ADX CEO highlights growth prospects at Berlin Congress

ABU DHABI: Rashed Al Baloushi, Chief Executive Officer of the Abu Dhabi Securities Exchange, ADX, has participated in the annual Berlin International Economics Congress.

The annual Congress, organised by the Institute of Cultural Diplomacy, analyses trends in global economies and explores the potential for green industries, education, entrepreneurship and tourism to be used as drivers of sustainable economic growth.

Mr. Al Baloushi anchored a panel which discussed “Engaging Developing Countries in the Creative Economy for Sustainable Development”. In his contribution to the debate, Al Baloushi highlighted the role of developing countries and the impact of their stock markets in driving economic development and sustainable growth.

“In the U.A.E., we have an economic vision which we constantly benchmark against the investments we make, so as to create an economy in the future which is diversified, which provides opportunity for our citizens to participate in and – for some – be the leaders of. We have identified the sectors in which we believe we have comparative advantage, and we have a range of investment vehicles through which we are channelling spending in the economy through industrial and other projects, and investments of our wealth for future generations,” Al Balooshi said.

He went on to highlight the performances of the Abu Dhabi Securities Exchange and Dubai Financial Market in the past year, achieving growth of between 63 and 108 percent, as well as the commitment by the Abu Dhabi government to spend around $100 billion up to 2017 on major infrastructure projects.

Al Baloushi referred in particular to the decision by the MSCI to upgrade the U.A.E. to emerging market status as a crucial one for the Abu Dhabi Securities Exchange. “Not only does it recognise the progress we have made to meet the standards required by international investors, but it also of course helps to bring in the international investment that will accelerate our development,” he commented.

He indicated that the investment appetite in the U.A.E. was returning strongly, at both the public and private levels, and this is set to further strengthen.

Other speakers at the Congress included Francesco Rutelli, Former Deputy Prime Minister of Italy, Dirk Niebel, Former German Minister for Economic Cooperation and Development, and George Papaconstantinou, Former Minister of Finance of Greece.