DDIA launches investment summit

The Dubai Development and Investment Authority (DDIA) has launched an international investment summit that will bring together the government, private sector entities, investors and academics, Mohammed Al Gergawi, chairman of DDIA, told journalists today.

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By  Massoud Derhally Published  October 26, 2002

The Dubai Development and Investment Authority (DDIA) has launched an international investment summit that will bring together the government, private sector entities, investors and academics, Mohammed Al Gergawi, chairman of DDIA, s old journalists today.

The summit that will be held 3-5 May 2003 will be a market place where investors and exhibitors come together, said Gergawi. “The summit will give the different states and associations an opportunity to share their experiences and explore the implications of investments and feasibility of new projects that are going to be executed in collaboration with foreign partners,” Gergawi said.

The aim, according to DDIA officials is to tap into Arab wealth and divert investments and holdings abroad to the region. Officials cited the World Investment Report 2002 that has estimates global foreign direct investment stands at US $735 billion, of which the developing world’s share is US $204 billion. And the Arab world’s share merely US $5.9 billion or 2.9% of the total for the developing world.

“The GCC and Arab region has to act swiftly to profit from the opportunities of the global interest in investment,” Gergawi said. “The Arab region has great potential and it is a vital region for the world, possessing the largest oil and gas reserves in the world, with a population of more than 25o million,” he added.

DDIA officials said that the summit is open to all Arab countries and that industries and sectors promoted for investment will not be limited to Dubai.

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