The private sector should play a crucial role in spurring growth in the economies of the Arab World given the pressing post-Iraq reconstruction needs and the inefficiencies created by public sector domination, said Director General, Department of Economic Development, Government of Dubai and Chairman of Emaar Properties, Mohamed Ali Alabbar.
Alabbar was speaking at the 9th Arab Investment Conference & Capital Markets Conference held in Beirut, Lebanon on May 22, which was attended by some 800 business leaders and executives.
“It is imperative that we take definite steps to upgrade the role played by the private sector in our economies, thereby gradually setting the stage for continuing reform and development,” said Alabbar. He stressed the importance of maximizing privatization to avoid the risk of global economic marginalization.
Citing the absence of transparency, inflexible regulations, ambiguity of commercial laws and weakness of public establishments as the obstacles to reform, he called for the setting up of strong partnerships between the private and public sector.
In conclusion Alabbar said that, “Economic structures have evolved in line with societal needs rather than market ones. What has happened in Iraq and the direction being taken by current developments, should be enough to make us recognize that the region is faced with a critical choice, to be integrated with the world economy or remain isolated.”
The Department of Economic Development (DED) was established in 1992, with the objective to organize, regulate and boost trade and industry within the Emirate of Dubai. The DED has molded its mission of building a futuristic establishment, in accordance with the vision of the Government of Dubai and in the light of globalization and the requirements of a digital economy. One of its key functions is to encourage local and foreign investments in commercial and industrial projects, and create the appropriate environment for investors. — (menareport.com)
© 2003 Mena Report (www.menareport.com)
