Arab region has optimistic outlook, says Shaikh Saud

RAS AL KHAIMAH — The economic outlook for the Arab region for the next three years has turned very optimistic as the countries in the region are now focusing on how to achieve enduring economic growth, said Shaikh Saud bin Saqr Al Qasimi, Crown Prince and Deputy Ruler of Ras Al Khaimah, during the inaugural plenary session of the Global Arab Business Meeting held here on Monday.

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Published: Tue 28 Sep 2010, 11:02 PM

Last updated: Mon 6 Apr 2015, 11:54 AM

“As far as the Arab region is concerned, I am very optimistic about the coming three years. In the post-financial-crisis world order, Asia has become much more relevant to the world economy.

“The inter-trade within Asia has become an engine for growth more than ever before and Asian countries now clock higher growth rates than European countries and the USA. The fundamentals of doing business in our region, which is next to or part of Asia and strategically located next to Europe, are strong,” Shaikh Saud said.

He noted that the global demand for oil and gas, the maturity of the Gulf States, the massive government investments in education and infrastructure and the young population of countries are factors that augur well for the Arab region in the long term.

Shaikh Saud added that UAE is currently on the path to achieving an enduring growth. “During the crisis, people expected shrinkage in the country’s population, which has not happened. Tourism figures are picking up and there is increase in port and airport activity. It is the duty of the governments to balance their budgets and to be transparent so that investors coming to the country can take informed decisions,” he added.

Esko Aho, Former Prime Minister of Finland and Executive Vice President, Nokia, said that European countries should make efforts to cut down public spending and budget deficits which are posing huge long- term risks for European countries and countries like the US.

“In western countries the need to improve public spending is greater than their ability to raise taxes. Another challenge for European countries is to be able to stabilise their financial system and at the same time improve the efficiency of the financial system.”

He said that the Arab world has great transformational objectives to be met and added that education, R&D and innovation are great tools to achieve them.

Tidu Maini, Executive Chairman, Qatar Science and Technology Park, Rajive Kaul, Chairman, Nicco Group of India and Past President, AIMA, Neemat Frem, Chairman of Indevco, Lebanon and Frank- Jurgen Richter, President of Horaziz spoke at the opening session.

Organised by Horasis: The Global Visions Community, an independent international organisation committed to enacting visions for a sustainable future, and co-hosted by RAK Investment Authority (RAKIA), the Global Arab Business Meeting has brought together more than 300 CEO’s, including those from Fortune 1000 companies, and prominent business leaders from across the Arab region.

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