Hamdan sets the ball rolling for Dubai 2003

DUBAI - The top brass of the World Bank and International Monetary Fund arrived here whlie the metal globe erected near World Trade Centre began to rotate at 10am yesterday to mark the high-profile Dubai 2003 meetings.

By Zaigham Ali Mirza And Hani M. Bathish

Published: Fri 19 Sep 2003, 11:56 AM

Last updated: Wed 1 Apr 2015, 11:49 PM

Shaikh Hamdan bin Rashid Al Maktoum, Deputy Ruler of Dubai and UAE Minister of Finance and Industry, unveiled the monument to commemorate the historic convening of the Annual Meetings of the Boards of Governors of the World Bank Group and International Monetary Fund (IMF), being held for the first time in an Arab country. The 18-metre high tower, topped by the rotating metal globe, is draped in miniature flags representing each participating country.

The monument, with a concrete granite base, has its tower made of stainless steel and covered with stained glass. Its erection cost is put at Dh2 million. Shaikh Hamdan, along with other high ranking government officials, later proceeded to a hospitality tent set up near the monument, where Qassim Sultan, Director-General of Dubai Municipality, presented him a crystal replica of the monument. Shaikh Hamdan then inaugurated the Dubai 2003 regional exhibition, which covers 4,000 square metres of space at Hall No. 2 of the Dubai International Exhibition Centre, and involves participants from the UAE and the Arab world who are showcasing a range of projects, products and services. The sole non-regional participant at the exhibition is South Korea.

Speaking to the Press, Shaikh Hamdan said the exhibition is an opportunity for participants to view the products of the industrialised nations as well as those from the Arab nations and the UAE in particular. "We hope that in future exhibitions there will be greater local participation," he said. Asked whether the tensions in the Middle East are affecting economic growth in the Gulf, Shaikh Hamdan said: "Thanks to the wise policies of the Gulf countries, and the UAE in particular, the Gulf region has managed to limit the impact of these conflicts on their economies."

Ibrahim Belselah, General Coordinator for Dubai 2003, speaking to Khaleej Times after the inauguration of the monument, expressed satisfaction with the preparations for the event: "It's going exactly the way we planned. We are very pleased with the way things have turned out and are eagerly looking forward to the next few days which will be crucial. I am sure it will be a successful event."

The regional exhibition is a perfect opportunity for us to display the vast potential of the Arab world to top-level public and private sector officials from the 184-member countries of the World Bank and the IMF, Mr Belselah said, after a tour of the exhibits.

Ahmad Al Banna, Assistant General Coordinator for Dubai 2003, commenting on the exhibition, said: "It is not that our region is lacking in opportunities or potential. What we need to do is coalesce our efforts - as we have done with the regional exhibition - and to market our (business) opportunities to the right people, who are here for the Annual Meetings." Being held at Hall 2 of Dubai International Exhibitions Centre, the regional exhibition showcases some of the best of the Arab world's developmental organisations in order to raise global awareness about their work.

Through the regional exhibition, Dubai 2003 is also highlighting major projects from around the Arab world to the thousands of participants who have gathered in Dubai for the event. The exhibition also provides Investment Promotion Agencies (IPAs) and other development organisations from the Arab world with an unrivalled opportunity to directly impact on the world's leading financial decision-makers.

This is the first time in the history of the Annual Meetings that such an exhibition is being held and it runs until September 25 at the Dubai International Exhibition Centre. Some of the regional organisations that are taking part include the Arab Monetary Fund, the Arab National & Regional Development Institutions, the Sultanate of Oman, Saudi Fund for Development, Arab Aid and the Central Bank of Lebanon.

A large UAE pavilion hosts a number of organisations, including various government departments and projects of the Dubai's Ports, Customs and Free Zone Corporation, Al Nakheel, Tejari.com, Dubai International Financial Centre (DIFC), Dubai e-Government and the Dubai Development and Investment Authority (DDIA).