DUBAI: Hani Al Hamli, Secretary-General at Dubai Economic Council highlighted the distinctive roles that the government of Dubai/UAE has played over the years to activate its growth enabler in the economy. He was speaking at “FT-EY Global CFO Forum: Emerging Markets” under the slogan ‘Innovate, Adapt, Succeed’ held in Dubai in attendance of high-calibre experts and CFOs from around the world.

He stated that ‘growth enabler’ role of the state has multi-faces meanings; it might indicate to the possibility of doing something, or encouragement, or support, or incentify. In advanced economies, the government ideally plays the role of ‘regulator’ and in some conditions as an intervener’. From Dubai and UAE perspective; however, the stated role implies all these aspects, precisely it cited how to make the private sector a genuine partner for the government in the development domain. It also means how to strengthen the private sector capacity to be initiator in various areas.

In his keynote speech, Al Hamli presented an insightful thesis about the vision of the Government of Dubai in terms of the preferable role of the state as a growth enabler.

He said the role of the state in the economy has changed over the time according to the changes taking place in global economy. Overall, the world has experienced several systems, from classics of Adam Smith who underpinned the foundation of neoliberalism in the 1970s that calls for the minimal role of the state in the economy, through Keynesiasm who stressed the vital role of fiscal policy, up to day, more recently the new thoughts made by Paul Krugman and Joseph Stiglitz particularly before and post the global financial crisis 2008 who both stressed the importance of government intervention to regulate the market and induce efficiency.

“Among the significant lessons learnt from these experiences however is that the main role of government is how to meet the so called ‘broader economic and social aims” inter alia, economic stability, job creation, low inflation rate, quality of life, enhanced business environment, and sustainability,” he added.

Al Hamli added that the emirate has transformed itself during the last four decades or so into a major international service economy.