Mohammed’s vision led to Dubai’s economic resurgence

Dubai: At a panel discussion about the renaissance journey of tourism in the Emirate of Dubai attended by His Highness Sheikh Mohammed Bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, and Sheikh Hamdan Bin Mohammed Bin Rashid Al Maktoum, Crown Prince of Dubai, Deputy Prime Minister and Minister of Defence, His Highness's vision for Dubai's economic philosophy was reviewed, as was his experience in the 1990s when he established the principle of government flexibility and direct support for traders.

The discussion was moderated by Raed Barqawi, Executive Editor-in-Chief of Al Khaleej newspaper. The discussion also featured Mohammed Al Abbar, founder of Emaar Properties, and Abdulaziz Al Ghurair, chairman of the Dubai Chamber of Commerce and Industry. A select group of economic leaders also attended.

Raed Barqawi emphasised that the secret to Dubai's success lies in its forward-looking leadership with a long-term strategic vision and its economic philosophy based on freedom and openness, which provides the necessary protection to achieve balance.

He said that what Dubai has achieved in just a few decades sets an example for governments around the world looking to create a vibrant investment environment and establish their cities as prime destinations for capital and innovation.

Raed Barqawi recalled a meeting he had with His Highness Sheikh Mohammed Bin Rashid twenty years ago. At the time, some traders viewed the Burj Al Arab project as government competition because it was Dubai's largest government-led hotel development. They feared that they would not be able to compete with the government sector.

He explained that His Highness had replied at the time, saying, 'I did not compete with them, but rather continued what they had started by taking the sector to another level and laying a new foundation stone.' A project of this size and cost cannot be implemented by the private sector alone without a quick return on investment. He emphasised that this vision had opened up new horizons for tourism and hospitality in Dubai, establishing the city as a global destination.

Barqawi added that Dubai's economic renaissance was no coincidence, but rather the result of Mohammed Bin Rashid's clear philosophy based on a unique partnership between government and private sector. He explained that what distinguishes Dubai's experience from Western models is that government institutions themselves took the initiative to launch qualitative projects and create a supportive legislative and regulatory environment for investment, thereby establishing the emirate as a global business centre.

He emphasised that this phase was pivotal in transforming the relationship between the public and private sectors. The government's shift from a passive legislator to an active partner paved the way for the private sector to flourish.

Positive competition

He explained that Dubai's experience has solidified the idea of positive competition between government and private sectors. While the government sets public policies and launches major projects, the private sector seizes the opportunity to innovate new products and services and continue the journey.

He noted that the Dubai government's flexibility in supporting family businesses and small traders has helped sustain their businesses across generations, establishing the private sector as a genuine partner in the development process. He emphasised that investor confidence has supported this policy, establishing a business environment based on transparency and openness.

According to WAM, Al Ghurair stressed that the growth of family businesses in Dubai stems from the leadership's vision that recognized these entities as vital pillars of the national economy.

Speaking of Dubai leadership's bold decisions, Al Ghurair praised the freehold land ownership decision, which enables residents to buy property, as a major turning point in attracting foreign investment and cementing Dubai's global leadership.

Al Abbar shared with the forum attendees the story of founding Emaar, reflecting on his leadership approach in the company's early days, which was inspired by Dubai's bold vision and steadfast belief in turning the impossible into reality.

He added that His Highness Sheikh Mohammed Bin Rashid's vision served as a compass that effectively steered the real estate sector through the immense challenges of the 1990s and the 2008 global financial crisis, paving the way for Dubai to become a leader in the world economy.