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Sameh Al Saharty, Director of the Human Development Programme in the Gulf States at the World Bank, presents the highlights of the World Bank’s Human Capital Index with a focus on the UAE. Image Credit: Courtesy: UAE Economic Forum

Dubai: The UAE Economic Forum 2019, a collaborative initiative between the Ministry of Economy and the economic departments in the seven emirates in the UAE, sought to coordinate the economic growth initiatives across the country.

Organised under the theme ‘The UAE Enterprising Economy: Resilience, Growth & Prosperity,’ the Forum was attended by policymakers and private sector leaders.

“Dubai Economy is delighted to see the success of the inaugural UAE Economic Forum in bringing innovators, experts and thought-leaders from the government, private sector and the academic community from the UAE and abroad to share knowledge and consolidate the vision and strategic thinking in implementing initiatives aimed to enhance competitiveness of the economy in the UAE across all emirates,” said Sami Al Qamzi, Director-General of Dubai Economy.

The event brought government executives in the UAE face to face with senior representatives of local, regional and international businesses and think tanks as well as opinion leaders and the academia to evaluate the state of economy in the UAE and the anticipated impact of strategic initiatives launched by the federal government and each emirate with the participation of the private sector. More than 30 speakers addressed an invited audience of over 500 specialists from the public and private sectors during the Forum, which also saw a series of emirate-level and federal-level economic reports and outlook being presented.

“We look forward to the next session of the Forum in Abu Dhabi to be hosted by the Abu Dhabi Department of Economic Development. Dubai Economy (DED) is committed to work with the economic departments in the six other emirates and the Ministry of Economy in the UAE to launch strategic initiatives and innovative policies that help develop vital industry sectors and the overall economy in line with the vision and aspirations of our leadership,” said Al Qamzi.

Human capital

The second day of the Forum witnessed a keynote address on the need to investing in youth as the wealth of the nation and supporting SMEs in view of their importance as engines of growth and contributor to the national value-add by Saeed Al Nazari, Director General of Federal Youth Authority. Sameh Al Saharty, Director of the Human Development Programme in the Gulf States at the World Bank, followed with a presentation on the highlights of the World Bank’s Human Capital Index with a focus on the UAE.

Essam Al Disi, Director, Strategy & Policy at Dubai SME, launched the Dubai SME Report, which evaluated the state of SMEs in Dubai against seven dimensions — international orientation, degree of innovation, digital readiness, human capital development, corporate governance, orientation towards sustainable practices, and access to finance.

A panel discussion on ‘Small and Medium Enterprises (SMEs) as Engines of Growth,’ chaired by Shaikh Fahim Al Qasimi, Executive Chairman of the Department of Government Relations in Sharjah (DGR) followed the presentation. UAE entrepreneur Khalifa Al Jaziri; Karl Feilder, CEO, Neutral Fuels; Yousif Kruse, Chairman, SME Committee, UAE Banking Federation; and Arjan Oude Kotte, Director, Small & Medium Business, Microsoft shared their experience on the SME ecosystem and the enablers that would help entrepreneurs lead sustainable economic development in the UAE.

The Forum concluded with a discussion on ‘The Future of Retail’ moderated by Laila Mohammad Suhail, CEO of Dubai Festivals and Retail Establishment (DFRE), and attended by Mohammad Ali Yusuf, Head of Digital Commerce, MENA, Visa; Mahmood Al Bastaki, Chairman of Dubai Trade, DT World, DP World; Patrick Chalhoub, Executive Director, Chalhoub Group; and Dr Sami Mahroum, Director, Research and Strategies, Dubai Future.