Sheikha Lubna Al Qasimi interview

(CNN) -- Not only is Sheikha Lubna Al Qasimi the first woman to hold a ministerial post in the United Arab Emirates, the first female minister of economy in the Gulf, and the first to start a Middle Eastern BB marketplace, but she's also the first minister - anywhere in the world - to launch her own perfume line.

Member of Sharjah royal family and one of Forbes' 100 most powerful women, Sheikha Lubna took the post of minister for economy and planning of United Arab Emirates in 2004.

Her background is in IT and before the government appointment worked at the Dubai Ports Authority where she gained the "Distinguished Government Employee Award" in 1999 for developing a documentation system that reduced cargo turnaround from one hour to ten minutes.

In 2000, Sheikha Lubna founded Tejari, the first Middle Eastern business-to-business marketplace. As a result of Tejari (Arabic for commerce) 70 percent of Dubai's government purchases are made online, while only 30 percent of bureaucrats were web-literate before its launch.

One of the cornerstones of Sheikha Lubna's work has been to allow for foreign ownership, so when John Defterios met up with her, he began by asking her about her upcoming strategy.

Sheikha Lubna: We are looking with scrutiny at the companies a lot at the moment and we have several sectors. We will evaluate each sector, from the service side, finance, accounting. And any sector that we believe we need further development in terms of economic growth, then we will focus on that: on increasing the acquisition or the ownership of the foreign company.

Defterios: If you look at the Middle East, specifically within this Gulf region, it's quite a radical change to open up specific sectors to majority foreign ownership. Is this society in the region ready for this move?

Sheikha Lubna: Interestingly, the United Arab Emirates is host to 80 percent of its population coming from outside. We host 200 nationalities, so for us, the contribution to the economy has already started over 15 years ago with the existence of the expatriate community. So in many ways I think the openness is only a natural path: it's an organic path to continue the openness that exists.

Foreign direct investment is not your own wealth. When you have your own wealth, you have a tendency to be complacent sometimes, because it's your money and you may not think you need to actually strengthen your infrastructure.

However, if you look at foreign direct investment, it mandates you to be much more transparent, you have to be very diligent about your work, and it also creates new knowledge coming into the country and you can create more development through employment.

Defterios: It's interesting, you read the front line of the DP World, P&O acquisition and the furor it created in the United States particularly within Congress. What are the lessons, not just from the UAE perspective, but the lessons learned from both sides during that whole process?

Sheikha Lubna: First of all, I think it is important to understand, in this global world, there is a circulation of funds and there is excess of wealth that has to go somewhere. Liquidity of markets sometimes means you invest internally or you invest abroad. We've learned a lesson being in the oil crises earlier that you need to diversify your money and look into investment abroad. And we've seen this where the UAE invests in the Far East, Australia, Asia as well as in Europe and the United States.

What's more important to understand is that if you're going to lock up your interest in terms of selling either because of protectionism or a particular idea in your mind that I don't want to sell to this particular organization versus another, there are other places.

Defterios: That's not a veiled message your saying, that's pretty forthright this comment.

Sheikha Lubna: But it's a message to all of us. If today I lock up my investment opportunity here, money will not come to me, money will go somewhere else. When I have investment coming from abroad, it creates confidence in this country that 'I am a global image'.

So when I say it, I am not directing this as a message to a particular country. I am saying all countries are equal when it comes to regulation, when it comes to responsibility, when it comes to strategy in terms of attracting foreign funds and wealth coming to the country. So that's really a lesson that's very very critical.

Defterios: A number of firsts: the first to start a B2B marketplace; the first female minister within the country, an economy minister; and the first to launch a perfume range as well. What is it all about? Trailblazing, setting examples, being an entrepreneur? How would you describe what you're doing here?

Sheikha Lubna: Everybody laughs about the perfume. One, I think the United Arab Emirates, since inception (it's not from today but from the founder late Sheikh Zayed) has always given equal opportunities for women. But it's up to us as women to decide what is it that we can push, and what it is that we can do and not do.

In my personal belief you need a bridge, you need a door opener for women. And sometimes women do not want to take the risk. Sometimes they are shy of achieving what they should be achieving. I had the opportunity and I had the trust from the government and the community, so to me, it is setting the example internally for the young women, and men by the way. Be it in technology, or economy or e-commerce.

Defterios: And the perfume line is the exclamation point?

Sheikha Lubna: A young woman, actually a perfume creator, who sells exclusively to Saks Fifth Avenue in Dubai, decided to create a perfume with my name. So I had two mandates from her. One, I had to smell it, otherwise if it doesn't smell good I'm not going to take it as a name. So one, I had to actually agree to the scent of the perfume. And it's an Arabic perfume by the way.

And second, my mandate was that I would only launch it with my name for her, if she gives 20 percent of its sales and revenue to the Friends of Cancer Patients.

All About United Arab Emirates • DP World • Dubai