In 2003, Dubai was fast-earning a reputation as one of the world’s fastest-growing financial centres. With a track record of turning ambitious visions to reality, the city cemented its status by hosting the annual meetings of the International Monetary Fund (IMF) and World Bank in September of that year.
As the first IMF-World Bank convention to be held in an Arab country, it was a testament to the UAE’s rise to global power under the leadership of the UAE Founding Father, the late Sheikh Zayed bin Sultan Al Nahyan.
The city and nation were chosen for their advanced transport and logistics infrastructure, their emergence as a financial powerhouse, and their potential for future growth. It was also the first major event held at Dubai International Convention and Exhibition Centre, and the UAE minted a special dirham coin to mark the occasion, featuring a rare colour design.
After three years of local and federal planning, Dubai and the UAE proved their ability to host an international event on the largest stage, spanning hundreds of engagements and dozens of hotels ― a major milestone on the road to Expo 2020.
The UAE had the honour of representing the interests of 13 countries at the IMF, including Bahrain, Egypt, Iraq, Jordan, Kuwait, Lebanon, Libya, Oman, Qatar, Syria, Yemen, Maldives and itself.
During the event, more than 16,000 visitors from more than 184 countries discussed prospects for the global economy, international financial markets, crisis-prevention mechanisms and how to lower poverty levels.
The event was hailed as an opportunity to display the region's potential for staging world events, as well as foreign investment. In the years that followed, Dubai and the UAE have continued to attract growing volumes of international investments, and increasingly larger events.
After Dubai 2003, the event’s general co-ordinator, Ibrahim Belselah, said: “The event was successful by all means and was termed as the best meetings in the history of World Bank and IMF.”
Most amazingly, 90 per cent of the officials who attended had never visited the region before and were “surprised and impressed with the facilities”, from the speedy processing at Dubai International Airport, to the standard of Dubai’s hotels and the facilities at Dubai’s new Convention Centre.
“Everyone was praising Dubai standards, its services, the hospitality and the security," Mr Belselah said. "I received more than 600 telephone calls and numerous emails after the event all praising and enquiring about the investment potentials here.”
Through the event’s success, Mr Belsaleh said the emirate “established itself as a brand name for quality”.
“The world's financial and political decision makers will promote Dubai worldwide, just by talking about Dubai 2003 in the next meetings they will attend," he said. "All of them are opinion-makers in their countries and can influence the media and contribute to changing the stereotype image of the region."
In a report, Qasim Sultan Al Banna, head of the event’s organising committee, said: "What seemed like a daunting task at the onset, shaped into one of our country's greatest achievements. While some doubted the UAE's readiness to orchestrate such a challenging task, as UAE nationals, we firmly believed in ourselves and [have] undertaken the challenge with vigour and enthusiasm.”
Mr Al Banna thanked the late minister of finance and chairman of the steering committee, Sheikh Hamdan bin Rashid Al Maktoum, for encouraging the team to excel in every undertaking, as well as Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, and the country's leadership.
He said: “Needless to say, we were absolutely thrilled when the 2003 annual meetings were labelled the 'best ever' by numerous bank and fund officials and participants at large."
Scroll through images of another milestone for Dubai and the UAE, Expo 2020, below
