Georgetown McDonough Hosts Inaugural Conference in Dubai, Exploring the City’s Strategic Vision for Global Business Leadership
Georgetown University’s McDonough School of Business, in collaboration with the Dubai Media Council, hosted the ‘Dubai Rising: Building Tomorrow’s Global Business Capital’ conference at the Museum of the Future, Feb. 14.
The event builds upon the school’s successful Executive MBA in Dubai, which is now in its second year, and highlights the school’s key partnerships and the depth of the Georgetown alumni network in the region.
The inaugural conference convened a distinguished group of policymakers, business leaders, and scholars from the UAE, the United States, and beyond to explore Dubai’s aspiration to enhance its role in driving sustainable growth and shared prosperity worldwide, as well as the Dubai Economic Agenda ‘D33,’ a strategic roadmap aimed at doubling Dubai’s GDP by 2033 and positioning the emirate as a global economic powerhouse.
His Excellency Mohammad Ali bin Rashed Lootah, president and CEO of Dubai Chambers, delivered the keynote address, outlining the D33 economic agenda and its goals. He emphasized essential economic development pillars such as attracting and nurturing external investment, embracing digital transformation, incorporating sustainable initiatives, and advancing societal development efforts to attract, support, and retain talent.
Four key panel discussions then covered various topics, with subject experts providing valuable commentary and insights for attendees.
Designing and Communicating the Physical, Digital, and Social Infrastructure of Tomorrow
Her Excellency Maitha Mohammed Al Shamsi, CEO of the Community Empowerment Sector at the Community Development Authority in Dubai, outlined how the city’s social agenda supports the wider D33 economic agenda by ensuring people will continue to grow and thrive in Dubai. His Excellency Mohamed AlMulla, CEO of Dubai Media and member of the Dubai Media Council, said technical evolution continues to drive economic success and that the future belongs to those who can imagine it, design it and execute it. Marwan Al Zarouni, CEO of AI for the Dubai Department of Economy and Tourism, added that Dubai’s leadership has built digital goals into the wider economic vision, making the Government of Dubai one of the first to pioneer this approach.
The Global Business Landscape: Challenges and Opportunities for the UAE and Dubai
In a panel moderated by Danny Sebright, CEO of the US-UAE Business Council, Martina A. Strong, ambassador of the United States to the UAE, illustrated how growth in the region continues to accelerate, allowing U.S. businesses to benefit from the dynamism and connective power of Dubai. She emphasized Dubai’s significance as both a location to do business in, as well as to do business from, enabling connections with Africa, Europe, and Asia. Sima Ved, founder and CEO of Apparel Group, shared that among the 85 brands in the Apparel Group’s stable, 28 chose Dubai as their first foray into the international market. She underscored that her company takes draws lessons and examples from how Dubai markets itself as a destination on a global stage. Additionally, Reena Aggarwal, professor and director of the Psaros Center for Financial Markets and Policy at Georgetown McDonough, observed that the Dubai government has been astute to explore both the diversification of sectors and industries and its continued diversification in international partners – ensuring stability and security for its economic growth plans.
Financing Infrastructure Investment: The Next 10 Years
Salmaan Jaffery, chief business development officer at the Dubai International Finance Centre (DIFC), commented that infrastructure is more than the physical framework; it’s also the legislative and regulatory framework, and that DIFC was a leading model of innovation for future emerging markets. Jad Ellawn (B’05), managing partner and head of the Middle East at Brookfield, responded to a question on local and regional financing competition between locations, affirming that as long as the UAE and/or region was doing well in its entirety, then healthy competition can encourage collective growth for the benefit of all. When asked what skills they are looking for in their future hires, Henrik Raber (C’91), global head global banking at Standard Chartered Bank, outlined that freethinkers and those who demonstrated humility were top of his hiring list.
AI, Technology and a Changing Business Environment
Karim El Solh (MBA’91), founder and managing director of Gulf Capital, discussed how his organization had been investing in AI before it became a popular and well-understood concept. He noted that their growth would have been impossible without a deep understanding of AI and machine learning. Rostin Behnam (C’00), former chairman of the U.S. Commodity Futures Trading Commission and a Psaros Center Distinguished Fellow, addressed the delicate balance between regulating AI and attracting AI businesses, noting that incentivising entrepreneurs to set up their businesses doesn’t often align with a regulator’s view in terms of risk management and security. Meanwhile, Raakin Iqbal (S’14), founder and CEO of NucleusAI, emphasized that innovation in government is not a luxury, but a necessity to move forward, and Dubai is leading the charge in tackling some of the global challenges related to AI.
The event, which was attended by the Georgetown McDonough Board of Advisors and key advisors in the region, concluded with insights from the school’s Psaros Center for Financial Markets and Policy and Steers Center for Global Real Estate featuring Board Chair Robert Steers (B’75), Vice Chair Michael Psaros (B’89), and and the centers’ directors discussing how their research and activities are enriched by the university’s presence in the global business hub operating out of Dubai.