Business | Economy
ICD chief underscores economic importance of corporate governance
Highlighting the sustained expansion and diversification of Dubai's economy over the past several years, H.E. Mohammed Ibrahim Al Shaibani, Board Member and Chief Executive Officer of the Investment Corporation of Dubai (ICD), the investment arm of the Government of Dubai, said on Monday that continuing to ensure the highest levels of corporate governance and transparency will prove key to the emirate's ongoing growth and future prosperity.
- Staff Report
- Published: 15:56 August 18, 2008
Dubai: Highlighting the sustained expansion and diversification of Dubai's economy over the past several years, H.E. Mohammed Ibrahim Al Shaibani, Board Member and Chief Executive Officer of the Investment Corporation of Dubai (ICD), the investment arm of the Government of Dubai, said on Monday that continuing to ensure the highest levels of corporate governance and transparency will prove key to the emirate's ongoing growth and future prosperity.
Shaibani, who is also Director-General of His Highness The Ruler's Court, offered his remarks in support of the statement recently released by the Public Prosecutor of the Government of Dubai.
"As one of the world's most dynamic economies, whose GDP surged to $53.9 billion last year and with an annual average growth rate of some eight per cent, Dubai continues to serve as a model for development and diversification," Shaibani said.
"Reducing our dependence on hydrocarbons, which now account for less than five per cent of GDP, while simultaneously encouraging new public-private partnerships and creating vast numbers of new employment opportunities, the emirate is an inspiration to the region and, indeed, the wider global community.
"Under the guidance of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, the emirate has been transformed into a full and leading participant in the global economy. This visionary leadership has led to the sustained expansion of both the public and private sectors, encouraging record levels of foreign direct investment and supporting the performance of companies listed here, which continue to mature and demonstrate superior returns during a period of global economic instability.
"As outlined in His Highness's Dubai Strategic Plan 2015, the emirate aims to increase productivity by four per cent annually, while raising its GDP to some $108 billion and increasing per capita GDP to $44,000 by 2015. Such lofty goals are indeed ambitious, but they can be realised, especially as the emirate increasingly invests in education and training, building a knowledge economy for the new millennium."
Share this article
More from Economy
More from Business
Popular in Business
-
XPRESS
Way to go this DSF
A fun-filled route to guide you to all the happening dos in town
Business Editor's choice
-
Shaikh Mohammad reaffirms UAE unity
Vice-President quashes talk of discord and reassures investors on the strength of Dubai's economy
-
Pizzazz on the palm: A Nikki Bisiker project
Bright, bold and ultra glam are the top notes of this apartment in The Palm Jumeirah's beautiful marina
-
flydubai starts service to Sudanese capital
Dubai's first low cost airline, celebrated its eighth inaugural flight in less than six months
