VP transforms Dubai into city of wonders

31/01/2016 04:53 AST

The Pakistan Business Council recently organised a brainstorming session titled ‘World Economic Trends’ in Dubai. Javed Jalil Khattak, Consul General of Pakistan to Dubai and Northern Emirates, Muhammad Abdul Wahid Khan, Press Counsellor, Consulate General of Pakistan in Dubai, Tanvir Khawaja, President Pakistan Business Council and other top-notch dignitaries attended the session.

Tanvir Khawaja in his keynote speech lauded His Highness Sheikh Mohammed Bin Rashid Al Maktoum, UAE Vice President, Prime Minister and Ruler of Dubai for transforming Dubai into a city of wonders and a major developed city of the world.

Innovation
“Under his visionary leadership Dubai has achieved the title to host Expo 2020 which is a landmark achievement and has also given us the slogan of innovation,” he added.

Javid Khattak also addressed the gathering. Shan Saeed, a leading global economist trained from University of Chicago, USA and Chief Economist at IQI holdings, Malaysia.

In his presentation, briefly highlighted the key economic issues including oil fluctuations and various challenges to the health of world economy in 2016.

He said that oil prices are set to rebound in H2 with demand from China and North America in the coming months.

The recovery of oil prices would be faster than 2008. In his exclusive interview with The Gulf Today Shan Saeed, Chief Economist from IQI Holdings Malaysia shared on the sidelines of the event.

“The oil prices will rebound sharply in 2016 and I hope that it will reach between $50 to $60 a barrel by year-end, he added” Shan noted that he see a lot of bankruptcies taking place in US shale gas. The global mergers and acquisitions appetite is also on the rise. The growing demand for 93 million barrels per day of oil still exists and obviously due to constraint / capex reduction, supplies may not be able to pace with demand, resulting in higher fuel prices moving forward.

He discloses that the fluctuation in the global oil prices is due to slowdown in world’s economy adding that global financial crisis will remain until 2020.

The global financial market would stay volatile and we are in for a long haul. He denounces the rumors that US Shale gas is a major threat to the oil producing countries (Opec) adding that already 40 companies have filed for bankruptcies amounting to $37 billion because the cost of productions in US Shale gas and Canada are very expensive.

Shan ruled out the affect of lower oil prices on the UAE economic growth as the economy is very resilient and moving in a structured mode.

He noted that the country’s economy is balanced, vibrant and well-diversified and it has the potential to easily weather all the economic crisis.

The Gulf Today