(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
( 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 do n'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
Who was the first female minister in the United Arab Emirates?
Who was the first female minister in the United Arab Emirates ?
Sheikha Lubna Al Qasimi
Sheikha Lubna Al Qasimi