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'Meetings will open up new vistas for Dubai'
The upcoming Annual Meetings of the Boards of Governors of the World Bank Group (WBG) and the International Monetary Fund (IMF),
Dubai 2003, is being looked upon as the biggest and the most prestigious event to have been organised in the emirate of Dubai.
The decisions taken at these meetings will have a major effect on the global economy and ultimately on the common man. Khaleej Times reporters Meraj Rizvi, Zaigham Ali Mirza, Hani M. Bathish, Tarek Fleihan, Ramona Ruiz and Asma Ali Zain spoke to a cross-section of the emirate's society to find out their understanding of and expectations from the meetings. Where many enlightened souls have a better than vague idea of what these meetings are all about, a considerable number of people in the finance and business community expressed ignorance on the subject.
MAMDOUH SALAMI (Businessman): The impact of the war in Iraq and anxieties about the Sars will take the centre stage at the IMF meetings. Since the top economic experts will be present at the meeting, it is bound to have a positive effect on the local market in Dubai and the Middle East.
The meetings will debate prospects to avoid worldwide economic crises as well as the existing economic problems in this part of the world. Sars, which has spread the fear psychosis from Asia to North America, will be a pivotal issue for discussion as it's impact has affected the growth forecasts for major Asian economies.
RABIH AL NAJAR (Economic Researcher): Poverty reduction and growth facility would also be among the issues to be discussed at the meetings. Poverty in the Arab world as well as other developing countries should be discussed seriously by the IMF and WB officials. With the economies of the Arab world and developing countries facing enormous problems, the IMF and WB officials should introduce comprehensive economic plans to alleviate poverty in these countries. Even after so many meetings, no substantial results have been registered in most of these countries and this fact gives a clear clue what the meetings are all about.
AMROUSSI TILLAH RASUL, (Vice-President and Regional Representative of Middle East and North Africa of the Philippine National Bank and Chairman of the Philippine Business Council in Dubai): The upcoming IMF-World Bank meeting could be a staging point for Filipino businessmen in the UAE to explore the possibility of business opportunities in Iraq. It also presents a great employment opportunity for Overseas Filipino Workers as 30,000 to 100,000 workers from the Philippines are required in Iraq. I am myself keen on applying as one of the delegates and be able to represent Philippine National Bank and the Philippine Business Council. The IMF-World Bank meeting in Dubai will give us an idea of the direction of the world economy and among their agenda is the developments taking place in Iraq. This will give us an insight into the plans, problems and solutions and open up new opportunities for businesses by residents in the UAE, including Filipino businessmen here.
Demonstrations and security concerns will always be there. However, the Dubai government has surely finetuned the security and safety aspects for this conference. Major decisions are set to take place, with ministers of finance and major economic players from different countries attending the conference. Philippine Department of Finance Secretary Jose Isidro Camacho and Central Bank of the Philippines Governor Rafael Buenaventura are expected to be present during the meeting.
RAM BUXANI (Indian entrepreneur in Dubai): The fact that Dubai is hosting the IMF meeting is a big boost to trade and economy of the emirate. Although, business may not be affected directly, Dubai's image in the global market will receive a big boost. The forthcoming meeting in September is positively an image booster exercise for Dubai, the emerging commercial hub of the region. People around the globe will no longer be ignorant of Dubai's existence and its significance in the global market.
Attracting over 20,000 delegates and visitors, the meeting will help opening more markets for Dubai - the re-export market will get its much needed thrust and the hospitality and tourism industry are other markets that will benefit largely. Of course, attracting such a major event will not go uneventful. Residents may have to face some inconveniences in terms of traffic, but I am sure the local administration has taken good care of it.
SUNIL BHATIA (Adviser to Indian Association Dubai and Businessman): The IMF-World Bank meeting, to be hosted by Dubai in September, is a good exposure for the country's business community. Dubai is a peaceful place and through this event, we want the world to know that the country believes in peace and harmony and that it's business community also operates in peace and harmony.
The tremendous impact of the meeting and the 20,000 delegates who are expected to arrive for the event will surely have a long-term impact on trade in Dubai. People from all over the world arriving at this time, or, reading about it in the media, will surely learn about the country's fast-paced development and what Dubai in particular has to offer to the world.
I agree that the event may not have a direct impact on traders, but, Dubai will have an edge in the international market. Once the image is built, everyone will benefit in the times to come. The Dubai residents, I believe, are not ignorant of this major event taking place in their city and while we have been handling thousands of visitors during events like the Dubai Shopping Festival and the likes, I am confident that the Dubai government is geared to meet the requirements of this meeting efficiently.
DR JOHN DISHMAN (Dubai-based American artist and Fulbright Scholar): It is fantastic that the Meeting of the Board of Governors of the World Bank Organisation and the International Monetary Fund are to be held in Dubai which will have the chance to showcase the real beauty of the Arab world to a group of the most influential decision makers.
At this point of time, i.e. after the war in Iraq, there has been so much negative publicity about the Arab world, I feel this international meeting is a good way of showing that the Arab world is a force to reckon with. It would be interesting to see how the security forces handle the expected demonstrations, but I am confident that the Dubai Police is knowledgable in dealing with unruly elements. The other day I was passing behind the Emirates Towers Hotel and I saw perhaps some 50 soldiers in what looked like a practice drill.
The successful hosting of this meeting would reflect to the whole world that Dubai is a welcoming, organised and up-to-date place to visit or live in, contrary to image some people (in the West) have of Arab countries. I do not know of any city in the world that is as safe as Dubai. A friend of mine is coming to Dubai soon and she asked me about the security situation, I told her it is the only city in the world were you can go to any neighbourhood at any time in the day or night and be safe.
KHALID RANA, (General Secretary, Dubai Used Cars Dealers Association): Because we are not aware of the agenda of this IMF-WB meet, we cannot make any direct comment on the effect that the meeting will have on the Dubai people, in general, and the business community, in particular. Dubai will, however, get worldwide recognition as a business hub of the region and surely, in the long run, the business community will benefit from it.
MUHAMMAD RIAZ FAROOQ (Welfare Secretary Pakistan Association, Dubai): I appreciate the Dubai government for organising an event on a huge scale. The business community in the UAE will receive a boost during this conference and the Pakistani community will also hopefully benefit from the event.
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