IFIs in the region
The United Arab Emirates is hosting the World Bank and International Monetary Fund (IMF) annual meetings next month. Mohamed Darwish reports on the preparations from Dubai
Representatives of the 184 member countries of the World Bank and the International Monetary Fund will be holding their annual meeting this year in the Middle East and North Africa Region for the first time ever.
This is slated to be the largest meeting in the history of the two institutions, which first convened in Washington in 1946. Some 50 presidents and heads of states are expected to attend in addition to finance ministers, central bank governors and financial and economic experts. Moreover, 2,500 media personnel and representatives of around 50 non-governmental organisations will be present.
The annual meetings are held outside the United States only once every three years, and the UAE will be the 20th country to host the event, earning a unique opportunity as it seeks to position itself on the global economic scene.
The UAE is planning not only to market itself but also to convince wary investors of the opportunities abounding in the Arab world at large, in an attempt to help alleviate the economic problems of Arab countries.
The Dubai committee 2003, formed by the UAE government to take care of the organisational aspect of the meeting has invited heads of Arab companies and investment promotion authorities and representatives of private sector institutions to attend the seminars that accompany the meetings.
A series of seminars will precede the meeting of the two financial institutions. Seven seminars out of 28 scheduled to be held from 20 to 22 September will discuss issues of specific interest to the region such as the role of the Arab women in public life, unemployment rates, water resources and development of governments in the Middle East. These seminars were proposed by the UAE, which as host country has the right to suggest a third of the issues to be dealt with during the seminars.
According to Ibrahim Belselah, general coordinator for the Dubai 2003 meetings, the remaining seminars will cover financial sector reform, private sector development, foreign direct investments in emerging markets, the scarcity of water resources and the role of business in promoting peace and democracy. A seminar will also discuss issues related to Islamic banking.
Belselah described these seminars as an essential component of the new dialogue taking place between the people of this region and the world and their respective civil societies, while the Dubai conference that Dubai will be a "golden opportunity for the Arab world to build and develop economic partnerships and commercial alliances with countries and companies around the world."
In addition to the series of seminars, a regional exhibition will be held 18-25 September. Various institutions of the host government, the UAE Central Bank and other regional governmental and banking institutions will take part in the exhibition.
Belselah is optimistic that this international event will showcase the Arab world as an investment opportunity. While the portion of global investments that end up in the Arab world do not exceed one per cent, the total GDP of all Arab countries combined is less than that of Spain alone.
Belselah enthusiastically described these meetings as an ideal chance to reveal the untapped trade and investment potential of the Arab region. Among its strengths are a fairly modern infrastructure and a highly skilled labor force looking forward to taking part in the global economy.
Some $273 million have been earmarked for the event by the UAE and the government of Dubai. Of that amount, $163 million was used to build the Dubai International Conference Center, a state-of-the-art complex that should attract major international events for years to come.
Ahmed Al-Banna, deputy coordinator of Dubai 2003, said "we want to tell the world that as long as we succeed in hosting this...we can host any conference."
Official sources forecast that the two-day meetings and the surrounding events will enable the country's tourist sector to make some $45 million in revenues.
Al-Ahram Weekly Online : 28 August - 3 September 2003 (Issue No. 653)
Located at: http://weekly.ahram.org.eg/2003/653/ec6.htm