DUBAI, 21 February 2007 — The Middle East should seek to build stronger ties with Asia and Africa by increasing the flow of trade and investment, Dr. Omar bin Sulaiman, governor of the Dubai International Financial Center (DIFC), said yesterday. Delivering the welcome speech at the “Broader MENA Investment Summit,” which is being held at the DIFC, bin Sulaiman said that greater South-South investment would benefit both the Middle East and the developing economies of Asia and Africa.
The two-day summit is being held under the patronage of Sheikh Hamdan bin Rashid Al-Maktoum, deputy ruler of Dubai and minister of Finance and Industry of the United Arab Emirates.
“In the less developed economies of Asia and Africa, there are significant opportunities for Middle East investors,” said the DIFC governor. “There are also, of course, significant risks. Political instability, lack of fiscal transparency and, perhaps most important, a general reluctance on the part of lenders to finance projects in such ‘risky’ markets — these are all great obstacles to progress. But such obstacles can and must be overcome.”
He further said that “across Asia and Africa, governments must work with the private sector to institutionalize a reform process that will make the region a more attractive destination for foreign direct investment. At the same time, investors must prove more willing to examine the opportunities that already exist in infrastructure, industry and financial services, to name just a few potential growth areas.”
Moreover, Bin Sulaiman said that “realizing the vision of Dubai took many years and much hard work. Similarly, great challenges lie ahead for the less developed economies of Asia and Africa.