Dubai is a place where dreams can be made, says Barack Obama

13/12/2012 - Dubai Investment News Posted by Bob Brunskill
Dubai is a place where dreams can be made, says Barack Obama

One of the world's most powerful men has hailed Dubai as a place where dreams can be made.US president Barack Obama praised the emirate during a speech that was televised ahead of the third Annual Global Entrepreneurial Summit in Dubai.He thanked the UAE government for hosting the prestigious event and insisted that Dubai is a fitting location to host such a high-profile business gathering.The UAE - and Dubai in particular - has emerged as a major international corporate hub in recent years and plenty of new, up-and-coming enterprises are launching in the country.A host of huge multinational corporations are also setting up bases in the Gulf, as they see the Middle East as a lucrative market."Here in Dubai let us keep creating the next generation of dreamers, creators and builders," Mr Obama remarked."In short, let's keep doing everything we can to help that aspiring entrepreneur turn ideas into a business that could change her neighbourhood, her city, or her country."His Highness Shaikh Mohammad Bin Rashid Al Maktoum - UAE vice president and the ruler of Dubai - said strong leadership has helped the country to become what it is today.He added that a culture of openness and strong links with other major trading hubs around the world has transformed Dubai into an entrepreneurial hub.While many countries around the world have been struggling, Dubai's economy has performed remarkably well in 2012 and further growth is expected in 2013.According to figures provided by the Dubai Statistics Centre, the UAE's gross domestic product increased by an impressive 4.1 per cent in the first six months of the year.Economists believe that much of the upturn can be attributed to higher visitor numbers between January and June 2012.Reuters recently reported that firms in the hospitality sector saw their profits rise by 16.1 per cent over the six-month period, while hotels said their occupancy rates had climbed by 9.6 per cent.