DUBAI, 19 May 2005: Dubai Holding, one of the main investment arms of the Government of Dubai, today announced it had signed an exclusive agreement to become a strategic partner with the World Economic Forum (WEF), a meeting place for global political and corporate leaders.
The agreement gives Dubai Holding a privileged inside track to WEF meetings and confirms its arrival as a significant player on the world stage. Membership of the exclusive grouping of WEF strategic partners is strictly limited and previously included only a small number of Fortune 500 companies.
Announcing the tie-up during today's WEF meeting in Jordan Mr. Mohammad Al Gergawi, Chief Executive Officer of Dubai Holding, said: "This partnership reflects Dubai Holding's commitment to all that the Forum stands for in terms of internationalization and the global economy.
"It is also a pointer to how rapidly and how far we have progressed and confirms Dubai Holding's position in the ranks of the biggest and best corporations in the world.
"There are many good reasons for regarding this strategic agreement as having finally put not only Dubai Holding but the emirate as a whole at the forefront of global attention. We believe we should be there and now we have confirmation of our right to sit at the top table.
"WEF is a tremendous organisation and offers plentiful opportunities to present Dubai Holding to the global investment community and to our peers as we seek further opportunities."
The agreement establishes Dubai Holding as a permanent member and part of the global Forum. It extends the company's involvement and level of participation. Membership of the exclusive club of strategic partners has previously been restricted to Fortune 500 companies, the elite of the corporate world, and even these are further limited to no more than four from each sector.
Mr. Gergawi said: "This is a further important step forward as we pursue our strategic investment aims and establish Dubai Holding's global profile. It will go a long way towards helping us to meet our objectives of establishing a sound and sustainable basis to the dynamic economy of Dubai."
There was a positive response from WEF itself to the new partnership. Welcoming the move, Frederic Sicre, WEF's Managing Director and Acting Director for the Middle East, said: "We are delighted to welcome Dubai Holdings as a strategic partner.
"Dubai Holding is a leading example of how Arab entrepreneurship can be nurtured to grow into a force with global reach and impact. Looking into the future has long been a trademark of Dubai and through this partnership, our two powerful organizations can now work together to bring the Arab world closer to a new future as well."