August 10, 2016: Invited Speaker Seminar: How Dubai Used International Benchmarks as a Tool to Become a Globally Competitive City

Dr. Kai L. Chan

Wednesday, August 10, 2016 at 1:00 pm
Room EV003.309

Abstract

In less than two generations, Dubai transformed itself from an unknown, sparsely-populated desert outpost into a global city and tourism hot spot that is home to several global brands, including Emirates Airlines.   Dubai was, on paper, the least likely place in the Arab world to become its premier city. Most remarkable about its ascension is that hydrocarbons have played only a secondary role in its development. Today, oil accounts for just two percent of its GDP.

Underpinning the emirate's meteoric rise is strategic policy planning by the government through the use of third-party international benchmarks to incentivize both public and private sector stakeholders. Competitiveness KPIs have enabled a level of transparency within Dubai, a quality missing from much of the region. What future lies ahead for the emirate as an era of low oil prices depresses the MENA region and as it aspires to transform into a knowledge economy?

Biography

Dr. Kai L. Chan is a distinguished fellow at INSEAD (Abu Dhabi), where he is part of the Innovation and Policy Initiative. Additionally, he advises the UAE government on matters of national competitiveness, with a focus on the use of third-party KPIs to steer policy. Kai also worked on Dubai's successful bid for Expo 2020, where he modelled the visitor projections and revenues. Before moving to Dubai in 2011, Kai worked at a boutique advisory and investments firm in New York in the specialty finance space. Before that he worked in the Singapore office of a global management consulting firm with projects covering risk management and strategy for banks. Dr. Chan holds an HBSc in economics and mathematics from the University of Toronto, and an MA and PhD in economics from Princeton University, where he wrote his dissertation on monetary policy. Kai grew up in Toronto, Canada. He speaks English, French, Cantonese, Mandarin and German, and is currently learning Russian.