Her Excellency Sheikha Lubna Says Economic Resilience and Diversity in Middle East will Continue to Underpin Growth

Welcomes Delegates at Middle East's First World Pension Forum in Dubai

Dubai: 17 November, 2008 – Strong and world class regulatory and corporate governance frameworks will ensure continued prosperity of the resilient UAE economy, according to Her Excellency Sheikha Lubna Al Qasimi, UAE Minister for Foreign Trade.

Welcoming delegates to the inaugural World Pension Forum, titled ‘Pearls of the Gulf’, Her Excellency Sheikha Lubna elaborated on the fundamental strengths behind Dubai and the UAE’s growth story and highlighted the government’s proactive measures during the global financial turmoil.

Hosted by Dubai Group, the leading diversified financial services company of Dubai Holding, the World Pension Forum in the Middle East opened in Dubai on 17 November, and will conclude on 20 November with a day’s session in Abu Dhabi.

In her welcome address, Her Excellency Sheikha Lubna said:

From the government’s perspective, I can tell you that nowhere else will you find a more open and welcoming business environment than in the UAE. We are part of the global economy, and despite the impact of the world financial crisis, the economic diversity of the Middle East, as evidenced in countries such as the UAE, will continue to underpin economic growth.

Sheikha Lubna emphasized that Dubai has now become a well recognized and growing financial hub with a successful and credible track record in attracting foreign investment, and encouraging entrepreneurship. Dubai’s strategic position in relation to Europe, Asia and Africa, makes it the destination of choice for foreign direct investment in the region.

Around 18 companies out of top 50 in the Global Fortune 500 list such as GE, Citigroup, Samsung, Honda, Nissan, Siemens, HSBC, Deutsche Bank, Goldman Sachs and IBM have substantial operations in Dubai.

Other prominent speakers at the WPF included Soud Ba’alawy, Executive Chairman, Dubai Group, and Philip Schaefer, President of the World Pension Forum.

The forum in Dubai attracted more than 80 leading pension funds from the US, as well as government officials and senior executives of leading UAE companies. The forum is designed to facilitate the development of long term partnerships between the funds and the Middle East.

Offerings insight into the new patterns of global trade and people flows, the expanded role of sovereign wealth, and the execution of first-class infrastructure,  the event also works as a platform giving UAE-based companies an opportunity to share their success stories with international delegates.

Founded in 1992, the World Pension Forum hosts various conferences around the world to help US pension fund managers make informed decisions and allocate funds to potential investment destinations.

Investors that are members of the World Pension Forum include CalPERS, CalSTRS, the Kennedy Family Trust, New York State Teacher’s Retirement System, as well as major state pension funds and foundations.

Notes to Editor

Dubai Group

Dubai Group is the leading diversified financial services company of Dubai Holding. Focused on banking, investments and insurance regionally and globally, Dubai Group has offices in Dubai, London, New York, Pittsburgh, Istanbul, Kuala Lumpur and Hong Kong. Through its subsidiaries and affiliates, Dubai Group has business interests in 26 countries that employ 13,450 individuals. Run by high-calibre industry veterans with proven track records, Dubai Group entities include Dubai Investment Group, Dubai Capital Group, Dubai Financial Group, Dubai Banking Group, Dubai Insurance Group, Dubai Ventures Group, and Noor Investment Group. Dubai Group plays a pivotal role for the realisation of Dubai Strategic Plan by leading the development of the financial industry in the region.For more information, please visit www.dubaigroup.com

For further information, please contact:

Huda Buhumaid
Managing Director Marketing & Communications
Dubai Group - A member of Dubai Holding
Tel: +9714 3189710
Mob: +97150 6507704
Email: huda.buhumaid@dubaigroup.com

Or

Maliha Aqeel
Account Manager, Finance Practice
Jiwin Public Relations
Tel: +9714 3613598
Mob: +97150 6331976
Email: maliha.aqeel@jiwin.ae