Dubai Increasing Nexus For Growth As Rise of Asia Trade Continues, Say World Government And Industry Leaders At DMCC’s First Conference With Asia House

In partnership with Asia House, DMCC, the world’s leading Free Zone for commodities trade and enterprise, hosted the ‘The New Global Trade Order’ conference at Almas Tower today. More than 300policymakers and leading figures from the global trade and investment industries gathered to discuss ways to better understand the emerging world trade system given the current challenges to free trade. The conference also addressed Asia’s important role in contributing to the Middle East’s economic growth.

The conference keynote speech was delivered by His Excellency Abdulla Al Saleh, Undersecretary for Foreign Trade, Ministry of Economy. His Excellency said: “Today, some of the world’s leading thinkers on global trade and investment are taking part in this conference, and the aim is to provide insights and analysis to help business leaders and policymakers better understand – and capitalise on – the new global trade order. I believe that Dubai has a growing role here, and it is fitting that this discussion is taking place at DMCC – a world leading free zone, and we are delighted that Asia House has decided to host its first Middle East conference here in Dubai.”

Welcoming participants to this landmark event, Lord Green of Hurstpierpoint, Chairman, Asia House, said: “There can be nothing more important to all of us in the 21^st century than the rise of Asia, which is changing the balance of world power. The Middle East is an increasingly important element in that rise.”

He added: “Twenty years ago, almost 60% of non-oil exports from the Middle East went to the EU, with just 20% going to Asia. Today, less than 40% goes to the EU, whilst the Asian share has risen to 35%. This pivot by the Middle East’s towards Asia raises new questions and challenges, but brings a balance of new opportunities. It is changing the trade equation for every country in the Middle East.”

He concluded: “Where else, then, should we have held this important discussion than in Dubai, a city that is home to the largest container port between Rotterdam and Singapore, and one that is already capitalising on Asia’s rise.”

Ahmed Bin Sulayem, Executive Chairman, DMCC, said: “Across all the industries DMCC operates in, what we are finding is that Asia, consistently proves to be an open and willing partner to do business. The businesses in the region are also very receptive to our approach to remove all possible barriers to trade, and enable global trade flows to pass through this city.”

Bin Sulayem concluded: “Despite the challenging global economic situation, the doors to trade remain wide open if you just look in the right places – especially in Asia.”

The first panel on “The Future of Trade” addressed the key trends emerging in the global economy, highlighting the challenges and opportunities these present to businesses operating between Europe and the Middle East and the rest of Asia. The emergence of new trade hubs to service the shifting trade order and the geographies likely to benefit were a particular focus.