VP lauds World Bank’s efforts in promoting economic growth

His Highness Sheikh Mohammed Bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, received on Sunday, the President of the World Bank Group, David Malpass and an accompanying delegation, on the sidelines of Global Women’s Forum Dubai, GWFD 2020, taking place on 16th and 17th February.

Sheikh Hamdan Bin Mohammed Bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of Dubai Executive Council, also attended the meeting.

Sheikh Mohammed and Malpass discussed collaboration between the UAE and the World Bank to enhance the business environment globally. Sheikh Mohammed said the UAE is keen to share its experience of creating a conducive environment for attracting local, regional and global investors by developing a soft and hard infrastructure that enhances ease of doing business.

The Vice President expressed the UAE’s appreciation for the World Bank’s efforts in promoting global economic growth as well as its efforts in eliminating poverty, promoting welfare, unlocking sustainable economic growth opportunities and investing in human capital development globally. Sheikh Mohammed also stressed the UAE’s keenness to work closely with the World Bank to generate new opportunities in the UAE, the region and the world.

For his part, Malpass praised the UAE’s development model and its approach in diversifying its income and reducing reliance on oil revenues, investing in strong infrastructure that supports the ambitious objectives of the country and its investment incentives that have raised the UAE’s global ranking in ease of doing business indices.

The President of the World Bank also expressed his happiness in participating in GWFD 2020, noting that organising the global event in the UAE opens the doors for identifying more opportunities for enabling women in business regionally and globally, especially with the organisation of We-Fi Mena Regional Summit.

The meeting was also attended by Sheikh Mansour Bin Mohammed Bin Rashid Al Maktoum; Sheikha Manal Bint Mohammed Bin Rashid Al Maktoum, President of the UAE Gender Balance Council, President of Dubai Women Establishment, and wife of Sheikh Mansour Bin Zayed Al Nahyan, Deputy Prime Minister and Minister of Presidential Affairs; Mohammad bin Abdullah Al Gergawi, Minister of Cabinet Affairs and the Future; Obaid bin Humaid Al Tayer, Minister of State for Financial Affairs; Reem bint Ibrahim Al Hashemy, Minister of State for International Cooperation, and Mona Al Marri, Chairperson of the Board and Managing Director of the Dubai Women Establishment.

His Highness Sheikh Mohammed Bin Rashid Al Maktoum, Vice President, Prime Minister of the UAE and Ruler of Dubai, on Sunday also received, Kristalina Georgieva, Managing Director and Chairwoman of the International Monetary Fund, IMF, on the sidelines of the Global Women’s Forum Dubai, GWFD 2020, being on 16th and 17th February in Dubai.

Sheikh Hamdan Bin Mohammed Bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of Dubai Executive Council, was present during the meeting.

During the meeting, the two sides discussed the UAE’s development model, which is based on building partnerships with regional and global companies backed by a supportive legislative environment that takes into account the interests of the country’s partners and provides them with a stable and secure environment, as well as a reliable infrastructure built according to the highest international standards.

The IMF Chairwoman expressed her appreciation for the UAE’s economic resilience, which was reflected in the progress and growth of domestic credit, increase of tourist numbers and high foreign trade flows at a time when the global market is facing serious challenges. She said that hosting Expo 2020 Dubai will give the UAE economy a new impetus.

Georgieva also said that Expo2020 will create a strong momentum that supports the UAE’s economic growth over the next year. Strong government economic incentives will encourage investments as well as private sector growth. She highlighted the importance of the non-oil sector growth in addition to generating new value by encouraging the growth of the SME sector, strengthening financial frameworks and raising financial sustainability both in the short and long term.

The meeting was also attended by  Sheikh Mansour Bin Mohammed Bin Rashid Al Maktoum; Sheikha Manal bint Mohammed bin Rashid Al Maktoum, President of the UAE Gender Balance Council, President of Dubai Women Establishment, and wife of  Sheikh Mansour Bin Zayed Al Nahyan, Deputy Prime Minister and Minister of Presidential Affairs; Mohammad bin Abdullah Al Gergawi, Minister of Cabinet Affairs and the Future; Obaid bin Humaid Al Tayer, Minister of State for Financial Affairs; Reem bint Ibrahim Al Hashemy, Minister of State for International Cooperation, and Mona Al Marri, Chairperson of the Board and Managing Director of the Dubai Women Establishment.

WAM