Press Release
Prospects for regional growth in light of current events centre
of discussion at DIFC
“Global Turbulence and MENA Transformation– Political Risk and Investment Trends and
Opportunities” forum hosted in collaboration with MIGA and ICIEC
Dubai – 15 January 2012: The Dubai International Financial Centre (DIFC), the financial and
business hub connecting the region’s emerging markets with the developed markets of Europe, Asia
and the Americas, today hosted “Global Turbulence and MENA Transformations – Political Risk and
Investment Trends and Opportunities”, a forum in collaboration with the Islamic Corporation for
Insurance of Investments and Export Credits (ICIEC), and the Multilateral Investment Guarantee
Agency (MIGA). The forum, which took place in DIFC’s Conference Centre explored how today’s
uncertain world affects prospects for regional growth.
Political volatility in the Middle East and North Africa (“MENA”) region, as well as the financial crisis in
the Euro zone, have been highlights of the past year. The forum discussed prospects for regional
growth and the impact those events had on investment, particularly on infrastructure projects. The
forum also explored effective risk mitigants and the role of development financial institutions in the
context of the challenges facing regional markets.
Opening the conference, Abdulla Mohammed Al Awar, CEO of DIFC Authority, said: “The MENA
region has experienced tremendous transformation and rapid change amidst global uncertainty. In
2011 two developments affected the outlook of the region: the political and social unrest following the
surge in global oil and food prices. Although the long-term benefits of the Arab Spring are
indisputable, since the beginning of this year the region has witnessed economic pressures driven by
internal and external sources. Hence, a broad reform agenda needs to be identified to rebuild those
affected countries and to rekindle organic economic growth.”
He added: “Infrastructure development is particularly important, as it is the foundation of overall
economic growth. There is a lot to be done to identify opportunities and manage investment risks in
the region. DIFC actively supports the growth and development of local and regional economies as
evidenced by this forum.”
Michel Wormser, Vice President and Chief Operating Officer of MIGA, noted: “Foreign direct
investment creates jobs—and job creation is the lynchpin to development in the region. This
conference helped bring key economic players together to discuss how to allay investors’ concerns
so that they feel comfortable maintaining their plans and expanding further.”
Dr Abdel-Rahman Taha, the Chief Executive Officer of ICIEC observed: “Events in the region show
clearly the role Political Risk Insurance can play in attracting foreign investment into countries which
need it the most. I am sure this event went a long way in educating stakeholders in the role
multilaterals like MIGA & ICIEC can play in supporting their investments. PRI, which serves to bridge
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Press Release
the gap between the ability and willingness of foreign investors to invest their capital, will only grow in
importance given the macro-economic and political climate.”
The forum brought together more than one hundred economic development and investment experts
from leading regional and international companies, who discussed the impact of the global
turbulence on investment in the region and the future development of MENA.
The highlights of the forum included discussion regarding investment trends, changes in capital flows
and FDI in MENA, and the role regional economies play in the global investment landscape. Experts
also evaluated the current situation one year after the start of the Arab Spring, and the impact of
political risk on investment as government changes begin to take effect.
The forum considered the acute need for infrastructure development projects given the current
environment as a means of stimulating long term economic development. Panellists discussed
opportunities for infrastructure investment in MENA, the major investors, developers, and other key
players, as well as the main sources of finance and support for the rebuilding of countries such as
Libya and Iraq, including the role of development finance institutions. The progress of infrastructure
projects already underway was also reviewed. In addition, discussion focused on how investors can
protect themselves in markets facing heightened political uncertainty.
The forum concluded with an interactive discussion between the panellists and the audience to
address all their inquiries and remarks, which was followed by closing remarks by MIGA’s Wormser.
Speakers at the event included Dr Walid Abdelwahab, Director of Infrastructure, Islamic Development
Bank; Abdulla Al Awar, CEO, DIFC Authority; Khemeis El-Gazzah, Director of Operations, Islamic
Corporation for Insurance of Investment and Export Credit; Dr. Yasar Jarrar, Partner,
PricewaterhouseCoopers; Dr. Ilham Kadri, General Manager, Dow Chemical; Mouayed Makhlouf,
Director, International Finance Corporation; Edith Quintrell, Director of Operations, MIGA; Narayanan
Rajagopalan, Partner and Chief Risk and Compliance Officer, Abraaj Capital; Dr. Nasser Saidi, Chief
Economist, DIFC; Dr. Fabio Scacciavillani, Chief Economist, Oman Investment Fund; Ravi Suri,
Managing Director, Standard Chartered; Ravi Vish, Chief Economist and Director of Economics and
Policy, MIGA; Simon Williams, Chief Gulf Economist, HSBC; Michel Wormser, Vice President and
Chief Operating Officer, MIGA.
- Ends -
For further inquiries on DIFC, please contact:
Dubai International Financial Centre
Shaima Al Zarouni
PR Manager
Tel: +971 4 362 2432
shaima.alzarouni@difc.ae
Brunswick Group
Dina Samhout
Tel: +971 4 446 6283
difc@brunswickgroup.com
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Press Release
About DIFC
The Dubai International Financial Centre (DIFC) is the financial and business hub connecting the region’s
emerging markets with the developed markets of Europe, Asia and the Americas.
Since its launch in 2004, DIFC, a purposely built financial free zone, has been committed to encouraging
economic growth and development in the region through its strong financial and business infrastructure.
Currently, DIFC's client base comprises over 800 active registered firms, including 18 of the top 25 global
banks, 8 of the largest global asset managers, 7 of the 10 largest insurers and 6 of the top 10 law firms in the
world. More than 11 thousand employees operate in an open environment complemented by international legal
and regulatory standards. DIFC offers its member companies benefits such as 100 percent foreign ownership,
zero percent tax rate, with no restriction on capital convertibility or profit repatriation. DIFC has its own
independent financial and ancillary services regulatory body, the Dubai Financial Services Authority (DFSA). It
also has the DIFC Courts, which is an independent common law judiciary based in DIFC with jurisdiction over
civil and commercial disputes in or relating to the Centre.
DIFC is built upon a modern legal, regulatory and physical infrastructure which makes it the destination of
choice for Financial Services firms establishing a presence in the region.
For further information, please visit our website: www.difc.ae, or follow us on Twitter @DIFC.
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