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country's attractiveness for foreign investments through establishing a suitable economic climate for investors, capital owners, and
entrepreneurs. The most notable developments in this regard include the granting of 100 percent foreign ownership of companies,
the modernisation of visa and residency systems, and the introduction of self-employment and long-term residency pathways, which
contribute to strengthening the country's ability to confront global economic changes. They also contribute to consolidating its
position as a leading destination for business and investment."
Bin Touq pointed out that the summit serves as a key platform to shed light on the most prominent shifts in the global economic
dynamics, and how to benefit from them in promoting sustainable economic growth at the local, regional and international levels,
especially since the global economy is going through a state of uncertainty.

Roberta Gatti Chief Economist to the MENA region, The World Bank, said, "The MENA region is returning to its pre-pandemic trend
of low growth, in the context of a global economy that is decelerating for the third consecutive year. MENA's gross domestic product
(GDP) is forecast to rise to 2.7 percent in 2024, which is a tepid increase from 1.9 percent in 2023. This outlook is marked by
uncertainty, amidst the conflict in the region and rising levels of debt. In addition, rising debt is heavily concentrated in oil-importing
economies, which now have a debt-to-GDP ratio 50 percent higher than the global average of emerging markets and developing
economies. Oil importers in MENA are borrowing against an uncertain future. In the past decade, they have not been able to grow or
even inflate their way out of debt, stressing the need for fiscal discipline and debt transparency, when debt stocks increase due to
below-the-line spending. For oil exporters, the challenge is one of economic and fiscal-revenue diversification. This is because of the
structural change in global oil markets and the rising demand for renewable sources of energy."

In the first panel discussion, 'Economic Frontiers: Navigating the Global Landscape in 2024 and Beyond', speakers included Dr.
Mahmoud Mohieldin, UN Special Envoy on Financing the 2030 Agenda for Sustainable Development and Executive Director,
International Monetary Fund; Chris Williamson, Chief Business Economist at Standard & Poor's Markets Intelligence; and Andrew
Torre, Regional President of Visa for the Central and Eastern Europe, Middle East and Africa region. The session was moderated by
Ziad Daoud, Chief Emerging Markets Economist, Bloomberg Economics, and highlighted the importance of strategic economic
diversification, innovation ecosystems and the role of foreign investments. It also discussed emerging industries, investment
opportunities, and the role of the Middle East in the rapidly evolving international business environment.
In panel two, 'MENA Economic Outlook: Adapting to New Global Realities', Dr. Hala Elsaid, Minister of Planning and Economic
Development of Egypt, Roberta Gatti, who attended virtually, Chief Economist for the MENA region at the World Bank and Dr. Nasser
Saidi, President and Founder Nasser Saidi & Associates Former DIFC Chief Economist, Economic Adviser & Consultant, focused on
how geopolitical shifts affect regional economies, including Middle East conflicts, the Red Sea's strategic importance and changes
within BRICS countries. They analysed economic policies' impact on stability and growth, offering insights for exploring this evolving
landscape. The session was moderated by Dr. Rawaa Harati, Founder and CEO, KINZ consultancy.

The 'Digital Frontiers in Finance: Exploring Tomorrow's Financial Services Landscape', panel examined accelerating digital
transformation, embracing fintech innovations and navigating regulatory challenges. Speakers included Emmanuel Givanakis, CEO
of FSRA at ADGM, Rola Abu Manneh, CEO of Standard Chartered UAE, Middle East, and Pakistan, Damian Hitchen, CEO of Saxo
Bank MENA, and the moderator Jean Abou Assi, Partner leading digital financial services at PwC Middle East. They also discussed
future market trade, highlighting the interplay between innovation and regulation and shared insights on adapting to an ever-evolving
regulatory landscape.

The session 'Tourism: The Pillar of Economic Strength', was moderated by Sunil John, founder of Asdaa' BCW and former CEO of
the MENA region for BCW. This discussion examined tourism as a key driver of economic growth, contributing to job creation,
infrastructure development and cultural exchange, including its effects on small businesses and regional investment. Tourism serves
as a double engine for the Gulf region, encouraging entrepreneurship and innovation while fostering cultural understanding, though
growth must be balanced for environmental sustainability. Speakers included Saeed Ali Obaid Al Fazari, Executive Director of the
Strategic Affairs Sector at the Department of Culture and Tourism - Abu Dhabi; and Dr. Saeeda Jaafar, Senior Vice President and
Group Country Manager of the Visa Group in the GCC; and Haitham Mattar, President of IHG Hotels & Resorts, India, Middle East
and Africa.

Joe Chidiac, CEO and publisher of Economy Middle East, organised the summit. He said, "Bringing together visionary leaders,
distinguished ministers and industry experts, the Economy Middle East Summit 2024 served as a vibrant platform for innovative
thinking, revolutionary ideas and collaboration, all aimed at driving accelerated growth across the Middle East."
The summit was held in partnership with ADGM, one of the world's leading international financial centres. It was supported by the
Department of Economic Development in Abu Dhabi and Visa, the leading global company in payment services. Strategic
partnerships included Alef Education and Standard Chartered.

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