The Department of Economic Development in cooperation with the Emirates Center for Strategic Studies and Research (ECSSR), the Central Bank and the Securities and Commodities Authority (SCA), will organize on Monday, May 3rd a seminar entitled “The Current Economic Developments and Future Prospects…… Post-Financial Crisis”. The event will be held at the Emirates Center for Strategic Studies and Research building.
A welcoming speech on behalf of the Department of Economic Development will be delivered which will address the UAE economy and its ability to bypass the global crisis and its repercussions, despite the global recession and embodied constraints and effects on most countries in the world Al Zaabi stated that the seminar will address the positive impact of the governmental actions taken by the leadership of the UAE, led by The President H.H. Sheikh Khalifa bin Zayed Al Nahyan God protect him, which contributed to the quick recovery of the country's economy from the repercussions of global financial crisis. Most importantly the economic and monetary reforms, and the financial facilities and support to the banking system.
Mr. Rashid Al Zaabi, the organization on this symposium and other events related to the impacts of the global financial crisis, represent an urgent need at the present time, to help define our stance with regards to the global crisis, and at the same time identify the State' and the Emirate of Abu Dhabi plans for the implementation of the strategies and visions, and further setting a dynamic private sector to support the other sectors to propel future economic growth.
The Seminar will start with the paper titled “The Current Economic Developments and Future Prospects… Post-Financial Crisis” , which will be presented by Dr. Suleiman Al Masaied, the Economic Expert at the Studies Section of the Department of Economic Development. The paper will review the difficulties faced by the world economy during 2009, and the effects of the financial crisis on many countries, and the drop of economic growth rates in affected countries.Dr. Suleiman will address inflation in major countries around the world and its impact on economic growth, and the exacerbated unemployment issue during 2009 that posed as one of the important indicator of the depth of the financial crisis.Dr Al Masaied paper will conclude by discussing the effects of the financial crisis on UAE, and Abu Dhabi in particular, and the economic slowdown experienced in 2009, in addition to drop in oil revenues due to deterioration in world oil prices in international market. The second working paper of the Securities and Commodities Authority (SCA) titled “The Regulatory and Legislative Remedial Initiatives in capital Markets, under the Global Financial Crisis will be presented by Dr. Obaid Saif Al Zaabi, Adviser and Director of Research and Development Department at (SCA). The paper will review the vision of (SCA) regarding the ideal level for organizing financial markets in UAE, through the issuance of several new regulations during the period 2008-2009. Issues to be addressed include, trading margin trading and cross-listings, financial advisory and financial analysis, securities, and safe custody activities.
Dr. Obaid Al Zaabi in his paper will deal with the additional proposed and expected systems such as investment funds portfolio management and financial markets creation and the requirements of capital adequacy ratio.
Finally the seminar will wrap up with the working paper of b the UAE Central Bank, titled The Banking Sector Developments in the UAE to be presented by Dr. Mohamed Al Bushra, the Senior Economist at the Financial Statistics Analysis Unit of Treasury Department of the Central Bank Dr. Bushra will outline outlining reliance of the banks operating in the State on foreign financing during the period that preceded the global financial crisis, and that such finance is mostly a short-term finance. The paper will also discuss the situation after the crisis. Dr. Bushra will also probe post-global crisis issues of importance to the banking sector, such as rising interest rates, and high proportion of bad loans, and debts, in addition to means of strengthen the systems of risk management in banks, by implementation Basel 2 standards, and issues of importance to the banking sector and institutional issues of importance to the banking sector and corporate governance of banks.