Director General of the Department of Economic Development for the Government of Dubai Mohamed Ali Alabbar has called for increased cooperation between the Association of Southeast Asian Nations (ASEAN) region and the Middle East as both global business hubs attempt to recover from setbacks involving SARS in Asia and the Iraq conflict in the Middle East.
“I see increased cooperation between our areas as not only a viable way forward, but an increasing reality. Each region has problems that are typical to it. What better way to face an uncertain future than directing our efforts toward enterprises that are of mutual benefit?” Alabbar said, echoing Asian leaders’ calls for a boost to trade links and regional integration.
In a clear signal that the Arabian Gulf would encourage investment in Asia, Alabbar drew attention to the role the Dubai International Financial Centre could play in channeling capital to new projects to both ASEAN and the Middle East. “There are over one trillion dollars in Arab funds invested on Western capital markets. As the US dollar weakens, these funds are becoming restless—they are looking for new investment opportunities,” he said. — (menareport.com)
© 2003 Mena Report (www.menareport.com)
