DUBAI: Highlighting the importance of private public partnership (PPP), UAE Minister of Foreign Trade Sheikha Lubna Al-Qasimi said here yesterday that her country as well as the whole Gulf region offered tremendous opportunities for PPP and Islamic financing.

She was delivering a keynote speech at the PPP 2009 Abu Dhabi Conference. Held with the support of Sheikha Lubna and fully backed by the governments of the United Arab Emirates and Britain, the invitation-only conference explored the latest PPP practices and trends, current and future regional PPP prospects, and the use of Islamic finance to further enhance such partnerships. Also delivering an opening keynote address was Alderman Ian David Luder, the Right Honorable Lord Mayor of the City of London. John Davie, chairman of the UK Trade and Industry PPP Export Advisory Group, acted as the conference chair.

“The Gulf offers great potential for PPPs to reach their maximum potential, as it expects to post a combined GDP growth of 2.5 percent in 2009. The Emirates in particular is eyeing almost three percent growth in its national revenue, as our non-hydrocarbon businesses continue to expand and as our realty sector steadily moves to more stable levels. The resilience of our economy opens the doors to numerous projects that will be undertaken with the private sector to further enhance public services and facilities. The region thus continues to be a robust partner for international companies to realize exceptional growth through government collaboration,” Sheikha Lubna said.

The minister also mentioned that the international Islamic finance industry is expected to achieve a 15 to 20 percent steady annual asset growth rate, with its top 100 institutions targeting a 26.7 percent annual rate. She referred to a Banker 2008 report covering 500 Islamic institutions, which shows the Gulf providing both the largest segment and the largest growth in the Middle East, posting a phenomenal 47.5 percent growth to $262.7 billion from 2007.

PPP 2009 Abu Dhabi gathered industry experts led by renowned professionals in the PPP field, who discussed a broad range of topics such as “Shariah Compliant PPP Financial Models for Project Development” and “Islamic Finance and the Development of Infrastructure — Public Private Partnerships.”