Baker & McKenzie Habib Al Mulla Hosts
Leading law firm Baker & McKenzie Habib Al Mulla hosted a panel discussion on the UAE’s competitive position in the global market, to celebrate the merger between the two firms in the UAE effective 1
Panelists including Dr. Habib Al Mulla, Chairman and co-managing partner of Baker & McKenzie Habib Al Mulla,
Badr Al Olama, CEO of Strata and Senior VP of Mubadala Aerospace, Arif Naqvi, Group Chief Executive of the Abraaj Group, and Nenad Pacek, President of Global Success Advisers and co-founder of CEEMEA, debated the opportunities and challenges faced by the UAE today.
Commenting on the panel discussion, Dr. Habib Al Mulla, said; “The debate comes at an exciting time for the UAE as a whole and for Baker & McKenzie Habib Al Mulla in particular. We are witnessing positive change across a range of industries, resulting in strong economic and social growth. The institutions supporting our country are developing quickly, not least within the legal environment, such that I believe that growth is broad-based and sustainable. I would like to thank all those who took part in our discussion and to those attending the Summit. It has been an informative and thought provoking event, underpinning the rationale for our merger”.
The panelists began the debate by analysing the UAE today, describing it as an “island of calm” within the region, due to its history of entrepreneurship, governance and safety. One panelist explained that the UAE is now seen as a leader, not just across the Arab world but also amongst global markets, with businesses able to take advantage of its unique geographic location as a bridge to critical economic areas such as China, Africa, Singapore and Europe.
The panel also remarked on the UAE’s unparalleled ability within the region to attract multi-national organisations, thanks, in part, to its openness, focus on trade and attractive taxation environment. The panel noted that increasing numbers of corporations are choosing to re-locate their MENA headquarters to the UAE, preferring it to countries like South Africa. One panelist talked about the development of ‘local multi-Emiratis’, such as Aramex and DP World, and the advantage that this region has in terms of uniting diverse countries under one common language. This was seen as a major reason for the development of cross-border investment and the successful penetration of GCC companies into the wider global market.
Borys Dackiw, Managing Partner, Baker & McKenzie Habib Al Mulla, highlighted; “We are witnessing the development of the UAE as a global hub for multi-national companies. This is not just in terms of their growth within the country, but it is on a truly continental scale. As this trend increases, and I am convinced that it will, the need for an appropriate framework in which these companies can conduct business increases. Already, there have been considerable advances in this area, notably the successful establishment of free zones, but more work is required as the UAE economy increases its presence within the MENA region”.
It was recognised by the panelists that much of the UAE’s success to date is due to having access to a top quality workforce in all sectors. The UAE is home to over 200 nationalities, which are now, thanks to the increase in local education levels, interacting and co-operating with Emiratis in business on a daily basis. When expatriates come to the UAE, they are able to find work and start contributing to the wider economy almost immediately, allowing the UAE to enjoy one of the most free markets for labour in the world.
Panelists agreed that the continued development of a world-class education system was essential to sustain the UAE’s long term leadership position within the MENA region. Specifically, the panel argued for an education system which supports the growth and development of national talent, encouraging Emiratis to consider the private sector as a secure and fulfilling career choice.
Emirate: Dubai
Date: Dec 9, 2013
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