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Transparency remains key to Dubai’s growth: Shaibani

By a staff reporter / 19 August 2008

DUBAI — Highest levels of corporate governance and transparency will remain the key to Dubai’s ongoing growth and future prosperity, Mohammed Ibrahim Al Shaibani, Board member and Chief Executive Officer of the Investment Corporation of Dubai (ICD), the investment arm of Dubai government, said on Monday.

Shaibani, who is also Director-General of The Dubai Ruler’s Court, was voicing his support to a statement by the Public Prosecutor of the Government of Dubai on Sunday stressing zero-tolerance towards all acts of corruption, bribing and taking advantage of official positions.

The public prosecutor’s statement on Sunday came just days after Dubai mortgage lender Tamweel’s former chief executive Adel Al Shirawi and head of investments were named as part of an investigation for alleged wrongdoing. This was followed by a statement by leading property developer Nakheel that one of its employees was under investigation on suspicion of bribe taking. Earlier this year, investigations began into alleged irregularities by executives at Dubai Islamic Bank and its affiliate real estate firm Deyaar.

Welcoming Dubai’s drive to eliminate corruption in the wake of a spate of allegations against senior executives in some property development companies and financial institutions, Shaibani said there was a clear correlation between good governance, investor confidence and corporate profitability.

“Indeed, studies have shown that, worldwide, investors are willing to pay a premium for companies exhibiting high standards of corporate governance,” he said.

Shaibani added: “This embrace of global best practices will continue to yield clear benefits for the emirate as a whole and, in particular, for publicly listed companies.”

“As one of the world’s most dynamic economies, whose GDP surged to $53.9 billion last year and with an annual average growth rate of some eight per cent, Dubai continues to serve as a model for development and diversification,” Shaibani said.

Mohamed Ali Alabbar, Chairman of Emaar Properties PJSC, also voiced his support. “The statement made by the Public Prosecutor further demonstrates the emirate’s strong resolve and unwavering commitment to upholding global standards of corporate governance and ensuring transparency across all business sectors.”


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