Strong and world class regulatory and corporate governance frameworks will ensure continued prosperity of the resilient UAE economy, according to Sheikha Lubna Al Qasimi, UAE Minister for Foreign Trade. Welcoming delegates to the inaugural World Pension Forum, titled “Pearls of the Gulf”, 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 Nov. 17 and will conclude on Nov. 20 with a day's session in Abu Dhabi. In her welcome address, 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.” She 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. __
