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High-profile inaugural Milken summit ends after top level deliberations

Business leaders outline growth potential in the region

Gulf News

Abu Dhabi: A range of Issues pertaining to investments, financial markets, digital revolution and foreign direct investment in the Mena region were in focus during the two-day Milken Mena summit that ended on Thursday.

The two-day event was attended by executives of leading companies from across the world. The final day also saw former US president George W Bush in a talk on the stage.

The opening day highlights included Abu Dhabi’s Mubadala Investment Company reiterating its commitment to invest and create jobs as part of its mandate to diversify the economy of Abu Dhabi.

Waleed Al Muhairi, deputy group chief executive officer of Mubadala Investment Company, during a panel discussion cited the examples of Cleveland clinic and Strata which helped in creating several jobs for locals as well as contributing to the revenues of Mubadala.

“We deployed capital in those growth engines that will benefit Abu Dhabi and the growing economy. For example, health care represents less than 3 per cent of our overall portfolio but the potential impact of it would make Abu Dhabi and the UAE a magnet for health care tourism.”

Mohammad Alabbar, the chairman of Emaar properties, the largest property developer in Dubai, said the company is growing about 20 to 25 per cent on an annual basis. He was also upbeat about growth prospects for this year in the regional markets where Emaar operates.

UAE based Crescent Petroleum is planning to increase its production of natural gas in Iraq by 80 million cubic feet by October and by 500 million cubic feet in the next three years, president of the company Badr Jafar said on Thursday.

Cameron Winklevoss, one-half of the Winklevoss twins, who founded Gemini Exchange and are cryptocurrency bulls, said he still expects more people to come into the Bitcoin market as it matures. He also believes Bitcoin is the new gold, and will rival the precious metal in terms of market capitalisation.

George W Bush came down heavily on Russia, pointing to their meddling in the last year’s US elections.

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