Seetharaman and other panellists at Doha Bank’s seminar on “Market opportunities, risks and solutions” in Dubai

Doha Bank recently conducted a knowledge sharing seminar on “Market opportunities, risks and solutions” in Dubai. The seminar included expert submissions from Doha Bank, DP World, JP Morgan, Axis International, insurance surveyors, Cunningham Lindsey, loss adjusters and Latham & Watkins, a law firm.
DP world CEO Mohamed Sharaf was the chief guest.
Doha Bank Group CEO Dr R Seetharaman welcomed the guests and introduced the panel of speakers. He highlighted the trends in global and regional levels and the key developments from crisis to date. He also elaborated on the financial stability of the world economies, the economic outlook in consideration of the ongoing crisis, the policy changes required to emerge out of the current financial crisis. “Global economic growth is expected to drop in 2012 and Europe needs to fulfil its commitments. Advanced economies’ debt issues are not yet resolved and the emerging economies are also slowing down,“ he said.
On the economic trends in Gulf Cooperation Council region, Seetharaman gave his insights on fiscal measures of the UAE such as the latest budget of Dubai, Dubai Strategic Plan 2015 and Abu Dhabi Economic Vision 2030. He also gave his outlook on the major projects in the UAE and the recent regulatory reforms introduced by the UAE Central Bank.
He said, “The GDP at current prices of the GCC economies will grow at 11% in 2012 over $1.5tn. Dubai is introducing a master plan for urban development that is expected to open up about 950,000 jobs by 2020. The Saudi economy is expected to grow at 6% in 2012.
The UAE is expected to grow at 2% for 2012. The diversification will happen in GCC economies as it supports economic growth, complements hydrocarbon sector, generates employment, makes the economy more resilient to external shocks, improve infrastructure, encourage intra region trade and supports climate change.”
Seetharaman also moderated a panel discussion comprising of industry experts.
As part of the panel discussion, Sharaf spoke on opportunities in the region. He said, “About $120bn will be spent on infrastructure projects over the next 10 years in the GCC. While the global macro economic uncertainty continues, the Middle East and North Africa region is projected to pose an output growth of 5.5% ahead of the global output of 3.4%. FDI in the Mena (Middle East and North Africa) region over 2010 – 2011 stood at a staggering $128bn.”
Amit Juneja, head of commodity sales, JP Morgan, Dubai, spoke on the impact of risk on commodity prices and gave an outlook on the oil and metals market. He also gave insights on possible hedging strategies and the key considerations in risk management.