The UAE model of economic diversification is well-suited for the Commonwealth of Independent States to prepare for the post-oil era and to strengthen their economic competitiveness experts at a key forum agreed on Thursday.

The inaugural Commonwealth of Independent States Global Business Forum (CIS GBF 2016) which concluded in Dubai on Thursday also recommended that CIS countries should draw on and benefit from the experience of the UAE in the areas of Smart Government for formulating policies that will strengthen governmental excellence and contribute to the happiness of the people.

The forum also underlined the urgent need for diversification of the economy as well as sources of investment and to reduce the dependence on natural resources to mitigate the adverse impact of price fluctuations.

Experts also recommended the importance of amending/formulating regulations and legislations to conform to global variables and to provide a transparent environment that will ensure that the interests and rights of investors are protected.

The forum called on the need to promote innovation and leverage advanced technologies to strengthen the New Silk Road. Islamic finance is set to gain traction in the under-served Commonwealth of Independent States with concerted efforts to drive grassroots level education covering all stakeholder groups and the governments increasingly resolving to implement adequate regulations and legislations said experts at the first CIS Global Business Forum in Dubai.

Speakers said diversification is the way forward for CIS economies as highlighted by the successful experiences of Dubai.

During the panel discussion Hamad Buamim President and Chief Executive Officer of Dubai Chamber; Ghaith Al Ghaith Chief Executive Officer of flydubai; and Gerard Lawless head of Tourism and Hospitality at Dubai Holding and recently appointed Chairman of World Travel and Tourism Council shared their personal experiences and the lessons learned from Dubai's successful diversification into a non-oil based economy.

Buamim emphasised the importance of establishing hard and soft infrastructure to ease travel between Dubai and the CIS countries. He also called for promoting innovation and leveraging new and advanced technologies to promote the New Silk Road.

According to Al Ghaith the UAE was ahead of the game in being one of the first countries to recognise the importance of establishing links with the CIS. The GCC and CIS countries share several similarities and Dubai can be a valuable partner to the CIS having successfully diversified away from oil.

Discussing the essential ingredients to building a successful hub Gerard Lawless said that a coordinated collective approach is required for establishing a hub. "This is an opportune time for the CIS countries to examine reform and re-invent. Improving infrastructure and transparency can open up new avenues and help stimulate the economy."

Arif Amiri Chief Executive Officer of DIFC Authority said Dubai International Financial Centre is offering a one-stop solution to make it easy for investors from around the world to do business in Dubai.

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