 The Vice President of the United Arab Emirates and the Prime Minister. Your Highness, Excellencies, we are back in Dubai for the third time. What a great pleasure for us. Our memories, our friendships, and our communities is being built here in Dubai. And we will always have this tradition of having Your Highness with us. We hope this tradition is never broken in the Arab way. This is the official opening of the Summit on the Global Agenda Council, and I invite Professor Klaus Schwab, the Executive Chairman of the World Economic Forum, to address you and to officially inaugurate our work this year. Professor Schwab. Your Highness, Sheikh Mohammed bin Rashid al-Maktoum, Vice President and Prime Minister of the United Arab Emirates, ruler of Dubai, my dear co-chairs, Your Excellency Sultan bin Syed al-Mansouri, Minister of Economy of the United Arab Emirates co-chair of the Summit on the Global Agenda 2010, and Your Excellency Samin Al Hamzi, Director General, Department of Economic Development, Government of Dubai, United Arab Emirates, also co-chair of the Summit on the Global Agenda 2010. Let me first thank you, Your Highness. You made this Summit possible, and it's now the third year that we all are assembled here from over 60 countries, the best experts in the world on many issues, to reflect about the world of tomorrow, to find solutions for our many-fold problems and challenges. And there could be no better place to do so than here in Dubai. We are living today in a completely new reality. If we look back at the crisis, which started as a financial crisis, which became an economic crisis, and in many parts of the world, it's now becoming a social crisis. But actually, it was a structural crisis, a structural crisis because the world has changed substantially in the last 10, 15 years since the beginning of this new century, and maybe we have neglected, or certainly we have neglected, to re-sink, to re-design, and to rebuild our systems and our institutions. What we want to do here, Your Highness, is to look at the world in the context of the new reality. And I just want to share with you 10 dimensions of the new reality. The first dimension of this new reality is the leveraging. The world is still in many parts in the intensive care station. And what we have seen over the weekend in Europe, related to Ireland, was the doctors rushing into the intensive care station again to help the patient. But if you look at Dubai, Your Highness, I think we can learn one thing. You had also, and yesterday when I had Sir Honour to be received by you, you reminded me we shouldn't talk about the crisis, we should talk about the challenge. And I think you have shown the world how such a crisis can be confronted without losing the vision, the clear vision for its future. And I'm sure for Dubai this was just a pump in the road. But what does this dimension of deleveraging mean for the world? It means that in the future we have to do more with less. This is the second dimension of the new reality. It is that the next generation is playing a much higher role, a much more important role. The next generation, the young people, and after all half of humankind is below 26 years old. Those young people have new perceptions, new visions, new expectations. They are more engaged, and we have to engage them. And you have shown also here the way. So a third dimension of the new reality, I would be tempted to describe it as the green economy, but I would be more precise. And I would subdivide it into a third and fourth factor. A new dimension is the resource scarcity in the world which we will have to confront in the future. If we assume only 4 to 5 percent global growth rates, we still double the consumption of natural resources every generation, which means every 17 to 18 years. And as a consequence, there is a fourth dimension of this new reality. It's the need to integrate external costs into our business models on a national and on a corporate level. We have sinned too much on misusing Mother Earth, and in the future our ecological footprint will by far exceed the capacity of Earth to regenerate itself, to re-urinate itself. So those companies who already now are capable to integrate those internal costs into their internal business models will be competitive in the future. A fifth dimension of the new reality is digitalisation. We are only at the beginning of the digital revolution. Whole sectors like information technology will influence, will revolutionise healthcare, education and everything which can be digitalised will be digitalised. And our old definition of production industry and service industry will not be valid anymore. What we will have is a digitalised and a non-digitalised industry, and the digitalised industry will look for locations like Dubai where they find the appropriate infrastructure. A sixth dimension of this new reality is the power shift. We all know power has shifted from the west to the east, from the north to the south, and again Dubai is situated in an ideal location, halfway north-south, halfway west-east. The seventh dimension I would like to mention is the redefinition of work. With the productivity increases, with still millions, hundred millions of people to move from countryside into cities, we just will not have enough work in the world anymore. And the old concept of employment will not be valid anymore. What we have to do is to educate people to self-employ themselves. And here I'm not thinking only in terms of commercial jobs, I'm thinking also of social entrepreneurship. And again, Your Highness, your country has so well recognized the need and the priority of educating the young generation and providing them with the necessary capacity to confront the world of tomorrow. The eighth dimension of this new reality is the dysfunctioning of globalization. It's not a question of de-globalization against globalization. Globalization is a reality with revolution in communications. What we have to confront is how we can make globalization more governable, how we create the necessary regulatory systems. And here I think flexible networks will play a major role in the future. What we are doing here, bringing people together, to look together, jointly, as a community at the big issues in the world, I think it's a reflection of those new government and governance models which we need to solve our global problems. The ninth dimension of the new reality is the amalgamation of social fears. The old division of public and private does not function anymore in our world. What we need is stakeholder cooperation. We need the cooperation of governments, business and civil society to really solve the issues we are confronted with. And again, Your Highness, here I think your country serves in many ways as an example. And finally, as a tense dimension of the new reality, I would like to mention risk exposure. The world is characterized by much more complexity, by much faster change. We have to digest as much change today in one generation as earlier generations had to digest in a whole century. We have many more players. This leads to a volatility everywhere. Volatility represents opportunities, great opportunities for those who are using some, but volatility also means higher risks. And what we are doing here during those two and a half days, we try to reduce risk exposure of the world by cooperating in a way where we are more proactive, where we are thinking in more strategic terms, and where we are thinking in more comprehensive ways. So ladies and gentlemen, your presence here is and shall be a great contribution to building the world of tomorrow. It will be a fascinating world. I know we have used today so often the world risk, but I think humankind is capable not only to confront all those risks, but to do what humankind should do, which means to build a better world for the next generation. Thank you. And I have now the pleasure to ask my co-chair. Thank you, Professor Schwab, for such an enlightening, opening speech. Definitely, they will set up the agenda at a very high level. My speech is going to be in Arabic, so those of you who want to put their earpieces. Bismillah ar-Rahman ar-Raheem, Sahb al-Shamu al-Sheikh, Mohammed al-Masjid al-Maktoum, Na'ib al-Ais al-Dawla, Ais Majd al-Zaraa, and Haqim al-Imarat al-Dubai, Ashab al-Samoor, al-Professor Schwab, Founder and Executive Chairman of the World Economic Forum. Co-Chairman of the Summit, His Excellency Sami Deen Al-Khamzey, Director General of the Dubai Department of Economic Development. Your Excellencies, ladies and gentlemen, and welcome to the 2010 Summit on the Global Agenda Held in Partnership of the United Arab Emirates Government and the Government of Dubai. We thank the World Economic Forum for organizing this important summit for the third consecutive year in the UAE. We are also honored to have with us more than 700 thought leaders from across the world, from academia, business, government, and civil society, to address pressing global challenges and discuss all of these issues here in Dubai and to come up with strategies to meet them and in order to present the possible and potential solutions for them. On behalf of the Government of the UAE, we thank you for taking time out from your busy schedules to be here and to offer your strong domain knowledge for the welfare of the whole humanity evolving about these issues. There are many urgent challenges that the delegates at the Summit will address in the coming days and they range from global climate challenge to the role and rights of women, to the threat of terrorism, the ending of armed conflict, and international economic stability. Together, we look forward to restoring confidence in the world's institutions and in our assistance of international governance. We can only do that by energizing the powerful idea of global citizenship, of belonging and of interconnectedness. This is also an ideal summit for exchanging ideas and thoughts and to share the lessons and educate each other on diversity, inclusion, coexistence, and accepting the other's point of view. And that can be done through knowledge sharing, which will indeed enrich the global community. Here in the UAE, we embrace new technologies and new ideas by placing mankind above all. We build roads and ports and also exchange ideas. We are always continuously seeking to reconstruct, to build roads, airports that will connect our nation and the world. We also focus our attention on guaranteeing the best quality of life for our citizens and the expats living here in the UAE and for all those who belong from more than 200 different nationalities. This is in addition to our international guests. We are also focused on developing our future. The UAE is a strong emirate of seven different emirates, and it is always in continuous motion to provide innovativeness and stability for all. Your Highness, distinguished guests, we are very proud to host the summit on the global agenda for 2010, and we are also very proud to host the most important intellectual leaders here in the United Arab Emirates, and we encourage everybody to exchange constructive ideas that will contribute to establish a new world order that can address all the pressing challenges and problems that humanity faces. And with our concerted efforts, we can make change. We extend to you our greatest wishes and a pleasant stay in the United Arab Emirates. And thank you. Thank you very much, Minister Alman Souri. Now we have the pleasure to listen to our third court chair. The summit is excellency of the most worthy ladies and gentlemen, al-Ahmad al-Qubay, al-Qubay, al-Qubay. On behalf of the government of Dubai, it is my honor to welcome you to our beautiful city. We are delighted to host the World Economic Forum Summit on the global agenda for the third year in a row. By hosting the summit, we once again highlight our unwavering commitment and contribution to the global dialogue. We have with us some of the finest minds in the world today, meeting in Dubai to discuss compelling global issues that have far-reaching consequences for the whole of humanity. The deliberations that are made here will help the governments across the world chart their growth and development strategies for future generations. Dubai indeed is a micro-model of development for the entire world. Indeed more than 200 nationalities live here, and Dubai has a world-class infrastructure. Our city serves as an example in defining growth strategies that benefit all cross-sections of the society. Dubai has consistently shown the vision of its leaders for a knowledge economy, and this has played a role for continued foreign direct investment. Dubai plays an important role in positioning the UAE as a leader and innovator, and this due its economy based on innovation and the presentation of high-quality services. Our achievements and the lessons we have learned encourage us to stay firmly on our course and capitalize on our key strengths, which are openness, economic diversification, infrastructure development, and sustained investment in human capital. Dubai has acquired global positioning as a commercial hub, as retail, re-exports, aviation, financial services hub, and through a transparent approach and with a long-term growth strategy. Dubai has demonstrated our seriousness of purpose and our respect of the international business community. Also Dubai has presented a lot of unique projects, including Burj Khalifa, where we will be spending the later part of our evening in order to enjoy one of the most recent achievements in this beautiful place. And we look forward to the summit on the global agenda as a strong platform for the exchange of new ideas for the well-being of mankind. Thank you for your attention, and I wish you a great stay. Thank you for your attention. Thank you, Your Excellency. Thank you again, Your Highness. A great appreciation to the government of the United Arab Emirates, to the government of Dubai for making this meeting possible, and we can promise you, Your Highness, we will work hard in order to make this meeting successful and to make sure that we leave a legacy. A legacy in terms of new ideas, in terms of better understanding each another, in terms of better strategic insights. That's what we are here for, and we thank you again for hosting us, and we are looking all forward to a very great evening celebrating one of the new achievements of Dubai, and here I feel we will, as you said, we will be convinced that the choice of this location is the right place to do what we are doing. So thank you again, Your Highness. Thank you, everybody, and please enjoy the evening.