Dubai, UAE, November 24, 2006: Mr Mohamed Ali Alabbar, Chairman, Emaar Properties, will Co-Chair the India Economic Summit organised by the World Economic Forum (WEF) from November 26 to 28 in New Delhi. Having announced the largest foreign direct investment (FDI) of US$1 billion in the Indian real estate sector Emaar also underscores the Arab World’s presence at the event as Summit Supporter.
Indian Finance Minister Mr P Chidambaram will be the special guest at the main plenary session, “India in a world at risk," at which Mr Alabbar will share the panel with senior Indian government officials, industry leaders and professionals. Mr Alabbar will also play a key role as panelist at two sessions on a crucial debate on the key challenges faced by India.
The other co-chairs at the Summit are Reliance Industries Chairman Mr Mukesh D Ambani, TNT Chief Executive Officer Mr Peter Bakker, SABMiller Chief Executive Graham Mackay, Infosys Technologies CEO and Managing Director Mr Nandan M Nilekani and KPMG International Chairman Mr Michael Rake.
In its 22nd year, the India Economic Summit is organised by World Economic Forum in association with the Confederation of Indian Industries (CII), a non-government and industry-managed organisation that plays a proactive role in India’s development process. Bringing together key decision makers from all sectors of the economy, the Summit is perceived as an effective forum that shapes the country’s growth agenda.
“India is steadily closing in on the 10 per cent economic growth rate,” said Mr Alabbar. “The record GDP growth rate of 9 per cent in the first quarter of 2006 proves that the country has moved beyond being a ‘call centre destination’ and displays a broader platform for growth. As India’s industries become tomorrow’s suppliers to global markets, India will move towards a GDP in excess of US$800 billion in 2007.”
The Summit will explore the many facets of the country’s economy under four thematic pillars - state and national competitiveness; managing growth; infrastructure development and risk management. “India’s long-term growth rate will depend on the interdependence of the global and domestic aspects of the economy and the nation’s ability to be self-reliant in managing its affairs and driving growth,” said Mr Alabbar.
Emaar has unveiled several projects in India. “As Summit Supporter, the event serves as a platform for us to underscore our presence in the country and also reiterate our expectations and growth strategy,” said Mr Alabbar.
Emaar developed the country’s largest and most advanced convention facility, the Hyderabad International Convention Centre; and is building a master-planned residential community, the Boulder Hills, in Andhra Pradesh.
Through a joint venture with MGF Developments Limited of India, Emaar is undertaking residential and commercial projects, special economic zones and IT parks in Punjab, Delhi NCR, Andhra Pradesh, Karnataka, Tamil Nadu, Kerala, West Bengal, Gujarat and Maharashtra. Emaar MGF also plans to build 10 to 15 luxury- and 40 to 45 business hotels with an initial investment of US$1 billion in the next 3 to 5 years. India will also figure prominently in Emaar’s healthcare and education expansion plans.
