Press Release: February 20, 2007
BROADER MENA LEADS THE WORLD IN INVESTMENT GROWTH
THE Broader Middle East North Africa region recorded the world’s fastest growth in foreign direct investment during 2005, according to the latest World Investment Report.
And the UAE led the way by attracting more than $12 billion – up 40 per cent on the previous years.
The figures were revealed at yesterday’s Broader MENA Investment Summit at Dubai International Financial Centre by Dr Abdel-Rahman Taha, general manager of the Islamic Corporation for the Insurance of Investment and Export Credit, a member of the Islamic Development Bank Group.
ICIEC is co-organising the summit with the World Bank Group’s Multilateral Investment Guarantee Agency (MIGA), in association with Dubai International Financial Centre.
Dr Taha attributed the high inflows of investment to the commitment by Broader MENA countries to greater economic liberalisation and integration, especially providing investors with the right business environment.
However, he warned that while considerable economic progress has been made, a significant number of challenges remain, most notably the need to create new jobs.
“A key challenge we face today is that unlike previous oil-booms, where governments catered for employment, these jobs must now come from the private sector,” he said.
“I hope this summit will lay the foundation for greater cooperation and synergy, not only between the different sectors of investors and financiers present, but also between private, public and international institutions.
“I hope that we can outline practical steps that will help make the Broader MENA region a more attractive destination for investors and thereby promote greater levels of employment and improvement in people’s lives.”
About 250 delegates comprising top-level business executives and financiers from the Middle East, North Africa, Turkey, and Pakistan are attending the two-day summit that is managed by the Al Iktissad Wal Aamal Group.
Speakers include Ms Yukiko Omura, executive vice-president of the MIGA/World Bank Group; Dr Abdel-Rahman Taha, general manager of the Islamic Corporation for the Insurance of Investment and Export Credit; Etisalat chairman HE Mohammad Hasan Omran, HE Sheikh Mohammad Ali Reza, chairman of the Xenel Group, and Hussain al Qemzi, DIFX member.
Today’s closing sessions of the summit will comprise parallel workshops on risk mitigation, as well as matchmaking sessions between investment promotion agencies and investors/ and lenders.
