'Although we are in a much better shape we do share similar concerns'

Dubai: Economies in the Middle East are stabilising and emerging from the global financial crisis a year after it hit the region, Mohammad Ali Al Abbar, chairman of the Dubai Advisory Council and chairman of Emaar Properties, told a large gathering of economic experts.

“The economies in the Middle East are stabilising and emerging from the impact of the global financial crisis,” he said.

The three-day Global Agenda Summit has been convened by the World Economic Forum and the Government of Dubai that, after a series of networking sessions, is expected to come up with some recommendations to a number of issues faced by mankind.

“This year we are a bit wiser, we now understand the issues better and hopefully get better ideas and solutions from this forum,” he said. “The past 12 months have been very difficult for all of us.”

Welcoming the delegates to Dubai, he said the Middle East economies were better off, but observed that the region could not be expected to be immune to the crisis.
“We have never been exposed to such a crisis before. It’s a completely new experience for us. That’s why we were a bit shaky initially to react to the situation,” he said.

“The Middle East has been affected as we are now clearly part of the global economy. But the situation is much better now,” he said.
“We have limited government debt and consumer debts that are manageable as banks and financial  institutions have already tightened their belts.
“We are a region confronted with wars and conflicts, and not quite exposed to such a degree of financial crisis.

“Although we are in a much better shape, we do share similar concerns — poverty, unemployment, infrastructure, education and health care are not in the best shape,” he said. “However, I don’t think we can force our ideas or agenda on others. But we can definitely promote them.”

Referring to Dubai’s  economic situation, Al Abbar said the city served a population base of about 300 million. Praising the vision, wisdom and leadership of His Highness Shaikh Mohammad Bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, he said the emirate’s economy had shown great strength.
“In the US, for a population of 300 million people, you have nine hubs. In the Middle East you have only one — Dubai,” he said.