Dubai 2020 to boost competitiveness

News that Dubai will work towards making a bid for the World Expo and the Olympic Games of 2020 as part of a new initiative had the corporate and finance world buzzing with excitement. Senior executives said the thrust would increase infrastructure development in the emirate and give the citizens, residents and authorities fresh goals to work towards. Saying that Dubai has a history of delivering on its promises, the executives said a renewed focus on socio-cultural and socio-economic issues would raise the perception of Dubai, the UAE and the region in the eyes of the world and result in long-term benefits. Mohammed Abdul Aziz Al Shihhi, Director-General of the Ministry of Economy The initiative is strong evidence of the strength and insight of the Dubai leadership. It undoubtedly confirms that the Dubai economy is strong and one of the region's strongest and that it has recovered from the fallout of the global financial crisis. It has been proven to all that thanks to the wise leadership of the country and Dubai, the UAE economy is one of least damaged economies. And if the UAE economy had been weak or affected by the global financial crisis, Dubai would not have thought of hosting the World Expo and the Olympics. This is a distinguished step that combines business with science and technology, on the one hand, and sport, education and culture, on the other. Mohammed Yousuf Sulaiman, Chief Judge and Deputy Director, Dubai Courts, and Senior Judge, Cassation Court Initiatives like Dubai 2020 will be backed by the legal framework in Dubai. Laws in Dubai are very investor-friendly and flexible for different companies and business to thrive. The laws in Dubai are equipped to welcome such initiatives. Khalid Malik, CEO, Tatweer The decision by Sheikh Mohammed to host such prestigious events is a truly fantastic opportunity that will help enhance Dubai's position as a major leisure and tourist destination. This will inspire both corporations and individuals to work hand in hand towards achieving the vision of hosting the Olympics and the World Expo. We hope we are successful in this goal. Aref Obeid Al Muhairi, Executive Director, Dubai Statistics Center The initiative is a consolidation of the economic, social and scientific status Dubai has achieved. Such an initiative bears all the meanings of peace, humanity and love among all nations where it combines the concepts of science, technology and sports. The initiative comes at a time when the world is passing through the financial crisis. And this underlines the confidence of His Highness for having the ability to surpass the crisis impact and capability for development for 11 years ahead. Yusuffali MA, Managing Director, EMKE Group, and board member of Abu Dhabi Chamber of Commerce and Industry A wonderful initiative and that too a timely one. With all the talks of slowdowns playing on the minds of residents and investors, this is a timely step to give confidence and reiterate a clear sense of direction to all stakeholders and global community as a whole. Business community has always benefitted a great deal from the visionary guidelines set by His Highness and this new goal setting vision is no different. With the kind of team in place to work on this project I think Dubai and the UAE as a whole will get lots of positive image enhancement in the world market and clear any misgivings in the minds of the public as well as investors. Tamer Bazzari, CEO,Rasmala Dubai has been building world-class infrastructure and the visionary leadership of Dubai has given it a competitive advantage. The move to launch Dubai 2020 and forming the working group that would explore Dubai's potential to host the World Expo and Olympic and Paralympic Games would further encourage investment. It would increase the region's competitive position vis-a-vis other economies. Jeffrey Rhodes, CEO, INTL Commodities I have lived in Dubai for long and I have seen that both Dubai and the UAE have always delivered on their promises. And I am sure that this vision of Sheikh Mohammed will materialise to its every word. After all, every plan that the UAE Prime Minister and the country's leadership have spoken about has come alive. I remember that when the Metro's plans were first revealed, sceptics did not believe it. But Metro is about to ply through the streets of Dubai. I would like to assert that the future of Dubai remains bright no matter what the doom mongers say. Saad Maniar, Managing Partner, Horwath Mak It is a highly positive move as exploring the potential to host an international event at such a large scale would mean further infrastructural development. That would enhance UAE's economy significantly. As it involves a long-term plan, the economic and social benefits that arise would result in long-term benefits. Demonstrating our world-class infrastructure to the rest of the world would not only prove how much we have progressed, it would also reflect gains within UAE's economy. Peter