First-ever Global Business Forum ASEAN examines the dynamics of the UAE-Singapore relationship and its role in building bridges between regional business communities
Dubai, UAE: Close economic ties between the UAE and Singapore have enormous potential to develop into wider ASEAN-Gulf trade relations, according to industry experts speaking today at the Global Business Forum ASEAN in Dubai.
The forum, organised by Dubai Chamber in partnership with Expo 2020 Dubai, featured a session titled Leveraging Hubs – The UAE-Singapore Dialogue, which was joined by Hassan Al Hashemi, Vice President of International Relations at Dubai Chamber and Dr Brian Shegar, President of the UAE-Singapore Business Council.
“We need to utilise forums such as the Global Business Forum ASEAN to see where we can move forward from here,” asserted Al Hashemi. “One of the most notable things we did with the first-ever GBF ASEAN is publish a paper that gives an overview of our bilateral relationship and where we can come together – Dubai and Singapore – to take the relationship forward.”
“The paper specified four sectors where we can see an accelerated improvement,” Al Hashemi added. “First is transport and logistics, where we are can enhance the use of our knowledge and expertise to expand trade ties between our regions. Second, we can mention agribusiness and food: we know 90% of what we consume is imported, which is why agribusiness and food security are at the top of our government’s agenda. We need to see how we can build on this partnership to truly tackle this issue.”
“The third sector is retail and ecommerce, where the pandemic has really pushed companies to have an online presence,” he continued. “and finally, there are Financial services and fintech. This is just an example of what we can do collectively to look beyond the UAE and Singapore and connect as two prominent hubs to bring value in terms of trade.”
For his part, Dr Brian Shegar said: “Singapore and the UAE have shared an excellent relationship beginning in 1985, when diplomatic ties were first established between the two countries. This makes the UAE Singapore’s leading trade partner, and vice versa, Singapore is the UAE’s leading commercial partner in the ASEAN region.”
“In terms of investment, even during the COVID-19 pandemic, we saw substantial investments made. This year, for example, GIC – which is Singapore’s sovereign wealth fund – invested USD 600 Million in the ADNOC crude pipeline project, which was an important milestone,” Dr Shegar explained, adding that the relationship between the two culminated in February 2019 with the official visit by His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi, Deputy Supreme Commander of the UAE Armed Forces, to Singapore.
The agreement bringing the two countries together focuses on six areas, Shegar noted: “Defence and security, finance, sustainable development, health, education, and human resources development.”
In a separate session focusing on the Islamic economy and its power to shape the global economic recovery, Ayman Amin Sejiny, Chief Executive Officer, the Islamic Corporation for the Development of the Private Sector, Saudi Arabia was joined by Dr Mohamed Damak, Senior Director and Global Head of Islamic Finance, S&P Global, UAE in a session titled Islamic Finance: Forging New Links. The conversations highlighted the latest state of the global Islamic economy report, which put the value of Islamic finance worldwide at almost USD 2.9 trillion in 2019, with some estimates putting the worldwide halal economy at more than USD 11 trillion by the end of this decade.
Sejini, stressed that the time is ideal to promote the spread of Islamic banking, especially after the world began to emerge from the recession last year due to the outbreak of the Covid-19 pandemic. He explained that Islamic banking products and services are consistent with the standards of environment, society and governance, thus comply with the frameworks of sustainable development, and adopt the principles of ethical investment in doing business. He noted that financial technology is a major supporter of the Islamic banking sector, giving it the ability to provide effective solutions, facilitate access to its products and services, support the issuance of sukuk, and advance the sector’s growth and prosperity.
“Great trade businesses between Dubai, the GCC and the ASEAN, as well as the excitement to be able to access product and services throughout, will go greater and stronger than ever before will be the game changers in the industry. I feel fintech will be the future of Islamic financing,” he said.
Dr Damak, pointed to a number of challenges facing the Islamic banking sector, including the need to develop its standards, align its business with the requirements of society and governance, and introduce the latest financial technologies into the issuance of sukuk and takaful.
GBF ASEAN forms part of Dubai Chamber’s flagship Global Business Forum series, which was launched in 2013 to provide Dubai’s business community with new opportunities and strengthen the emirate’s position as a global business hub, a dynamic centre of commerce, and a gateway to lucrative new markets.
Dubai Chamber mission is to represent, support and protect the interests of the business community in Dubai by creating a favourable business environment, supporting the development of business and promoting Dubai as an international business hub. Since its establishment, the Chamber has contributed to strengthening Dubai’s position as a global destination in the world of finance, business and investment. The Chamber provides a wide range of services that enhance business competitiveness and support sector companies through facilitating the conduct of their business, including issuing certificates of origin, providing data and economic research, providing mediation and commercial arbitration services, receiving foreign trade delegations and sending commercial missions abroad. As well as organising forums, seminars, business meetings and training courses for representatives of the business community, serving business groups and councils, providing credit rating services, and a large number of specialised smart services that meet the needs of members and enhance the investment environment in Dubai.
About Expo 2020 Dubai:
From October 1, 2021 to March 31, 2022, Expo 2020 Dubai welcomes visitors from all over the world, helping to create a new world, while bringing the entire planet together to reshape the future. Under the slogan “Connecting Minds, Creating the Future”, Expo 2020 represents the incubator of the most influential ideas in the world, stimulating the exchange of new visions and inspiring movement towards finding realistic solutions to real world challenges. Expo 2020 Dubai will be the largest cultural gathering in the world, as it will provide amazing and inspiring experiences over a 182 days, and more than 200 entities will contribute to these experiences, including countries, multilateral organisations, companies, and educational institutions, as well as millions of people. Expo 2020’s subthemes, Opportunity, Mobility and Sustainability, will inspire visitors to conserve and protect our planet, explore new horizons, and create a better future for all. Over a period of six months, Expo 2020 will be an ideal destination for families, filled with thousands of activities and wonderful exploration experiences, and will provide free admission for children under the age of 18. Expo 2020 is committed to build a more equal, just and equitable world for all, while maintaining the safety of visitors, by following the latest guidelines issued by world-leading experts in the fields of medicine, science and health. Expo 2020 Dubai is the first International Expo to be held in the Middle East, Africa and South Asia region, and its location extends over an area of 4.38 square kilometres in “Dubai South” near Al Maktoum International Airport. The Expo site represents a practical application of innovation and was built with a vision to being a meaningful and remarkable long-term legacy. After the conclusion of the Expo 2020, it will turn into District 2020, which constitutes a model for a global community that reshapes the features of the cities of the future.
