Dubai summit can ‘pave the way for a new era of progress’

Electoral systems around the world need to be reformed for better global governance – and new powers need to be integrated into the international decision-making framework, the World Economic Forum heard yesterday. Klaus Schwab, founder and executive chairman of the WEF, said real progress in the world’s governance system needed participation of as many global powers as possible. The world was witnessing a transformation, he said, which would affect the future and the coming generations. “There are transformational changes and we see them already in the world. We have to really re-think about the notion of capitalism and make it more integrated and more human,” he said. “We have to re-think about global governance and global co-operation. We have to re-think about the relation between governments and businesses as well as the relation between the rich and real economies. “Everybody is talking about new powers such as China and India, but the financial crisis showed the world that it must look at other places as well, including the Middle East and the GCC region,” Schwab said. The summit is a gathering of 700 of the world’s most innovative and relevant minds, including leaders from academia, business, government and civil society from around the world. It provides a platform to share ideas and collaboratively address some of the key issues on the global agenda to lay out solutions to some of the most pressing issues. The three main issues on the agenda at the summit are financial instability, food security and energy supplies. At the opening press conference, Schwab was joined by Mohamed Alabbar, Member of the Dubai Executive Council and Chairman of Emaar Properties and co-chairman of the summit. Alabbar said the gathering was a clear declaration to the world from the UAE and Dubai “that we are committed participants on the international arena… and we have sincere intention to launch and support practical solutions to overcome world challenges.” Alabbar said that despite the difficult circumstances lived by the region, Dubai remains to be the ray of hope for this region and the world as well. “The Dubai summit can pave the way for a new era of global socio-economic progress,” he said. “We were preparing for the summit for 11 months. Its timing has become critical due to the recent dramatic events in the world economy. “We saw the crisis originate in the developed world and have a significant impact on the developing world. This added more importance to the discussions about global challenges and integration during this critical time.” Al Abbar added that Dubai was the perfect place for such a historic meeting. “As a city, we are global in character and have always been forward-looking.” Mohmad Al Kady business24-7