DIFC is Catalysing Financial, Capital and Investment Activity in the MENASA region, says HE Ahmed Humaid Al Tayer

HE Ahmed Humaid Al Tayer, the Governor of the Dubai International Financial Centre (DIFC) today said that DIFC is catalysing financial, capital and investment activity in the MENASA region

Delivering the Welcome Note at the MENASA Forum, HE Ahmed Humaid Al Tayer said: There are vast new opportunities for investing the wealth being generated in the MENASA region within the region itself. Enhancing investment flows in the region can transform MENASA in a dramatic way. The Dubai International Financial Centre was created to serve as a gateway for financial institutions and governments in MENASA countries to find capital from within the region. DIFC has developed into a global financial centre that is catalysing financial, capital and investment activity in the MENASA region.” The MENASA Forum, he said, aims to bring to the fore the potential for enhanced capital and investment flows between MENASA countries.

He pointed out that DIFC’s growth has made it a significant force for economic growth in Dubai and the UAE. In 2008, its nominal Gross Domestic Product (GDP) grew 47.1 percent to reach 2.8 billion dollars. This accounts for 3.4 per cent of Dubai’s GDP of 82 billion dollars. Apart from its direct contribution to the GDP, the DIFC sub-economy has a significant 'multiplier effect' on the economy of both the UAE and the wider region, the DIFC Governor said.

Hosted by DIFC, the MENASA Forum is focused on discussing the critical opportunities and challenges confronting the Middle East, North Africa and South Asia (MENASA) region over the next decade. Under the theme of 'Finance for the Next Decade of Growth', the MENASA Forum features over 250 members of the regional and international banking and financial services industry, regulators and senior business executives. The event is being held in association with Abraaj Capital and Deutsche Bank and supported by Barclays, Goldman Sachs and Shuaa Capital.

Speaking about the close links between the countries of the MENASA region, HE Ahmed Humaid Al Tayer said: “The countries that comprise the MENASA region have a long history of trade, investment, political and cultural ties. To this day, they share significant cultural, political, and economic relations, which have led to strong trade links, labour mobility and investment opportunities.

“Over the last decade, the MENASA region has played an increasing role in the global economy. The region is right at the centre of a shift in the balance of global economic power towards the east, a shift that has gained speed following the global economic crisis. The robust economic fundamentals of the countries in the region have enabled them to be resilient to the impact of the global financial crisis,” he further said

The DIFC Governor stressed that the in the coming years, fiscal policy measures combined with systemic reform will be vital to ensure that the recovery becomes firmly entrenched in MENASA and that the region’s growth remains strong, sustainable, and balanced.

The MENASA Forum commenced yesterday with a welcome dinner that featured a high-level keynote address by HH Sheikh Ahmed Bin Saeed Al Maktoum, Chairman of the Dubai Supreme Fiscal Committee. This was followed by a keynote dialogue with Arif Masood Naqvi, Founder and Group CEO, Abraaj Capital, and Juergen Fitschen, Member of the Management Board, Head of Regional Management Worldwide and CEO, Germany, Deutsche Bank.

The MENASA Forum, being held from 23 to 24 May, 2010, features a mix of interviews, debates and keynote addresses featuring financial leaders, experts and investors focused on the MENASA region.