Days after Iran began striking targets across the United Arab Emirates in March, Dubai’s top officials gathered hundreds of business leaders to discuss how the Gulf tourism and financial hub could limit the economic damage from the bombing.

The meeting, unusual for its size and timing and reported here for the first time, helped spur measures including a central bank liquidity package, said five people present, who declined to be named because it was private.

According to two attendees, those in the room were asked three questions: What should we do to get tourists back? What should we do to get investors back? And how can we support your business? The sources added that the crown prince of Dubai had circulated between tables asking business leaders for their input.

Dubai has since pledged 2.5 billion dirhams ($681 million) in support, focused mainly on sectors such as tourism and retail, which have been hit hardest by the conflict.

While a preliminary US-Iran peace deal is easing the immediate strains, restoring business confidence in Dubai will take time and may require more incentives, six company leaders and analysts told Reuters.

“Investors want signals on how authorities will respond if tensions return, not just how they managed the last shock,” said Neil Quilliam, associate fellow at UK-based think tank Chatham House, almost four months after the war began.

As shelter alerts locked down the UAE, the March 10 meeting was an early signal of authorities’ determination to prevent capital flight or an exodus of businesses and investors.

Hosted by Helal Saeed Al Marri, director general of Dubai’s Department of Economy and Tourism (DET), the meeting was also attended by Dubai Crown Prince Sheikh Hamdan bin Mohammed bin Rashid Al-Maktoum.

Those present at the newly renovated Meydan hotel included real-estate magnate Hussein Sajwani, Emirates airline president Tim Clark and representatives of Rothschild and UBS. The UAE’s military and big family-owned companies were also represented.

Government officials told business leaders there would be fiscal and financial support and that teams were working tirelessly on supply chains, the sources said.

Several........

© The Times of Israel