WEF calls to ‘rethink and rebuild economies’ 

The World Economic Forum (WEF) ‘Summit on the Global Agenda,’ the world’s largest brainstorming, concluded in Dubai with a broad consensus on the state of the world and a call to “rethink, rebuild and reengage economies and societies.’

The speakers at the high-profile event hosted by the UAE government called for enforcement of strong governance frameworks and risk management strategies.

“The most important outcome of this Summit is that we have agreed, as one global community, on the need to rethink, rebuild and reengage our economies and societies,” Sultan bin Saeed Al Mansoori, UAE Minister of Economy and Co-chair of the Summit told the closing plenary session.

“At the summit, thought-leaders and innovators from governments, from business and from academia shared their insights on the challenges that lie ahead. They have shown us that, just as our economies are interlinked, so too must be our solutions,” he added.

The summit also emphasized the need for sustainable use of resources, which are becoming scarce with every passing year, the minister noted.

“We also listened to the experts, who underscored the need to enforce stronger corporate governance measures and risk management strategies, which will be instrumental in deciding the path of growth in the coming years.  Leadership will play a critical role, and we must invest in our talent and in leadership development,” said Al Mansoori.

He said that the discussions provided valuable inputs in the UAE’s quest to achieve the goals of the UAE Vision 2021, which aims to position the nation among the best countries in the world by 2021, the golden jubilee year of the UAE’s formation.

Al Mansoori said the summit also reinforced the emerging role of the UAE in advancing the dialogue on global concerns, adding that the country will use its global hub status to bridge civilizations as well as development gaps worldwide.

The outcomes of the summit will be integrated into the WEF Annual Meeting 2011 in Davos-Klosters for further discussion and action. The summit, hosted by the UAE for the third year in a row, will be held next year in Abu Dhabi in December, highlighting the global role that UAE plays in fostering dialogue.

Sheikh Mohammed bin Rashid Al Maktoum, UAE Vice President and Prime Minister and Ruler of Dubai, attended the opening session with Prof. Klaus Schwab, founder & executive chairman of the WEF and co-chair of the Summit, lauding Dubai for its timely response to the economic challenges, without losing sight of its long-term vision.

Regarded the largest brainstorming session in the world, the four-day summit brought together over 700 thought leaders in governments, businesses, academia and civil societies across the world to identify trends, challenges and solutions in ensuring basic needs and a growth eco-system for mankind.

Open Forums were held for the first time by the summit involving members of the public, said the organisers.

The visiting thought leaders proposed wide-ranging solutions for pressing issues including education for youth populations, innovation, resource efficiency, deleveraging of business, stronger corporate governance and risk management, and investment in building leadership capacity to avoid future crises and achieve sustainable progress, they added.