Tel: +971 4 362 2432
E-mail: shaima.alzarouni@difc.ae

Iman Ahmad
Regional Media Relations Manager
Dubai International Financial Centre
Tel: +971 50 2058021
E-mail: iman.ahmad@difc.ae

© Press Release 2008