World Bank, Dubai Economic Council Conference to hold conference on natural resources, growth in MINA

WAM Dubai, Nov 19th, 2012 (WAM)–The Dubai Economic Council (DEC) in collaboration with the World Bank (WB) will jointly hold a press conference on Wednesday 28th November, 2012 at Sheraton Dubai Creek hotel.

The event aims at launching the World Bank book “Natural Resource Abundance, Growth and Diversification in the Middle East and North Africa” and the Dubai Economic Council’s report on “Foreign Trade in Dubai: Challenges and Policies” in addition to the “Deauville Partnership report on Trade and Foreign Direct Investment”.

The World Bank book “Natural Resource Abundance, Growth and Diversification in the Middle East and North Africa” is a product of the Poverty Reduction and Economic Management Department (PREM) in the Middle East and North Africa (MENA) region of the World Bank.

It investigates how the region can overcome its dependence on natural resources, particularly oil, and encourage greater economic diversification. The authors explore analytical questions on the effects of natural resources and the role of policies in determining the current diversification outcomes and provide several policy recommendations.

The Dubai Economic Council report on “Foreign Trade in Dubai: Challenges and Policies” has two aims. It first identifies the stylised facts that characterise trends in volumes and values of Dubai when exporting, importing, and re-exporting, changes in trade composition and diversification in terms of goods and partners, and the value added of the different economic sectors.

The second part of this report uses econometric models of the world economy (gravity models) to determine the potential volumes of trade of Dubai vis-a-vis the rest of the countries in the world. It uses the predictions of the models to determine the “normal trade patterns” in terms of volumes and partners of Dubai and compare it with current levels.

The Deauville Partnership was launched by the Group of Eight (G8) in Deauville, France, in May 2011 at the request of the G8. This report provides an analytical framework for increasing trade and foreign direct investment (FDI) for Egypt, Jordan, Libya, Morocco, and Tunisia (the “Partnership countries”).

It suggests that to start implementing a long-term vision of increased trade and investment integration, based on an integrated economic space in the Mediterranean basin, the Deauville Partnership could focus on five priority areas.

These are helping Partnership countries adapt to a fast-changing trade, FDI, and jobs landscape; improving market access opportunities and market regulations; fostering competitiveness, diversification, and employment; facilitating trade and mobilizing trade finance and Diaspora resources; and promoting inclusiveness, equity, and sustainability of the structural transformation brought about by the process of integration.

The event will be attended by representatives of key stakeholders from government agencies, private sector and academia in the United Arab Emirates, GCC and other MENA countries.