Dubai: Boosting economies cannot be done by bringing recommendations and solutions to the forefront; however, the commitments and implementation of these outcomes is what matters, Juma Al Majid, Chairman of Dubai Economic Council, told Gulf News on the sidelines of the Summit on Global Agenda.

He said: “We always talk and there is no walk. It is not enough to come out with a solution that can’t be applicable in any economy.”

“To achieve economic growth, the summit platform should play an essential role in helping leaders, experts and businesses to understand and shape the future.”

“However, raising debates, exchanging ideas, developing strategies or even bringing solutions will not shape the future economy. We have to engage and deploy these experienced and enlightened experts in every field that lead to concrete action through projects or initiatives.”

He also remarked that the discussions in Dubai serve as a backdrop for preparing a concrete strategy for positive change taking place around the globe.

Moreover, Al Majid criticised the countries that are still suffering from the global economic crisis and said itis because of the dominance of politics on economics.

“Politicalisation of the economy is dangerous,” Al Majid said. “Economy should not be controlled by political decisions.”

Al Majid attributed the European crisis to wrong politics. “The steps that EU have taken are slow and build on political decisions which makes decisions not effective enough.

“The economy should be built on solid, clear fundamentals which requires harnessing the resilient dynamic business components by activating most of the business sectors — banking, finance, education, health and so on.”

This in turns will create a sustainable and sound economy, he added.

“Today, our main challenge is to create new, dynamic and vibrant economy according to new set of rules and solutions needed to meet changing demands across the world.”

Human capital

Hani Al Hamli, Secretary General of the Dubai Economic Council said: “Human capital is the main engine in any economy which should be the main focus after the Arab Spring.”

He said: “The era after the Arab Spring should witness more focus on the human capital as the central pillar.”

“The wave of change that the Arab world is witnessing during the past two years has been led by the region’s youth population calling out for jobs, homes, education and a better lifestyle. Thus, thought leaders should stress on the need to address young people’s aspirations.”

Al Hamli remarked that the new regimes in the Arab Spring countries will witness changes in terms of GDP per capita which will move up in the coming years.

Al Hamli shareed the UAE experience highlighting how the emirates have emphasised the need to prioritise the welfare and prosperity of its residents.

“Dubai’s development model is built on the ambition and vision to make it a modern, open and internationally competitive and prosperous city,” he added.