"The UAE is introducing a wide-ranging programme to address regulatory and legal shortcomings in our financial system," said Ahmed Humaid Al Tayer, Governor of the Dubai International Financial Centre, speaking at the Menasa forum yesterday. "Although we expect a return to high economic growth, it is critical that we urgently address the deeper risks and challenges that the economic crisis revealed."

He said this in his welcome address, and added that "in the coming years, fiscal policy measures combined with systemic reform will be vital to ensuring that the recovery becomes firmly entrenched in Menasa and that our growth remains strong, sustainable, and balanced".

Speaking of the potential of the Menasa region, he said: "The region has a population profile that is creating huge new demand, leading to production growth and greater diversification. The region's large and mostly young population of 1.6 billion people is expected to grow at a rate of 1.4 per cent over the next decade."

Al Tayer pointed out: "It is estimated that at an oil price of $50, the present value of the GCC's oil and gas exports is $18.3 trillion (Dh67.21trn) – larger than the 2008 GDP of the US. If oil prices were to average $100 per barrel and gas $15, the value of GCC energy exports will be $37.7trn. This is equal to the world's total stock market value at the end of 2008!"

Also, he said, what would drive growth is that "governments across the region are focusing on reform, liberalisation and diversification programmes".