• Executive Chairman, Soud Ba'alawy, to Co-Chair the World Economic Forum (WEF) in Africa • Dubai Group as WEF Strategic Partner to debate with government and business leaders how to boost foreign direct investment into Africa Dubai Group, the diversified financial services company of Dubai Holding, announced today that its objective as a strategic partner of the forthcoming WEF Africa 2009 is to progress the debate on how Foreign Direct Investment can be boosted to achieve sustainable economic development in Africa. In particular, Dubai Group will be promoting the growth of Africa's partnerships with the Middle East as global markets recover. Executive Chairman of Dubai Group, Soud Ba'alawy will also be holding the distinguished role as Co-Chair of the Forum. The WEF Africa 2009 meetings will take place 10-12th June in Cape Town, South Africa and will be attended by over 700 government and business leaders. Soud Ba'alawy said: “As a Strategic Partner of WEF, the role of Dubai Group is to foster interaction and debate among Governments, business leaders and other WEF participants regarding the impact of the global financial crisis, on Africa. We will examine the key drivers for economic development in the continent and how to achieve and maintain sustainable long-term growth. Ultimately, this will involve developing strategic initiatives to attract foreign direct investment into the continent.” Alongside Soud Ba'alawy, as Co-Chairs of the conference will be: Kofi Annan, Former UN Secretary-General and Member of the WEF's Foundation Board; Ngozi Okonjo-Iweala, Managing Director, World Bank; Jiang Jianqing, Chairman of Industrial and Commercial Bank of China; and, Graham Mackay, Chief Executive of SABMiller. In this role as a Co-Chair, Soud Ba'alawy will bring to the conference Dubai Group's extensive successful investment experience in Africa. Dubai Group has interests in various companies across the continent, in a range of economic sectors including telecoms, finance and infrastructure. Mr. Ba'alawy will concentrate on two themes at the meeting: Macroeconomic Shifts in the Global Agenda, The Economic Crisis and its Impact on Africa; and, Economic Priorities and the Business Environment. Dubai Group is upbeat on the future of Africa's economic development. Soud Ba'alawy commented: “In the last ten years, African economies have grown on average nearly 6% per annum, taking advantage of the rapid global economic development, their young populations and the growing domestic demand for goods and services. The current financial crisis has affected African economies, and a lot has to be done to get the region back on a growth trajectory. This underlines the importance of the WEF Africa 2009 meetings to explore how to restore FDI.” Mr. Ba'alawy continued: “There are four main challenges which Africa needs to overcome in order to attract FDI and return to the economic growth levels of recent years. Firstly, the perception of Africa's governance framework needs to be improved. Secondly, a business environment needs to be created which is on par with the developed world with minimal bureaucracy and a consistent legal system. Improvements in infrastructure are also essential, with better transport links a must. Finally, and perhaps most importantly, education and healthcare standards must be raised, in order for future generations to be able to create thriving economies across the continent.” About Dubai Group Dubai Group is the leading diversified financial services company of Dubai Holding. The company's active investments include banking, financial exchanges, hospitality, real estate, insurance and Islamic finance. Dubai Group is headquartered in Dubai, with offices in Pittsburgh, New York, London, Istanbul, Hong Kong and Kuala Lumpur, employing 2,021 individuals; serving over 190,000 customers with 78 branches and offices, across 14 countries. Through its subsidiaries and affiliates, the Group's areas of operation span the Middle East & North Africa (MENA) region, the European Union (EU), North America, Asia and the CIS countries.
