The World Bank is preparing a master plan to help finance a major technology development project for the UAE, according to Ibrahim Belselah, general coordinator of Dubai 2003 - the body set up to host the 58th annual meetings of World Bank Group and IMF.

Without giving details, Belselah added that the annual meetings to be held here September next, will be chaired by Swiss Finance Minister Kaspar Villiger.

It was also announced that after two meetings in Washington, the next international host for the annual meetings to be held in 2006 will be Singapore. A representative from Singapore's organising committee will be at Dubai 2003 to learn more about the requirements for hosting event.

Belselah and assistant general coordinator of Dubai 2003, Ahmed Al Banna, have just returned from the annual meetings of the World Bank Group and IMF in Washington.

Belselah stated that the September convention in Dubai would have both immediate and long-term benefits, with the impact on the hotel and leisure industry from the event to be in excess of $300 million, and significant spin-off benefits for many other business sectors.

According to a rough estimate, Dubai 2003 will require 5,000 people to help manage the event in all sectors, including hospitality, accommodation and transportation.

"This represents an excellent opportunity for young UAE nationals in particular, to participate in one of the world's leading international events and we are hoping to recruit many students to help us with the work that needs to be done," said Belselah.

Al Banna said all the hotel rooms and ballrooms and other facilities required by the visiting delegations are now being allocated for next year's event. "Dubai 2003 is now fully gearing up for the event and our counterparts in Washington were very impressed with the progress we are making."