Horasis Report Global Arab Business Meeting 2011 Report

Global Arab Business Meeting9-10 October 2011, Ras Al Khaimah, UAE

a Horasis-leadership event

Report

Horasis Report Global Arab Business Meeting 2011_b.qxd 19.10.2011 2:24 Uhr Seite 1

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Global Arab Business Meeting9-10 October 2011, Ras Al Khaimah, UAEa Horasis-leadership event

Co-host:Ras Al Khaimah Investment Authority (RAKIA)

Department for Economic Development, Ras Al Khaimah

Co-chairs:Sanjiv Ahuja Chairman, LightSquared, USA

Sulaiman Al-Assaf Chief Executive Officer, Middle East InvestmentCompany, Saudi Arabia

Ala Alsallal Founder and Chief Executive Officer, Jamalon.com,Jordan

Ahmed Al-Khateeb Chief Executive Officer, Jadwa Investment,Saudi Arabia

Sheikh Saif bin Hashil Al-Maskery Chairman,Al Mahfadha Investments, Oman

Sherif El-Gabaly Chairman, Polyserve Fertilizer and Chemical Group,Egypt

Samir Brikho Chief Executive Officer,Amec, United Kingdom

Tariq H. Cheema Chief Executive Officer,World Congress of MuslimPhilanthropists, USA

Mohamed Elmandjra Chief Executive Officer, Meditel, Morocco

Barbara Judge Chairman Emeritus, United Kingdom AtomicEnergy Authority, United Kingdom

Rajive Kaul Chairman, Nicco Group, India

Steve Killelea Chairman, Integrated Research,Australia

Juan María Nin Deputy Chairman and Chief Executive Officer,CaixaBank, Spain

Mohammad Hassan Omran Chairman, Etisalat, UAE

Frans Otten Chairman,Tendris Holding,The Netherlands

Jacques Sarraf Chairman, Malia Holding, Lebanon

Naeem Zamindar Chief Executive Officer,Wateen Telecom, Pakistan

Co-organizers:All India Management Association (AIMA)

CEO Clubs UAE

Entrepreneurs’ Organization (EO)

World Congress of Muslim Philanthropists

Young Presidents’ Organization (YPO)


Experiencing the Horasis atmosphere

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Just before the opening plenary panel2011 Global Arab Business Meeting

Table of Contents

Preface -The Economics of the Arab Spring 4

Foreword - Ras Al Khaimah Hosting the 2nd Global Arab Business Meeting 18

Education, a critical asset 19

Global Arab Business Meeting Stresses Need to Invest in Research 21

Arab Spring Catalyst for Economic Growth 23

Honouring the Arab Business Leaders of the Year 25

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We are witnessing a new era of change inthe Arab world. Since the Arab uprisingsbegan in Tunisia last December, the wave ofrevolution swept into large parts of theMiddle East, including Egypt, Libya, Syria,Yemen and Bahrain. Horasis convened the2011 Global Arab Business Meeting on 9-10October in Ras Al Khaimah, UAE, to reflecton this process of change, facilitating engage-ment and dialogue among business leadersand governments from the Arab world andbeyond.

The Arab Spring seems to harden into anautumn of stagnation as the challenge ofchanging regimes becomes clearer. Whilemany considered the Tunisian and Egyptianrevolutions moments of hope, Libya, Syria,Yemen and Bahrain have slowed to counterthe revolutionary fervour. Libya’s road tofreedom, in particular, was tedious, rockyand bloody.The country where the ArabSpring began,Tunisia, has been shaken byunrest ahead of planned elections in Octoberto empower an assembly that will write anew constitution. Egypt, meanwhile, isquestioning when - or if - the ruling militarycouncil will surrender power.

Participants attending the Global Arab Busi-ness Meeting were asking: what will be thenew post-revolutionary reality of the Arabregion? What are the new dynamics that willshape our political and economic choices?And what is the expected impact of thispolitical transformation on business andtrade? Will the present painstaking trans-formation maintain or revoke some of thepolicies concerning investment and trade?What will be the impact of long termstability and democracy on inter-Arab plansfor economic integration and cooperation?How do Europe and other powerful neigh-bours such as Turkey and Iran perceive thepresent upheaval and how do they prepareto deal with the new Arab region?

This report is intended to draw on theinsights of the Global Arab Business Meeting,Horasis’ flagship event on the Middle Eastwhich is in its 2nd edition this year.Tremendous richness in the discussionstranspired at the meeting and this reportshall capture selected highlights.Through-out the meeting, participants were engagedin many intense boardroom discussions,assessing the state of the Arab world andidentifying what needs to be done to movethe agenda forward. Over 300 delegatesand 150 speakers from 30 countries tookpart in the 2011 Global Arab BusinessMeeting to deliberate on the Arab world’sprospects.The meeting was organized incollaboration with the Ras Al Khaimah

‘Looking ahead, I believe that theGlobal Arab Business Meeting willcontinue to be an excellent platform tohighlight the ever-growing businessand investment opportunities in theArab world and particularly in Ras AlKhaimah’Khater Massaad, Chief Executive Officer,Ras Al Khaimah Investment Authority

Arrival of H.H. Sheikh Mohammed bin Saud bin Saqr Al Qasimi,Crown Prince of Ras Al Khaimah

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Preface -The Economics of the Arab Spring


Investment Authority (RAKIA) and the RasAl Khaimah Department for EconomicDevelopment. Horasis hopes that this reportwill enable the Arab world to turn risks intoopportunities - helping business leaders,policy makers, and civil society betterunderstand and respond to global andregional challenges in an integrated andproactive way.

The Arab world’s finest minds includingcaptains of industry and policy makers metin Ras Al Khaimah to share ideas and insightsthat will assist to shape the region’s future.The following business leaders served asmeeting co-chairs: Sanjiv Ahuja, Chairman,LightSquared, USA; Sulaiman Al-Assaf,Chief Executive Officer, Middle East Invest-ment Company, Saudi Arabia; Ala Alsallal,Founder and Chief Executive Officer,

Jamalon.com, Jordan; Ahmed Al-Khateeb,Chief Executive Officer, Jadwa Investment,Saudi Arabia; Sheikh Saif bin Hashil Al-Maskery, Chairman, Al Mahfadha Invest-ments, Oman; Samir Brikho, ChiefExecutive Officer, Amec, United Kingdom;Tariq H. Cheema, Chief Executive Officer,World Congress of Muslim Philanthropists,USA; Sherif El-Gabaly, Chairman,Polyserve Fertilizer and Chemical Group,Egypt; Mohamed Elmandjra, ChiefExecutive Officer, Meditel, Morocco;Barbara Judge, Chairman Emeritus,United Kingdom Atomic Energy Authority,United Kingdom; Rajive Kaul, Chairman,Nicco Group, India; Steve Killelea,Chairman, Integrated Research, Australia;Juan María Nin, Deputy Chairman andChief Executive Officer, CaixaBank, Spain;Mohammad Hassan Omran, Chairman,

An impressive panel to discuss the economics of the Arab spring

Mohammad Hassan Omran, Chairman, Etisalat, UAE,on the economics of the Arab Spring

H.H. Sheikh Saud Bin Saqr Al Qasimi,The Ruler of Ras Al Khaimah, calling upon Arab businesses to embrace innovation and invest in knowledge

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Etisalat, UAE; Frans Otten, Chairman,Tendris Holding,The Netherlands;Jacques Sarraf, Chairman, Malia Holding,Lebanon; Naeem Zamindar, Chief Execu-tive Officer,Wateen Telecom, Pakistan.

Danny E. Sebright, President, U.S.-U.A.E.Business Council, USA, asked during one ofthe panels: ‘What role in the post-revolutio-nary environment should the Arab worldplay? How will the Middle East fare in thefuture?’ ‘We don’t really know where thesweeping change will lead us but I can saythat the Global Arab Business Meetinggenerated real achievements on the stepsneeded to underpin economic success andinvest for the future,’ commented BeshrBakheet, Chairman, Bakheet InvestmentGroup, Saudi Arabia.The observations andexpectations that emerged from the GlobalArab Business Meeting profoundly echo thepreoccupations that lie at the heart of theArab and global agenda:

• The Arab spring is unfinished.The processof change that has come to the Arab worldis neither neat nor easy.The first priorityfor governments across the regions is todefine the economic social and policy

frameworks that best suits the countriesin consultation with the various factionsof their societies.

• Given the complexity of the post-crisisArab economic and social landscape, short-term solutions to create a sustainableeconomic framework are not appropriate.The Arab world must encourage toanticipate the measures that will beneeded to enact long-term visions.

• Education should remain a main concern.As the cornerstone of Arab societies, theeducation and training of future genera-tions is of foremost importance as a factorin collective development.

Setting the tone of discussions in his intro-ductory remarks, H.H. Sheikh Saud binSaqr Al Qasimi, UAE Supreme CouncilMember and Ruler of Ras Al Khaimah, saidthat governments in the region should adopttransparency and good governance as their

‘The real challenge is how we canprovide good governance to the people,which I believe begins with transpa-rency. Governments should have thecourage to bring in transparencywhich allows them to addresschallenges rather than accumulatingthe problems.’His Highness Sheikh Saud bin Saqr Al Qasimi, UAESupreme Council Member and Ruler of Ras Al Khaimah

‘The key to economic growth isinnovation - we have to turn the Arabworld into a hotbed of innovation’Frans Otten, Chairman,Tendris Holding,The Netherlands

Kamal Nath, Union Cabinet Minister of Urban Development, India:There is a centuries-old relationship between India and the Arab world

Frank-Jürgen Richter, Chairman, Horasis, welcoming participants Ahmed Bukhatir, UAE SpecialEnvoy of Peace

Frans Otten, Chairman,TendrisHolding,The Netherlands –‘Technology can enabletransformation in the Middle East’

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defining hallmarks to address the region’schallenges effectively. He spoke to theassembly with optimism about the revolutio-nary change happening in the region. Heparticularly stressed the increasing invest-ment and economic potential of Ras AlKhaimah - ‘the Emirate is both a beacon ofstability and change in the region’, he said.His Highness highlighted the open regula-tions and economic policies currently inplace in the emirate. During his remarks,Sheikh Saud made the point that between2005 and 2010, over 8,000 companies hadopened business operations in RAK. Hewent on to mention that over 80,000 jobshad been created during this same period oftime. He also said that the United ArabEmirates is a success story and an exampleof outstanding achievements in the Arabworld, stressing that the excellent invest-ment environment of the UAE, which isbacked by ideal governing legislations,facilities, and a modern infrastructure hasmade it a global economic beacon andmodel.

Sheikha Lubna Bint Khalid Al Qasimi,Minister of Foreign Trade, UAE, addressedthe same dinner, speaking about megatrendsfor the Arab world. She painted an opti-mistic picture on the region's future.‘Thepolitical upheaval across the region presentschallenges - and opportunities - for investorsand trading partners’, she said.The Ministerstressed the key factors, both domestic andexternal, that will shape the region’sevolution over the next 10 years.‘I see theArab world as a global leader in the nextwave of globalization’, she said.The Ministeralso highlighted the UAE’s quest in buildingpromising sectors such as the renewable

energy, civil nuclear energy programme,specialised services, logistics and technologysector. Sheikha Lubna concluded by sayingthat ‘any economic activity should bedirected at improving the human condition’.

‘There is a centuries-old relationshipbetween India and the Arab world thatextends beyond trade and culture. Ourobjective is to further strengthen ourrelationships with the Arab world’, saidKamal Nath, Union Cabinet Minister ofUrban Development, India, during the wel-come dinner.‘This is a period of concern.The upheavals the Arab spring engenderedare still under way and much hangs in thebalance.The Arab world can count on Indiaas reliable partner’, he stated.‘And we areconfident to overcome the sluggish state ofthe global economy and to engage in tradewith the Gulf region and the Middle East atlarge’, he continued.‘Isolationist sentimentsare not a solution to tackle the regional andglobal economic problems’, he said,reiterating India’s commitment to free andfair trade.

‘A new world order is emerging on theglobal economic front as the gravity ofeconomic growth has shifted to the East’Kamal Nath, Union Minister of Urban Development,India

‘Greater economic integration is thebest way to sustain peace stability andprosperity in the Arab world’Sheikha Lubna Al Qasimi,Minister of Foreign Trade, UAE

Sheikha Lubna Bint Khalid Al Qasimi, Minister of Foreign Trade,UAE – the Arab world is in the cusp of positive and enduring change

Robin Amlôt, Managing Editor,CPI Financial, UAE

Sheikh Salem bin Sultan bin SaqrAl Qasimi, Chairman of theDepartment of Civil Aviation,Ras Al Khaimah

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Pakistan’s Federal Minister Farzana Raja,Pakistan, deliberated about Europe’ssovereign debt and the US potential ofdefault. She delved on how to deal with thecurrent gloomy state of the world.‘Howdoes the region make sense of a worldcharacterized by pronounced fragility andheightened uncertainty?’ she asked.‘Worries that the Greek government won’tfully repay its debts trigger concern thatEurope’s other weak economies may alsoeventually default.This would be bad newsfor Pakistan and other emerging markets.We are living in an interdependent world.We need to join hands to tackle this crisis’,she said.The Minister also mentioned thatPakistan has long traditions of commercialand trade relations with the Gulf region andthe Pakistani government was interested todevelop these ties.

In a special plenary, Nicolas Nahas,Minister of Economy & Trade, Lebanon,gave an overview on the current economic

situation and pointed out several issues that‘played a major role in slowing down thelocal economy’, notably the aftermath of theglobal crisis, regional distress related to theArab spring and the local political tensions.In this regard, Minister Nahas promised aseries of measures to strengthen theLebanese economy that include signing anumber of exchange agreements, adoptinglaws and regulations on competition,establishing quality standards and protectingthe intellectual property. He was confidentover Lebanon’s security and expressedoptimism about the future of the country’seconomy, uncovering plans to stimulateforeign direct investment.

Panelists reflected on the economic outlookfor the Middle East and the world at largeduring the opening panel.‘Arab economiesare gaining momentum because of strongoil prices and fiscal measures taken byseveral regional nations in response to theglobal financial crisis’, stated Ahmed Al-Khateeb, Chief Executive Officer, JadwaInvestment, Saudi Arabia.‘Governmentsincreased public spending and bought sharesin local banks to support their capital.Thiswas the right thing to do’, MohammadHassan Omran, Chairman, Etisalat, UAE,continued.‘I believe in a positive outlook forthe Arab world and the Gulf states in par-ticular as the economic fundamentals acrossthe region are very positive. Infrastructurespending is on the rise and a pick-up in banklending will boost private sector activity’,added Juan María Nin, Deputy Chairmanand Chief Executive Officer, CaixaBank,Spain. Barbara Judge, Chairman Emeritus,United Kingdom Atomic Energy Authority,United Kingdom, suggested that in 2011,the ‘Middle East and North Africa will playa significant role in the global economic

‘I am confident about the future of the Lebanese economy’Nicolas Nahas, Minister of Economy & Trade, Lebanon

‘Any further deepening of financialcrisis in Europe could lead to sharpergrowth slowdown in Asian economies,which were already battling inflatio-nary pressures leading to monetarytightening in general’Farzana Raja, Federal Minister, Pakistan

Farzana Raja, Federal Minister, Pakistan – ‘How does the regionmake sense of a world characterized by pronounced fragility andheightened uncertainty?’

Juan María Nin, CEO, CaixaBank,Spain – a pick-up in bank lendingwill boost private sector activity

Ahmed Al-Khateeb, CEO,Jadwa Investment, Saudi Arabia – The economy remains uncertainagainst the backdrop of the ArabSpring

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recovery, despite - or because of - the Arabspring.This is very good news for the EUeconomies in general and for Europeanexporters to the region in particular.Thisturnaround also bodes well for job creationin the Europe.’ Sherif El-Gabaly, Chair-man, Polyserve Fertilizer and ChemicalGroup, Egypt, cautioned that ‘the potentialfor more revolutionary tremors in the regionand uncertain global economic conditionsstill remain.’‘The Arab world is a high growthmarket of over 300 million consumers, manyof whom spend at considerably higher levelsthan their Western counterparts. I expect astrong recovery in consumer outlook’,commented Rajive Kaul, Chairman, NiccoGroup, India.‘Domestic demand and privateconsumption is compelling throughout theregion’, he concluded.

Mohana Prabhakar, Chief ExecutiveOfficer, Apex Press and Publishing, Oman,emphasized, that the ‘current upheavals arethe beginning of a cultural revolution in theArab world, which will express itself in all

aspects of daily life.’ ‘Arab legitimacy needsa serious reform or else the street will movetowards this kind of reform’, warnedKhaled Imam, Founder & ManagingDirector, Books.com.eg, Egypt, adding thatthe new generation which had taken placein the march of history in Egypt and otherArab countries is now taking the initiativeoverleaping the political parties and thesociety elites, towards reforms on the basisof people’s empowerment. ‘A new Arabworld is beginning to emerge and it is stillin the early stages’, reasoned AshrafMansoor, Chief Executive Officer, AzhanStudio, UAE.

Regional economies remain dependent oncrude oil exports, which are the mainrevenue drivers for Saudi Arabia, the MiddleEast’s largest economy, and other Gulfstates such as the United Arab Emirates andKuwait. Session participants split onpredicting whether the Gulf states willsuccessfully diversify their economies.Participants debated whether ‘the regionwould suffer if oil prices drop, or would use

‘A stable and democratic Egypt has great potential for growth with its strong foundations in tourism,agriculture and industry’Sherif El Gabaly, Chairman, Polyserve Fertilizerand Chemical Group, Egypt‘I believe in a positive outlook for

the Arab world and the Gulf states in particular as the economicfundamentals across the region aare very positive’Juan María Nin, Deputy Chairman and Chief Executive Officer, CaixaBank, Spain

Mohana Prabhakar, CEO,Apex Press and Publishing, Oman

Nicolas Nahas, Minister ofEconomy & Trade, Lebanon,speaking about the worlds dyslexia

Sheikh Saud meeting Nicolas Nahas, Minister of Economy & Trade, Lebanon Sherif El-Gabaly, Chairman, Polyserve Fertilizer and ChemicalGroup, Egypt, making a point during the opening plenary

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low oil prices as a catalyst for economicreform’, as Abdulwahab ALahmari,President, Saudi Geophysical, Saudi Arabia,predicted. ‘Diversification of the Arabeconomies is key.We need to create andspur knowledge-based industry clusters, aswell as massive technological innovation’,added Huma Fakhar, President, MAPServices Group, UAE. Samir Brikho, ChiefExecutive Officer, Amec, United Kingdommentioned such initiatives as Qatar’sScience & Technology Park and Dubai’sMedia City as examples of how the regioncan move up to the forefront of innovationand technology.

The future for the region’s youth is un-certain, some panelists agreed on.‘But Arabeducation reforms make progress’, saidConstantin Salameh, Chief ExecutiveOfficer, Abdulla Al Masaood & Sons, UAE.The Gulf states want to build knowledgeeconomies that require high levels of educa-tion and training.‘The recent inaugurationof two educational institutions in SaudiArabia - the King Abdullah University ofScience and Technology (KAUST), the firstgraduate-level research institution of its kindin the Arab world, and the Princess Nourabint Abdul Rahman University - the largesthigher education institution for women in theworld, underscores the importance that theregion places on creating knowledge-basedsocieties’, said Mohammad Alomar,Managing Director, Saudi SpecializedPublishing Company, Saudi Arabia.‘Other

initiatives include the Masdar Institute ofScience and Technology in Abu Dhabi, theQatar Foundation in Doha, and the SmartVillage in Cairo’, explained Ziad T. Monla,Chairman, Lunasat, Lebanon.‘With privatesector collaboration, converting such re-search to commercial applications for themarketplace holds the potential to createnew cutting-edge companies, generatehome-grown jobs, and help the region movetoward a knowledge-based society’, saidHayan Merchant, Executive Chairman,Malaika Group, UAE.

Economic growth and development hascreated two distinctive worlds in the MiddleEast. According to Harjeev Kandhari,Executive Director,Al Dobowi Group, UAE,there is the ‘Global Arab World’, embodiedby Dubai, with all its glamour and splendoursand skyscrapers; there is also the ‘ArabHinterland’ which is still struggling withpoverty and short of almost everything.‘Arapidly developing Arab world should give ahigh priority to the problem of risinginequality’, Jacques Sarraf, Chairman,Malia Holding, Lebanon, demanded.

‘A rapidly developing Arab worldshould give a high priority to theproblem of rising inequality’Jacques Sarraf, Chairman, Malia Holding,

Lebanon

Jay Bavisi, Chief Executive Officer,EC-Council, USA

Huma Fakhar, President,MAP Services Group, UAE

Ziad Makhzoumi, Chief Financial Officer,Arabtec, UAE,in discussion with participants

Raja Almarzoqi Albqami, Founder, Islamic Finance Commission, Saudi Arabia and Bijan Khosrowshahi,President, Fairfax International, Canada

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According to Abdulwahab ALahmari,President, Saudi Geophysical, Saudi Arabia,‘the Arab world faces a lot of problems,among which there is the difficulty of inte-gration. Better regional integration willenhance resilience, reduce shared risks andlead to sustainable peace. ‘For the Arabworld to succeed, we need to be realistic -this is the law of success’, said MohamedElmandjra, Chief Executive Officer,Meditel, Morocco.‘I have much questions anddoubts with such thesis as the Arab Centuryand decoupling, especially now with thecontinuing upheavals’, Raja AlmarzoqiAlbqami, Founder, Islamic Finance Commis-sion, Saudi Arabia, continued. ‘The falloutlinked to the Dubai-crisis and the recentpro-democracy movement all over in theMiddle East has illustrated that we are verymuch depending on what is happening inother parts of the world.’

Participants debated what kind of economicmodel will prevail in the region.‘Today theworld is heralding a recovery after themoral crisis of capitalism’, said Ala Alsallal,Founder and Chief Executive Officer,

Jamalon.com, Jordan.‘Despite all the recentvolatility, capitalism is to remain the eco-nomic model of the Arab world’, repliedErik Essiger, Chairman and Chief Exe-cutive Officer, Emirates Capital, UAE.‘Thequestion, then, is not whether or not thereis another more suitable system for oureconomies, but rather how capitalism can betailored to fit the economic environment ofthe region’, argued Mishaal A. Al-Orayer,President, Meda Industrial Group, SaudiArabia.‘One consequence of the crisis is thatthe Arab world now becomes more relevantand important for the world economy’, saidSanjiv Ahuja, Chairman, LightSquared,USA. According to Khalid Aslam, ChiefExecutive Officer, SRS, Pakistan,‘the Gulfstates are premier practitioners of statecapitalism.The Dubai-crisis has shown thatstate capitalism cannot avoid the potentialinefficiencies of government control.Weneed to nurture more and broader entre-

‘Today the world is heralding arecovery after the moral crisis ofcapitalism’Ala Alsallal, Founder and Chief Executive Officer,Jamalon.com, Jordan

Ala Alsallal, Founder and CEO,Jamalon.com, Jordan

Mishaal A.Al-Orayer,President, Meda Industrial Group,Saudi Arabia

Frank-Jürgen Richter with Mohamed Elmandjra, Chief ExecutiveOfficer, Meditel, Morocco

Brainstorming on the links between the Subcontinent and the Arab world

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preneurial initiatives.’ ‘I call on those whobelieve in free and unfettered markets tolearn from the failures that triggered theglobal economic crisis.The right mix ofstate capitalism and Anglo-Saxon style ofcapitalism might be the answer’, summa-rized Nima Abu-Wardeh, Anchor, BBC,UAE.

‘Following the discussions at the GlobalArab Business Meeting I feel a genuinecommitment to increasing the role of the

private sector’, said Ziad Jarrar, Co-founder, Maqasid, Saudi Arabia. In the samesession, Sultan A. Alshaali, Chief Execu-tive Officer, AS Group, UAE, warned that,in times of transition,‘the rich often getricher.The challenge is ensuring that thebenefits of capitalism become equitable’.

As sovereign wealth funds and some of thelargest firms expand beyond the Middle East,some Arab countries are seeking to deepentheir economic engagement with the rest ofthe world.The region’s global integrationthrough trade and investment formed animportant sub-theme at the Global ArabBusiness Meeting. Leaders from business andgovernment discussed ‘the steps required tomove towards a positive and multifacetedglobal role’, as Niraj Sharan, Chairman,

‘One consequence of the crisis is thatthe Arab world now becomes morerelevant and important for the worldeconomy’Sanjiv Ahuja, Chairman, LightSquared, USA

Nima Abu-Wardeh,Anchor, BBC, UAE, chairing the session on inward investmentSarah Mavrinac, President,Aidha, Singapore

Joachim Reidiess, Chairman,Dr.Wirth Group, Germany

Peter O’Driscoll,Advisor,Hasanah Fund, USA

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Sheikh Saif bin Hashil Al-Maskery, Chairman,Al MahfadhaInvestments, Oman

Waheed Qaiser, President, Maxim Corporate Finance,United Kingdom, hosting the panel on financial services


Aura Inc., USA, stated. Several Gulf countrieswant to develop into major regional tradeand business hubs. ‘We have to enhanceinternational and regional mutual trade inorder to boost the global economy’, saidSheikh Saif bin Hashil Al-Maskery,Chairman, Al Mahfadha Investments, Oman.But, as Naeem Zamindar, Chief ExecutiveOfficer,Wateen Telecom, Pakistan stated,‘integration into the global economy is achallenge for countries who dare to hallowthe promises of globalization and contendwith its risks. Our leaders will have to con-vince citizens that the benefits of globaliza-tion outweigh the risks.’

The global financial crisis has offered theMiddle East a good opportunity to reviewits ability to manage its increasing nationalwealth.‘During the past two decades the Gulfregion has developed into an important holderof foreign reserves holder and net capitalexporter’, said Salman Al Jishi, Chairman,Salman Group, Saudi Arabia. At present,emerging economies hold more than 50 per-cent of world’s total global foreign reserveswhereas the U.S., Japan and Europe have

become debtors in recent years.‘The estab-lishment of sovereign wealth funds hasbecome an important platform and strategicoption for many capital exporting countriesto manage their foreign reserves assets’, saidSven Behrendt, Managing Director,Geoeconomica, France. ‘The policy ofsaving a share of the hydrocarbon wealththrough the sovereign wealth fund hasserved places like Qatar, Abu Dhabi andSaudi Arabia very well. Apart from acting asa tool for sterilization, it created savings for alarge countercyclical response to the crisis’,continued Arun Sharma, Chief InvestmentOfficer, IFC, USA. ‘Sovereign capital wasearlier kept in reserve to protect domesticcurrencies and offer temporary liquidityduring banking crises. It is now seekingalternative investment avenues, such asdirect investment in foreign companies’,added Sulaiman Al-Assaf, Chief ExecutiveOfficer, Middle East Investment Company,Saudi Arabia.‘Examples are Qatar Holding’sbuy of Volkswagen shares and Aabar’s (a AbuDhabi sovereign wealth fund) investment inDaimler, to illustrate cases in the automotiveindustry’, said Tariq Ahmed Nizami,Chief Executive Officer, CEO Clubs UAE,UAE.‘Such investments shall help to diversifyArab economies and to create a real indus-trial backbone’, concluded Ahmad Zahran,Chief Executive Officer, Infinitec, UAE.‘We have to enhance international

and regional mutual trade in order to boost the global economy’Sheikh Saif bin Hashil Al-Maskery, Chairman,Al Mahfadha Investments, Oman

Niraj Sharan, Chairman,Aura Inc., USA – ‘How much is the Arabworld becoming part of the global culture ?’

Renu Malhotra, Editor-in-Chief,Afroasian Business Chronicle

Naeem Zamindar, Chief ExecutiveOfficer,Wateen Telecom, Pakistan

Sven Behrendt, ManagingDirector, Geoeconomica, France –‘What Impact will the Arab SpringHave on Business’

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Tariq Ahmed Nizami, CEO, CEO Clubs UAE – one of the co-organizing institutions


As for Arab banks, ‘I expect their perfor-mance in 2011 to be better than in the yearbefore as many of them now have enoughprovisions’, Waheed Qaiser, President &Vice Chairman, Maxim Corporate Finance,United Kingdom said. ‘This means theirfinancial position will be better next yearand they will be able to resume normallending, which will positively impact theirprofitability.’ Still, in comparison to globallenders, Arab banks lag behind in terms ofassets and size’, said Bijan Khosrowshahi,President, Fairfax International, Canada.‘They must merge if they are to survive. Andthere is no reason for the continuation ofgovernment ownership for banks in the Gulfregion’, Nasser H. Saleh, Chief ExecutiveOfficer, Madfoo3atCom Co., Jordan, conti-

nued.‘Merger and privatization would alsogive a much-needed boost to the region’sstock exchanges, if commercialised bankswent on to primary or secondary listings’,opined Fernando Freire, Member of theBoard, Aman Bank, Libya.

Participants agreed that infrastructure build-out will continue to be the most significantdriver behind foreign investment andexports to the region, particularly in theGulf Cooperation Council (GCC) nations.The countries of the Gulf are making hugeinvestments in upstream and downstreamenergy projects, power generation, water andwaste treatment, ports and airports, roads& rail, hospitals, and schools.‘Big projectslike these also open doors for related foreignservice providers, including those offeringsuch cross-border services as logistics, engi-neering, training, and a wide array of otherprofessional services’, explained AhmedHamdan, Chief Executive Officer, OptimalTechnology Solutions, Saudi Arabia. TuradEl-Amri, Chief Executive Officer, BaitAssawadah, Saudi Arabia, added that ‘thisdecade will be a boom period for rail develop-ments as members of the Gulf Cooperation

‘The region can move up to the forefrontof innovation and technology’Samir Brikho, Chief Executive Officer,Amec,United Kingdom

Steve Killelea, Chairman, Integrated Research,Australia, making apoint during the closing dinner

Fernando Freire, Member of theBoard,Aman Bank, Libya

Samir Brikho, Chief Executive Officer,Amec, United Kingdom – reflecting by the shore – geopolitics and trade

Hassan Hamdan Al Akim, General Director,Department for Economic Development, UAE

General (ret.) Sudhir Sharma,Chairman, Mitkat Services, India

Omar Hijazi, Managing Partner,Digital Daya, UAE

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Council (GCC) construct a rail network fromKuwait to Oman.’The projected completiondate is 2020.This network will add anothersignificant mode of overland transportationto the region - domestic rail networks thatfeed into the GCC network are spreading.‘Interconnectivity investment inherently leadsto an expansion of the ICT infrastructure’,said Khater Massaad, Chief ExecutiveOfficer, RAK Investment Authority, UAE.Mostafa Abou El Nasr, Founder and ChiefExecutive Officer, Bebasata.com, Egyptestimated that technology spending from2011 onwards is going to be significant.

On the various panels, participants alsoconsidered issues related to geopolitics,including the aftermath of the war in Libya,the citizens’ unrest in Syria, the unresolvedIsraeli-Palestinian problem, the unsecuresituation in Iraq and the heightened tensionsover Iran’s nuclear programme.‘Conflict inthe Middle East continues to pose seriousthreats to the welfare of the region’s people,with major global implications’, emphasizedEfthimios Vidalis, Chairman, Council forSustainable Development of the Federationof Greek, Enterprises and Industry, Greece.‘Although conflicts are far from being resol-ved, there are positive signs of movement inthe right direction. Dialogue must be rein-forced to lead to more successful cooperativeaction’, added Peter O’Driscoll, Advisor,Hasanah Fund, USA. Applause was reserved

when Steve Killelea, Chairman, IntegratedResearch, Australia, declared that ‘I reallywish that the whole Arab world will be anisland of peace, a beacon of optimism and arealm of prosperity any time soon.’

The 2011 Global Arab Business Meetingshowcased the Arab world’s potential,especially to foreign participants as a viabledestination for doing business and for long-term investments.‘China for example hasmoved proactively into the Middle East,offering financing for megaprojects and avast market that is hungry for Arab hydro-carbons’, as Andy Zhang, Chairman,Kingtell Corporation, China commented.India, another major player in Asia with anincreasingly affluent middle class, is ‘alsomaking major inroads into the Arab world’,according to Deepak Premnarayen,Chairman, ICS Group, India. Shumi Shah,Chairperson, Carousel Solution, UAE,pinpointed that Turkey, Malaysia andIndonesia are often held up as a model forArab reformers.‘We now need to move be-yond political reforms and to build bridgesfor improved trade and investments’, she said.

‘I really wish that the whole Arabworld will be an island of peace,a beacon of optimism and a realm ofprosperity any time soon’Steve Killelea, Chairman, Integrated Research,Australia

Erik Essiger, Chairman and Chief Executive Officer,Emirates Capital, UAE

Deepak Premnarayen, Chairman, ICS Group, India, chairing theentrepreneurship panel

Efthimios Vidalis,Chairman,Councilfor Sustainable Development of theFederation of Greek Industries

Neetu Mehta, President,Pulse Nation, India

Metin Guvener, Chairman,The Triangle Group, UK – ‘Whichstrategies work best when enteringforeign markets ?’

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H.H. Sheikh Mohammed bin Saud binSaqr Al Qasimi, Crown Prince of Ras AlKhaimah, honoured the winners of the‘Arab Business Leaders of the Year 2011’.The award recognises outstanding entrepre-neurs who have been building and leadingsuccessful global firms of Arab origin.Thewinners for the year 2011 are JacquesSarraf, Chairman, Malia Holding, Lebanon;Abdul Wahab Alahmari, President, SaudiGeophysical, Saudi Arabia, and AhmadAbdullah Ali Al Amash Tunaiji, GeneralManager, Gulf Cement Company, UAE.

Participants were candid about the prioritiesthe region must pursue. In the closing plenarysession, the meeting co-chairs reflected onthe key take-aways of the meeting, calling forfundamental shifts in business models andgovernment policies to address the localpriorities and regional imbalances and - firstand foremost - the citizens needs ‘to make

the Arab spring blossoming’, as Tariq H.Cheema, Chief Executive Officer,WorldCongress of Muslim Philanthropists, USAproposed. ‘The key to economic growth isinnovation - we have to turn the Arabworld into a hotbed of innovation’, arguedFrans Otten, Chairman,Tendris Holding,The Netherlands.

UAE Special Envoy of Peace, AhmedBukhatir, addressed the Gala Dinner on10 October. In a lively session, he delivereda message of peace in light of the currentglobal geo-political and economic uncertainty.He also painted an optimistic picture on theregion’s future, based on faith and trust.Ahmed Bukhatir is an Emirati Nasheedsinger. He started Islamic recitations at avery early age. In 2000 he released his firstalbum followed by six more records, mostrecent being ‘Moments with Allah’ whichwas released in August 2010. AhmedBukhatir also serves as Senator of Sharjahand Chairman of the Mcfadden Group ofCompanies. ‘We need to address moralconcerns and we need to build trust.Thecurrent geo-political and economic crisismight be a good opportunity for soul-searching and spiritual reflection.’ He voicedhis wish that business leaders develop theright attitude towards society at large.‘Wehave to give back to society. And we have tobe aware that we remain embedded within awider social framework’, he said. His state-ment drew a round of applause.

The Global Arab Business Meeting hasestablished itself as an ideal ground forbusiness networking and sharing of societal

‘We need to address moral concerns andwe need to build trust.The current geo-political and economic crisis might bea good opportunity for soul-searchingand spiritual reflection’Ahmed Bukhatir, UAE Special Envoy of Peace, UAE

Closing Dinner – Ahmed Bukhatir delivering a message on peaceand prosperity

H.H. Sheikh Mohammed bin Saud bin Saqr Al Qasimi, CrownPrince of Ras Al Khaimah

Adrian Sender,Assistant GeneralManager, Samba Financial Group,Saudi Arabia

Tamer Bazzari, Chief ExecutiveOfficer, Genero Capital, UAE

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concerns where corporate executives seek acollective view beyond bottom lines. As theArab world and the world at large entersinto a new era of unprecedented challengesand opportunities, the Global Arab BusinessMeeting was a timely and collective effortto pave the way for meaningful change thatcan be brought about through constructivedialogue followed by positive action. It isclear that ‘the events in the region are a timelyreminder of the importance of transparencyand good governance. Uncertainty and un-even application of regulatory policies thatbenefit a minority of privileged individualsare major constraints to economic growth’,concluded Abdulaziz A. Albakr, Presi-dent, Digital Computer Systems, SaudiArabia. Participants at the Global ArabBusiness Meeting committed to contributeto establish transparency and good gover-nance throughout the Arab region.

It is with immense gratitude that I thankH.H. Sheikh Saud Bin Saqr Al Qasimi,The Ruler of Ras Al Khaimah for having hadthe foresight and commitment to partnerwith Horasis to make the second GlobalArab Business Meeting such a great success.

There is tremendous potential for what theGlobal Arab Business Meeting can accomplishand so we look forward to your continuedengagement. I take great pleasure to inviteyou to next year’s edition of the GlobalArab Business Meeting.

Dr. Frank-Jürgen RichterChairmanHorasis:The Global Visions Community

The closing plenary panel

Forging new partnerships Participants listening to the closing remarks

Philippe Becker, Chief ExecutiveOfficer,Wasserstein Gulf, UAE

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It was indeed heartening to witness anotherhighly successful edition of the HorasisGlobal Arab Business Meeting. I believe thisyear, too, the event was extremely informa-tive and served as a platform for participantsto get an understanding of the immenseopportunities that the Arab world has tooffer, while also facilitating the sharing ofideas and helping discover new paradigmsof investment and business expansion in theregion as well as the emirate of Ras AlKhaimah.

Under the direction of H.H. SheikhSaud bin Saqr Al Qasimi, UAE SupremeCouncil Member and Ruler of Ras AlKhaimah, we pursued the goal of makingthe emirate a regional hub for manufacturing,trading & tourism, and it is a matter of pridefor all of us that Ras Al Khaimah’s GDP hasgrown by more than 50 per cent over thelast couple of years and stood at USD 4.75billion in 2009. Our economy grew by morethan 14 per cent in the last year in spite ofthe global economic recession, and in myopinion this is a testimony of our stabilityand sustainable economic performance.

Looking ahead, I believe that the GlobalArab Business Meeting will continue to bean excellent platform to highlight the ever-growing business and investment opportu-nities in the Arab world and particularly inRas Al Khaimah.

Dr. Khater MassaadChief Executive OfficerRas Al Khaimah Investment Authority

Foreword - Ras Al Khaimah Hostingthe 2nd Global Arab Business Meeting

Farewell message of Khater Massaad, CEO,RAK Investment Authority, UAE

Thanos Mitrelias, Chief ExecutiveOfficer, Cambridge BioMagnetics,United Kingdom

Many political and business consultations were held on the sidelines of the Global Arab Business Meeting

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Education, acritical assetBy Frank-Jürgen Richter,Khaleej Times, 18 October 2011

The second Global Arab Business Meetingtook place in Ras al Khaimah over 9 -10thOctober 2011. It was opened by His High-ness Sheikh Saud bin Saqr Al Qasimi,UAE Supreme Council Member and Rulerof Ras Al Khaimah, who called upon Arabbusinesses to look for innovation and investin knowledge. In this he follows an old lineof Arabic patronage, from the 9th centuryin fact, when the ‘House of Wisdom’ wascreated in the Abbassid-era in Baghdad, Iraqbecoming a major influence during theIslamic Golden Age (770 -1258 AD). Hereinphilosophers, scientists and engineers of theIslamic world contributed strongly to theirregion’s success. Sheikh Saud is staunchlyfollowing this tradition and transforming itinto the modern age.

In the first Global Arab Business Meetingheld in September 2010 one concern thatemerged (well before the uprisings of theyouths creating the Arab Spring) was theimpending doom of the region’s (mainly theMaghreb’s and the Levant’s) many un-employed people, especially the young.Delegates at the second Global Arab BusinessMeeting reiterated this, and noted that it wasnot correct to aggregate all the Arab nationsunder one simple index as each countrypossessed critical differences across severalimportant criteria. Even so ‘education’ hasnow to be a major investment thrust for allgovernments, instead of concentrating onlyin the tangibles, such as the infrastructures ofnew projects like high-rise blocks, airportsand sea ports - though these do have theirplace in the development mix.

The elicitation, classifying and storing ofknowledge is a slow process. Long ago Sun

Tzu during the ‘Warring States Periods’ inChina (475 - 481 BC) wrote his Art of War.Almost rising above all his edicts is that ofknowing... know the other, knowing theother’s disposition, and knowing one’s self -to combine all into a winning strategy.Today one major issue within the knowledgemanagement community is how to gathernew data and which old data to delete, howto manage the vast data banks, and how thento explain results of analyses to others toenact the emergent strategy. Many people‘in the loop’ wish to protect the data theyhave derived through their own work tofurther benefit their own futures - but this isselfish. If they shared their data and solutionsthen all around could gain since ‘... we wouldnot constantly have to reinvent the samewheels’ and we collectively could extendour energy to other more complex matters.This was a hope expressed by Sheikh Saud.

Speaking also at the Global Arab Businessmeeting, Sheikha Lubna Al Qasimi,UAE Minister of Foreign Trade, said ‘Greatereconomic integration is the best way tosustain peace, stability and prosperity in theArab world.’ This is indeed absolutelycorrect, but for many poor and relativelyuneducated people across the region such abroad sentiment still remains a dream. Theylook for food to support their family. Yet ifthey had been granted good education earlierthey might have been able to grasp the goodsense of broader regional economic integra-tion - that was a theme suggested by Shri

During a brainstorming sessionUsman A. Ghani, Chairman,ConfluentC, USA

Lisa LaBonte, Secretary General,United Nations Association UAE,hosting the panel on sustainabilitystrategies

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Kamal Nath, the Indian Minister for UrbanDevelopment ‘... the Western fiscal crisisshows that we cannot fully rely on the oldWest; and it is clear a new world order isarising with economic growth shifting to theEast, with the UAE being at the global cusp.’

Later in the meeting, Nabil Ali Alyousuf,Chairman, AlJal Capital, UAE noted thatthere was a distinct difference across theeducation sector between the public andprivate sectors.The private sector (represen-ted by him as an investor), had to make areturn on its investment and had thusconcentrated on limited sectors havingrapid payback - such as the niche marketsof hospitality and tourism.These are sectorsidentified also by governments, but the latterhad to undertake a broad approach, whilethe private sector could ‘cherry pick’ - andwith great effect and efficiency he noted.

We note that the US and maybe some Euro-pean governments are concerned to makeclear the not-for-profit nature of privateschooling. Yet those institutions’ managersare adamant that the profit element willallow them to plough-back cash into betterprovisions for the students. They also pointout that they can have their conversionperformance measured by referring to theincoming potential of students vs. their out-going achievement years later using standar-dized tests.

Throughout the Global Arab BusinessMeeting delegates repeatedly returned to theneed for good education and for an openingup of regulations that restrict small privateinvestors. The latter need to know that overthe long term their investments in capitaland human assets will be honoured bygovernments, and that the governments willinstil both learning and a work ethic intotheir young children. In the meanwhilemany governments will have to attract goodoverseas talent to jump-start the business ofinnovation and entrepreneurship that will leadon to the results hoped for by Sheikh Saud.

We must also allow for failure to becomeacceptable across the Arab world. AntoineKarkour, Chief Executive Officer, Ilevel,UAE noted that the regulations in the UAEand elsewhere were too strict and causedsome nascent entrepreneurs to hesitate andto be strongly risk averse - an inventor willalways learn from his mistakes, and this oughtto be so in local businesses.

All in all it was a very positive meeting. TheArab Spring seemed to be a spring-board thatgovernments may be looking for to reinventtheir education systems, local entrepreneur-ship and inventiveness that once made theArab world great: perhaps a new renaissanceis beginning.

Frank-Jürgen Richter is Founder and Chairmanof Horasis. Horasis hosts the annual Global ArabBusiness Meeting.

Exchanging business cards Adil Toubia, Partner,Energy Capital Group, UAE,taking notes

Preparing for the next panel

Judith Hornok,Author and Communication SpecialistArab World,Austria

Ras Al Khaimah Crown PrinceH.H. Sheikh Mohammed

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Gulf Today, 11 October 2011

RAS AL KHAIMAH:The second edition ofthe Global Arab Business Meeting startedoff in Ras Al Khaimah on Sunday with HisHighness Sheikh Saud Bin Saqr AlQasimi, UAE Supreme Council Memberand Ruler of Ras Al Khaimah, calling uponArab businesses and enterprises to embraceinnovation and invest in knowledge.

Addressing the high profile gathering ofministers, CEO’s and economists at thewelcome dinner of the Global Arab BusinessMeeting held at Al Hamra Convention Centre,Sheikh Saud urged the small and mediumenterprises (SMEs) in the region to invest inknowledge, research and innovation as theywere the powerful drivers of growth andvital to ensure survival in tough times.

‘Investment in knowledge is never a waste asit is our gateway to unlock our future.This isthe door open to all companies in the regionand those firms who can innovate and adaptwill survive the tough times and continueto expand and develop,’ Sheikh Saud noted.He stated that investment in knowledge hasoften been overlooked in the Arab world infavour of more tangible investments likeinfrastructure and new projects.

‘Investment in knowledge is often low downin our list of priorities.We are, often rightlyconcerned, with more tangible investmentssuch as infrastructure, new projects, expan-sion plans and the like placing investments inknowledge, training and human capital fardown the list’, said Sheikh Saud.

He added that innovation is not just an essen-tial part of growing a business but it is alsovital in a crisis. Quoting figures from theUNESCO Science Report, Sheikh Saud saidthat Gross Expenditure on Research andDevelopment has been low in Arab countriesat between 0.1 per cent and 1.0 per cent ofGDP while OECD countries devoted about2.2 percent of GDP to research anddevelopment.

Speaking at the event, Sheikha Lubna AlQasimi, UAE Minister of Foreign Trade,said that greater economic integration is thebest way to sustain peace stability andprosperity in the Arab world. Referring tothe Arab Spring and the sweeping changestaking place in many Arab countries, SheikhaLubna said that the region was actually inthe cusp of positive and enduring change.

Global Arab Business MeetingStresses Need to Invest in Research Ras Al Khaimah Ruler calls on Arab businesses to embrace innovation

The 2011 Global Arab Business Meeting was a real successbringing together participants from 35 countries

Khater Massaad, Chief Executive Officer, RAK InvestmentAuthority, UAE, chairing a panel

Kamal Nath and Frank-Jürgen Richter

The Global Arab Business Meetingis about to start

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‘The social unrest which took place in manycountries has been viewed as a setback bymany when in fact they are opportunities.The truth is that the recent spate of eventspoints to birth pangs as the region pursueshigher levels of democratisation.When thingsactually settle down, the Middle East willbe ripe and ready to take a better and fastertrack to economic and political unity.’

She added that the region’s growing opennessto change, which has become evident withthe recent events, will be vital to finallyachieving meaningful political and economicintegration in the region.

‘Future of Global Economy is in the East’,Kamal Nath, Indian Minister of UrbanDevelopment said while delivering his speech.‘A new world order is emerging on theglobal economic front as the gravity ofeconomic growth has shifted to the East.’

‘The continued and deepening financial andfiscal crisis in the West is a sign that thoseeconomies can no longer carry the world.The western economies are too saturatedand too leveraged to sustain economicgrowth for either themselves or for the restof the world.The world needs to realign itscompass as the gravity of economic growthhas shifted to the East’, Kamal Nath said.

He added that the Arab world and particu-larly the UAE can be on the winning side ofthis transition as it has a huge locationaladvantage on being situated at the junctionof the new growth continents of Asia andAfrica.

Also speaking at the opening session, PakistaniFederal Minister and Benazir Income SupportProgramme (BISP) Chairperson, FarzanaRaja said that any further deepening offinancial crisis in Europe could lead to sharpergrowth slowdown in Asian economies, whichwere already battling inflationary pressuresleading to monetary tightening in general.

Khater Massaad, CEO of Ras Al KhaimahInvestment Authority (Rakia) and Frank-Jürgen Richter, Chairman of Horasis,welcomed the delegates of the Global ArabBusiness Meeting 2011.

‘We don’t really know where thesweeping change will lead us but I cansay that the Global Arab BusinessMeeting generated real achievementson the steps needed to underpin eco-nomic success and invest for the future’Beshr Bakheet, Chairman,Bakheet Investment Group, Saudi Arabia

An opportunity to network Sharing a light moment

Gurjit Singh, President,Power of Youth, United Kingdom,asking a question

Barbara Judge – Middle East and North Africa will play asignificant role in the globaleconomic recovery

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Arab SpringCatalyst forEconomicGrowth Critical By Issac John, Khaleej Times, 13 October 2011

DUBAI: As business leaders taking part in aregional Arab business meeting soundedupbeat on Monday about the prospects ofArab Spring ushering in new economicdynamism to the region, His HighnessSheikh Saud bin Saqr Al Qasimi, UAESupreme Council Member and Ruler of RasAl Khaimah, called up on governments inthe region to adopt transparency and goodgovernance as their defining hallmarks toaddress the region’s challenges effectively.

Addressing the Global Arab Business Meeting,or GABM, in Ras Al Khaimah, Sheikh Saudsaid the real challenge is ‘how we can pro-vide good governance to the people, which Ibelieve begins with transparency. Govern-ments should have the courage to bring intransparency which allows them to addresschallenges rather than accumulating theproblems.’

The sweeping changes brought about by theArab Spring have not dented business confi-

dence in the region as top business leadersand policy makers attending the event sharedan optimistic outlook on the region’s abilityto emerge stronger on the economic front.The panelists at the discussion on ‘Economicsof the Arab Spring’ agreed in general thatthe Arab Spring presented an opportunityto broad- based economic growth, improvegovernance and initiate long pending reformsin many countries.

Providing an overview of the recent develop-ments in Egypt, Sherif El Gabaly, Chair-man, Polyserve Fertilizer and ChemicalGroup, Egypt, said that even though Egypt’seconomy had put up strong showing on themacro-economic level in recent years, thebenefits of growth failed to reach the people.‘A stable and democratic Egypt has greatpotential for growth with its strong founda-tions in tourism, agriculture and industry’,he noted.

Rajive Kaul, Chairman, Nicco Group,India, observed that Arab Spring is going tobe a catalyst for economic growth in theregion.‘The Arab Spring is going to unleashnew dynamism in the region and will bringin phenomenal economic growth’, he saidwhile adding that existence of a fair amountof market economy in the Arab world,absence of debts and decent income levelsare factors auguring well for regionaleconomies.

‘The Arab Spring is going to unleashnew dynamism in the region and willbring in phenomenal economic growth’Rajive Kaul, Chairman, Nicco Group, India

‘A stable and democratic Egypt has great potential for growth with its strong foundations in tourism,agriculture and industry’Sherif El Gabaly, Chairman, Polyserve Fertilizerand Chemical Group, Egypt

A boardroom dialogue session

Rajive Kaul, Chairman, NiccoGroup, India – ‘I expect a strongrecovery in consumer outlook’

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Ahmed Al Khateeb, CEO of JadwaInvestment, Saudi Arabia, said that outlookfor growth varied greatly among countries inthe region.‘While the oil exporting countries,including the GCC, were on a strong footing,enjoying high oil prices and massive budge-tary surpluses, the oil importing countriesin the region like Jordan, Morocco andLebanon were facing challenges due to dropin tourism revenue and income from theservices sector.The third set of countrieswhich had undergone political changesrecently are facing an unstable period for themoment but had tremendous opportunitiesin the long term’, he said.

Barbara Judge, Chairman Emeritus, UKAtomic Energy Authority, said the newgovernments in the region will have to meetthe great expectations people have on makingtheir lives better.

On the first day of the conference whichopened on Monday, Indian Minister forUrban Development, Kamal Nath pointedout that a new world order is emerging onthe global economic front as the gravity ofeconomic growth has shifted to the East.

‘The new governments in the regionwill have to meet the great expectationspeople have on making their lives better’Barbara Judge, Chairman Emeritus,UK Atomic Energy Authority, United Kingdom

‘While the oil exporting countries,including the GCC, were on a strongfooting, enjoying high oil prices andmassive budgetary surpluses, the oilimporting countries in the region likeJordan, Morocco and Lebanon werefacing challenges due to drop intourism revenue and income from the services sector’Ahmed Al Khateeb, CEO of Jadwa Investment,Saudi Arabia

Studying the programme

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Kamal Nath, Union Cabinet Minister of Urban Development,India – ‘globalization is here to stay’

Barbara Judge, Chairman Emeritus, UK Atomic Energy Authorityand Rajive Kaul, Chairman, Nicco Group, India


By Khater Massaad, Chief Executive Officer,Ras Al Khaimah Investment Authority

H.H. Sheikh Mohammed bin Saudbin Saqr Al Qasimi, Crown Prince of Ras Al Khaimah, honoured the winners ofthe ‘Arab Business Leaders of the Year 2011’at the Global Arab Business Meeting on 10 October 2011.The award recognisesoutstanding entrepreneurs who have beenbuilding and leading successful global firmsof Arab origin.

The 2011 award winners were JacquesSarraf, Chairman, Malia Holding, Lebanon;Abdul Wahab Alahmari, President, SaudiGeophysical, Saudi Arabia, and AhmadAbdullah Ali Al Amash Tunaiji, GeneralManager, Gulf Cement Company, UAE. Allthree award winners have had outstandingeconomic as well as social success over thepast few years and truly deserve this recog-nition.

Jacques Sarraf is the Chairman of MaliaHolding, a multifaceted group of companiesowning equity participation in varioussectors including: Industries, ConsumerGoods Distribution, Solutions, Fashion &Luxury, Engineering & Contracting andHospitality & Real Estate. Sarraf also holdsother positions of responsibility including

President of the Lebanese Association forSustainable Energy (LASE); Board Memberof the International Chamber of Commerce(ICC-Lebanon). He was also the Chairmanof the Lebanese Industrial Association be-tween 1992 and 2002, was the President ofthe Union of Mediterranean Confederationof Enterprises during the period 2007 - 2008.

Abdul Wahab Alahmari is the Presidentof Saudi Geophysical, Saudi Arabia, a leaderin its segment and one of the fastest growingmanufacturers in Saudi Arabia. SaudiGeophysical manufactures niche products inland environmental applications, includingwire cables and geophone cables, geophoneconnectors and accessories, geophone cases,dust caps, spikes etc.The company has beena recipient of the Saudi Fast Growth Awards(SFG) - an annual ranking of the fastest-growing companies in the Kingdom of SaudiArabia - in 2009 and 2010.

Ahmad Abdullah Ali Al Amash Tunaijiis one of the most prominent corporateleaders from Ras Al Khaimah, having heldvarious senior positions in both privatebusinesses and government-ownedinstitutions. Born in 1952,Tunaiji receiveda Diploma in Petroleum from Al NasrPetroleum Institute, Alexandria, Egypt in1975. He is a firm believer in the value of

Honoring the Arab Business Leadersof the Year 2011

Abdul Wahab Alahmari, President, Saudi Geophysical,Saudi Arabia, with H.H. Sheikh Mohammed

Jacques Sarraf, Chairman, Malia Holding, Lebanon;Arab Business Leaders of the Year, with Frank-Jürgen Richter

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education and knowledge in improving one’squality of life and ultimately contributing tothe development of the community.Withhis vast experience in the petroleum andcement industries as well as other privatebusinesses and government organizations,Tunaiji is recognized as a model citizen whois deeply committed to use his talents in theservice of the society and his country.

Panel with the Arab Business Leaders of the Year

Ahmad Abdullah Ali Al Amash Tunaiji, General Manager, GulfCement Company, UAE, congratulated by Sheikh Mohammed

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Ahmed Hamdan, CEO, Optimal Technology Solutions, Saudi Arabiawith Saeed Al Barwani, General Manager, Dubai Cables, UAE

Beshr Bakheet, Chairman, Bakheet Investment Group, Saudi Arabiaand Jens Yahya Zimmermann, Managing Partner, New Silk RouteGrowth Capital

Khaled Imam, Founder, Books.com.eg, Egypt and Salman Al Jishi, Chairman, Salman Group, Saudi Arabia

Exchanging presents

The Global Arab Business Meeting draws a full house

Tariq H. Cheema, CEO, World Congress of Muslim Philanthropists, USA and Sanjiv Ahuja, Chairman, LightSquared, USA, talking about philantrophy

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Hong Nguyen, CEO,Asia Capital Enterprises, Hong Kong and Sulaiman Al-Assaf, CEO, Middle East Investment Company,Saudi Arabia

A meeting of minds

Kamal Nath, Union Cabinet Minister of Urban Development,India, arriving in Ras Al Khaima

During the welcome dinner

Greeting the team

Participants registering

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Horasis:The Global Visions CommunityThurgauerstrasse 40CH-8050 ZurichSwitzerland

phone +41 79 305 3110fax +41 44 214 6502

www.horasis.org


Horasis Report Global Arab Business Meeting 2011 Report

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Transcript of Horasis Report Global Arab Business Meeting 2011 Report