The Emirate of Dubai is currently preparing to host the weeklong joint annual general meetings of the International Monetary Fund (IMF) and the World Bank, scheduled to be held in the city in September 2003, according to Al-Hayat daily.
Between 15,000-20,000 people are expected to attend the corporate event, whose initial budget stands at 150 million Emirati dirhams ($40.8 million). According to IMF-World Bank rules, the host country bears the summit expenses.
In terms of revenue for the city's hotel and leisure industry, the prestigious dual-event, which is perceived by UAE officials as an opportunity to enhance Dubai's stance as a leading financial center, is expected to generate some Dh 100 million.
The annual meetings are usually held in Washington, where both organizations are headquartered. However, once every three years, this prominent international event is hosted abroad. ― (MENA Report)
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