The Global Financial Markets Forum (GFMF) is a gathering of investors, thought leaders, decision makers and major investors from around the world. Each year they meet to discuss trends happening in the world and their impacts on markets and prospects for the future. This year's GFMF is the seventh one and was held in Abu Dhabi. The GFMF and first day's keynote speaker was H.E. Sheikh Nahayan Bin Mubarak Al Nahayan. He spoke about Abu Dhabi's rise as the center of innovation and creativity in the world. These developments here display the ability for people from all cultures to work and live together in peace. The UAE's financial sector has backed this up by providing a robust and safe market full of innovation. As 2015 moves forward H.E. Sheikh Nahayan Bin Murbarak Al Nahayan says the UAE's financial sector will continue to be guided by the three founding principles of openness, transparency and access.
According to H.E. Hussain Al Nowais, Chairman of the General Holding Corporation (Senaat) in his keynote speech the UAE's economic strength has come from its economic diversification. This diversification strategy, originally implemented in the 1970s, is the reason the country is considered a pioneering nation today. The late Sheikh Zayed's vision was to create a strong economy through industrial and economic diversification via the creation of the General Industry Corporation (GIC) which is known today as the Senaat. Hussain Al Nowais discussed how the Senaat's investments over the past years have helped make the UAE strong financially and its ripple effects throughout the world economy and the domestic economy.
H.E. Nasser Ahmed Alsowaidi, chairman of NBAD, and the Chairman of Abu Dhabi Department of Energy spoke about the importance and power of the GFMF coming to the region. This is an excellent event for the world's top leaders to network and discuss future prospects. Everyone here has the opportunity to learn from each other because of the diverse mix of investors, economists, industry insiders and global policy decision makers. The UAE is at the center of the West-East corridor and this region which spans from Africa to East Asia is one of the highest growth sectors in the world today. General Colin L. Powell was at the GFMF as well and explained during his speech that the opportunity afforded him to become Secretary of State and more was unimaginable to him as a 10-year old. He went on further to discuss how important it is to prepare for the changing demographics of the coming decades and how to prepare young people for leading positions.
During some of the panel's discussions Mark Schwartz, Vice Chairman of the Goldman Sachs Group Inc. and Alex Thursby Chairman of Goldman Sachs Asia Pacific expressed strong opinions about China's need to continue reforms in both the capital market and socially. They also expressed a need for China to clean up its environment before it becomes worse. Some feel that these views are a bit strong and that there is unsaid desire within Europe and the USA to see China fail. The Goldman Sachs chairman did mention that despite China's debt being 280% of its GDP that it shouldn't be an issue because of the tremendous growth opportunities ahead.
Lastly, one of the most important developments happening in Africa is governments beginning to partner with the private sector and build relationships. This bodes well for the creation of new employment opportunities and economic development.
According to H.E. Hussain Al Nowais, Chairman of the General Holding Corporation (Senaat) in his keynote speech the UAE's economic strength has come from its economic diversification. This diversification strategy, originally implemented in the 1970s, is the reason the country is considered a pioneering nation today. The late Sheikh Zayed's vision was to create a strong economy through industrial and economic diversification via the creation of the General Industry Corporation (GIC) which is known today as the Senaat. Hussain Al Nowais discussed how the Senaat's investments over the past years have helped make the UAE strong financially and its ripple effects throughout the world economy and the domestic economy.
H.E. Nasser Ahmed Alsowaidi, chairman of NBAD, and the Chairman of Abu Dhabi Department of Energy spoke about the importance and power of the GFMF coming to the region. This is an excellent event for the world's top leaders to network and discuss future prospects. Everyone here has the opportunity to learn from each other because of the diverse mix of investors, economists, industry insiders and global policy decision makers. The UAE is at the center of the West-East corridor and this region which spans from Africa to East Asia is one of the highest growth sectors in the world today. General Colin L. Powell was at the GFMF as well and explained during his speech that the opportunity afforded him to become Secretary of State and more was unimaginable to him as a 10-year old. He went on further to discuss how important it is to prepare for the changing demographics of the coming decades and how to prepare young people for leading positions.
During some of the panel's discussions Mark Schwartz, Vice Chairman of the Goldman Sachs Group Inc. and Alex Thursby Chairman of Goldman Sachs Asia Pacific expressed strong opinions about China's need to continue reforms in both the capital market and socially. They also expressed a need for China to clean up its environment before it becomes worse. Some feel that these views are a bit strong and that there is unsaid desire within Europe and the USA to see China fail. The Goldman Sachs chairman did mention that despite China's debt being 280% of its GDP that it shouldn't be an issue because of the tremendous growth opportunities ahead.
Lastly, one of the most important developments happening in Africa is governments beginning to partner with the private sector and build relationships. This bodes well for the creation of new employment opportunities and economic development.