Quoted in Davos

DAVOS, SWITZERLAND // UAE representatives were out in force at the World Economic Forum this week to network and share ideas with more than 2,500 government and business chiefs from around the world. On the sidelines of conference, The National met with Emirati entrepreneurs to find out what fresh ideas they would bring home. Despite the bleak economic forecasts of financial doomsayers, the UAE's investment envoys remained upbeat.

Waleed al Mokarrab is the chief operating officer of Mubadala Development Company, which manages a US$10 billion portfolio in the energy, media, healthcare and property sectors for Abu Dhabi Government. "At Davos this year, I like hearing the universal affirmation that nobody knows how long this crisis is going to last - and that's a good thing, because people are realising that the economic crisis is bigger, deeper and probably of greater magnitude than everyone initially hoped. "Solutions are not easy, they are quite complex. They will have social, environmental and macroeconomic consequences. People are just starting to untangle the difficult issues that surround this. The main message I've got from Davos is that people understand the problem, and know that government is going to be the main engine to get us out of it. "At an Abu Dhabi level, all major infrastructure projects are on track. Everything is moving forward. The landmark expansion at the airport is obviously going forward, the road and bridge improvements - you can see there is a lot happening in Abu Dhabi. The 2030 plan is still achievable. "If it were a 2010 plan, then it would be up for debate. But when you talk about the long term, a cycle of 22 years, as bad as it may be now from a worldwide perspective, things are obviously going to get better. They always do. It's cyclical."

Mustafa Abdel Wadood is managing director and chief executive officer for Abraaj Investment Management, which has more than US$7.5 billion of assets under management in the Middle East, North Africa and South Asia and plans to invest $3bn more over the next few years. "I think everybody acknowledges that this is a very difficult time with varying degrees, depending on which part of the world they are in. If you don't acknowledge that, then you're not being realistic. "For our region, it took a while to realise that there would be an impact, albeit a lesser impact than in the rest of the world. There has been less of an impact on emerging markets, but a massive impact nonetheless. "For those that have the funds in place, then at some point in time - tomorrow, in three months or in six months - there will be interesting opportunities to acquire assets. We take a long-term view and believe in the fundamentals of the region. "We were early believers in the region. A region which has been under-invested in and a region that is opening up. The private sector is taking a more active role, industries are deregulating, there is a new sense of entrepreneurialism. We have always believed in it. "The realty is that yes, there are challenges across the region. I think what is happening now is that Dubai, which was the poster child for growth in the region, is getting a disproportionate share of the negative press because of what it represents. When things swing back it will remain a major player. "When the dust settles, people are going to slowly get bored of getting the kind of returns they get in developed markets and are gradually going to start accepting that the risk-reward profile of emerging markets is interesting."

Soud Ba'alawy is the chief executive of Dubai Group, the financial services company of Dubai Holding, which invests in 26 countries and employs 13,000 people, mostly in the Middle East, North Africa and Asia but also in the West. "We are in Davos to learn and exchange ideas with investors and leaders of the world, to get their insights on development and stimulating their economies. It is very important to be able to exchange ideas and learn what others are doing. Our interest here is to get information to help us run our business. "We are positioning ourselves with the expectation of contractions on balance sheets and contractions in banking. But, we still see a single-digit growth overall in the economies in which we operate. "This correction in the market gives everybody the opportunity to look at their business internally and externally. Internally, we are restructuring ourselves to focus more on the Arab world and Africa. Also, we will focus more on real estate in the United States. "The issue that is most important for us is that we preserve our capital and take this correction in a way that enables us to position ourselves and take advantage of the next cycle. "The biggest message coming out of Davos is that we must be prudent and try our best to preserve our capital, going forward. Despite the fact that everything is negative and everybody is worried, we should stick to our strategy. One day, the market will come back. When it comes back, we should be at the forefront in taking advantage of it."