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The Earth Times | Posted September 22, 2002
Business
Business: Dubai Starts Preparations for 2003 World Bank/International Monetary Fund Annual Meetings
> BY VALERIE VOLCOVICI
Copyright © 2002 by The Earth Times. All rights reserved
DUBAI--Every two years, the World Bank and International Monetary Fund (IMF) host their annual meetings outside of the Washington, D.C. "Beltway" and offer an opportunity to a city abroad to welcome the upper echelons of the financial and political worlds. Next year, it will be the turn of the city of Dubai, in the United Arab Emirates, to play host to these meetings. Ibrahim Belselah, the General Coordinator of the Dubai 2003 Committee, hopes that by bringing thefinancial community, nongovernmental organizations (NGOs) and international media to Dubai, it can share the modern-day success story of the United Arab Emirates with the rest of the world. This success story impressed the World Bank/IMF Boards of Governors, who selected Dubai as the host city--not the least because of its 21st century infrastructure that emerged out of barren desert in barely three decades.

"This is one of the fastest development projects that have taken place in such a short period of time," Belselah said about Dubai and the UAE. Over the last three decades, Dubai has transformed itself from a city of sand and dust to a metropolis of glass, grass and asphalt. It is home to a vast array of cutting edge, multistory buildings, and its skyline is not yet complete. Cranes, scaffolding and construction sites are a prominent part of the current urban landscape the way they are in post-cold war Berlin. Belselah emphasized that Dubai's hosting of the World Bank/IMF meetings will serve a longterm purpose for the city.

Playing host to more than 10,000 delegates will give a chance to Dubai to demonstrate its potential to be one of the world's major financial centers alongside Hong Kong, Singapore, New York and London. It is also a chance, according to Belselah, to draw the world's attention to the Middle East region as a zone of economic potential rather than a zone of conflict. For a majority of the World Bank/IMF delegates, it will be their first visit to the UAE and to the Middle East. And 2003 will also be the first time the World Bank/IMF meetings will take place in the Arab world. Belselah is quite hopeful that Dubai can help erase some of the stigma attached to the region and dispel some of the misconceptions the world may have about the UAE. "When they get here, they will realize how peaceful it is and what a high quality of life we have," he said.

Among the surprises for first-time visitors to Dubai are the state of the art accommodation and office spaces, well-kept roads, clean air quality and manicured green landscapes that seem to thrive in the desert heat. But for visitors with business interests, Belselah maintains that there are even more benefits in store for them. He said that the UAE government minimizes the red tape for the international private sector when they launch businesses in the country. One of the main aims of Dubai during and after the meetings is to attract more business from international firms. Though there are numerous multinationals and overseas businesses already inhabiting office space in the city, they account for a relatively small fraction of the overall UAE economy. To stimulate more foreign investment, the government offers overseas firms incentives such as tax free profit transfer, eased visa restrictions and a stable host government. Some of the companies Belselah hopes will take notice of Dubai are companies that lack a Middle East regional office.

The new Dubai International Convention Center, which will be the home of the annual meetings, will be completed by the first quarter of 2003 and will add to Dubai's already formidable international business infrastructure. Located in the World Trade Center complex, the new facilities will include two hotels and adjacent office buildings. After the meetings, the convention center will become a venue for exhibitions, sporting events, shopping outlets and concerts. The building of the new facilities has led to the creation of many construction jobs and will create additional opportunities in sectors like event management, public relations and information technology.

Logistics aside, Dubai is ready to handle the human element of hosting such a high-profile international conference. One area, which Belselah said Dubai is ready to face, is the possible eruption of protests that have been staples or recent international conventions. But Belselah says that the city will actually welcome the voice of dissent to be heard during the meetings. Dubai, he said, is an "honest broker place" where all the different parties' messages can be conveyed.

"We will welcome everybody to express his or her views," he said. "People are free to speak their minds in the UAE."

Belselah also stressed that some of the prominent causes of the protesters, like environmental conservation and poverty alleviation, are also causes of the UAE. "We have a lot of programs in the country that address these issues," Belselah continued. "We are among the highest in foreign aid donations to the rest of the world-more than some developed countries." The UAE contributes more than $2 billion annually in foreign aid to developing countries, both Islamic and non-Islamic.

Responding to the criticism that the World Bank/IMF selected Dubai as host to the annual meetings because it may be deemed inaccessible to protesters, Belselah was quick to prove the contrary. "I think Dubai is an open place," he said, adding that there are 35 countries whose citizens don't require visas to enter the UAE. "This is one of the most open visa policies in the world." He also said that the UAE is one of the very few countries where the majority of residents are non-nationals. Attendees of the meetings will likely find their fellow nationals living in Dubai, he said. Belselah also maintained that since Dubai airport is one of the world's leading air hubs, fares are rather inexpensive and accessibility from all geographic regions is easy.

Finally, Belselah wanted to emphasize that the Dubai and UAE success story has been not just the result of the oil that was struck here decades ago, but the result of good leadership. "A lot of other countries have more resources than us," said Belselah. "It is our stable and practical government that takes care of its nationals. That is why we have one of the highest standards of living in the world."

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