Michael Bloomberg

Michael Bloomberg is former Mayor of New York City United Nations Special Envoy for Cities and Climate Change, founder of Bloomberg and three-term Mayor of New York City. Bloomberg held its first Future Cities Forum in the GCC at the Armani Hotel, Dubai on Tuesday, hosted by Michael R Bloomberg.

Michael Bloomberg’s Verdict On What Makes Dubai A Dynamic City


People who attended the forum include business leaders, investors, members of the financial community and the media, a panel of experts from government and finance explored the city’s models for success and vision for its future. At the Future Cities Forum Michael spoke about Dubai being one of the dynamic emerging markets on planet.

Michael stated that “Dubai is among the five most distinctive global cities in terms of its architecture, infrastructure, tourist attractions, cleanliness and stability in the light of overall stability in the UAE, not to mention the joy signs and happiness on the faces of residents who live in this remarkable city characterized by social and cultural fabric”

Michael added that Dubai has been taking decisive steps in the two areas which are very necessary for the environment which is investing in the mass transit and clean energy.

The world’s’ 14th-richest man Michael Bloomberg, presenting his vision of an ideal city at the “Future Cities Forum” in Dubai, called upon governments to build cities where people want to live. “To attract good people and their families, provide them a great life: clean air, less traffic, parks and culture. Then they will come, put down roots, set up businesses.”

He stated that Dubai air is pretty impressive, in some countries people wear mask and get out of their buildings. People do not work or live in a place where its highly polluted or neither would they like to expose their children to such environments

Bloomberg argued that the good news is that things that improve climate change also improve the economy and health of a nation.

One of the panelists at the event Reem Ibrahim Al Hashemi; UAE Minister of State and managing director of the Dubai Expo 2020 Higher Committee stated that creativity, innovation and energy are the significant aspects that make Dubai the nucleus of wide region as well as regions of Europe, Asia and Africa and Middle East. Dubai Expo 2020 will not just be for Dubai and the UAE but for the region as a whole. The minister also stated that Dubai is benefiting from its safe haven status.

Another panelist Arif Naqvi, founder and group chief executive of the Abraaj Group said that he would like to name cities like Dubai as global growth markets. Dubai accommodates 220 nationalities. During the past 20 years, Dubai has developed and worked in order to rank itself as a great global city. He also stated that his company Abraaj has set up the biggest private equity platform in the world, which specializes on global growth markets due they having access to capital, connectivity and sound regulatory environment.

Panelist Marios Maratheftis, chief economist at Standard Chartered Bank stated the chief factor is the lesson Dubai has learned from the financial crisis. When the real estate prices began to increase in 2013 and 2014 there was certain policies allocated. The UAE Central Bank initiated lending caps and the real estate firms came with suggestion of transaction taxes to deter speculators.

He added another key factor which should be taken account is Dubai’s adaptability. “In 2008, 30 per cent of the economy was real estate and construction. “Dubai recovered from the financial crisis in a short duration of time of within a one year, due to its adaptability. On the other hand countries which didn’t adapt took time to recover.

Panelist Ashok Aram, chief executive officer for the Middle East and Africa at Deutsche Bank stated that two factors that make Dubai unique is its open mercantile attitude which is in its DNA and its audacity.“Dubai is multi-dimensional, based on multiple sectors such as transport, tourism, energy, finance, real estate, media and trade,” he said.

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