Earlier this week I had a chance to hear six recent college graduates/graduate students (see bios here) present brief summaries of policy recommendations formed at youth conferences in Rabat (Morocco), Cairo (Egypt), and Amman (Jordan). The event was organized by Americans for Informed Democracy (AID) and The Project on Middle East Democracy (POMED).
Why young people’s views on reform? Youth constitute a majority of the Middle East population and, leaving universities, many young people find themselves at the crossroads - unable to get jobs in the public or private sectors.
One issue that people consistently highlighted was the idea of cultural exchange. Two representatives spoke from the experience of each conference, all three of which included cultural exchange as a...
With inflation and political backtracking competing with trends of economic growth in the Middle East and North Africa, the link between economic and political reform has increasingly come under scrutiny in the region. It was a prevailing theme in the recent roundtable that CIPE held for key partners from Algeria, Egypt, Iraq, Jordan, Lebanon, Morocco, Tunisia, Turkey, and Yemen in Hammamet, Tunisia.
Leading private sector organizations from around the region shared successful reform approaches, focusing on entrepreneurship, advocacy, public-private dialogue, and corporate governance. Many of these programs underscore the need for institutions that promote better economic policies and expand growth dividends across a broader segment of society.
It was interesting to see partners not...
When: November 9 - 11, 2008Where: Four Seasons Hotel Doha, Doha, QatarConvergence in Technology & Policy InnovationTwenty trillion dollars. The number is staggering and demands serious attention. Twenty trillion dollars is the cumulative investment the world’s energy producers will need to spend just to keep up with global demand over the next two decades.The deep impact of that kind of capital flow will reverberate through industrial and capital markets, and governments, everywhere. The winners among them, the heroes and the profit-makers, will be those who understand how to navigate conflicting interests and find the convergence required to attain the widely sought goal: adequate, secure energy supply in an environmentally acceptable fashion. Achieving this goal requires facing...
When: May 5 - 6, 2008Where: Four Seasons Hotel Doha, Doha, QatarDriving Change: Women in LeadershipFor economies to grow and companies to profit, they must stay competitive and embrace globalization. They need to fully utilize all resources. What roles are women playing in the development of today’s business, social, and political sectors? As women gain more influence in public life around the world, how are they making a difference? How will the face of the global workplace change as female entrepreneurs start and build the companies that are creating millions of jobs needed around the world? Are quotas in the workplace effective in encouraging diversity? Which sectors are women favoring and how are they succeeding?The Middle East is at a critical juncture. Thanks to high oil prices...
With the world’s eye squarely focused on Iraq, much less attention is being paid to the challenges – and opportunities – for democratic and market reform elsewhere in the Middle East. Yemen, for instance, has recently come into the media focus because of an attempted Al-Qaida attack against the U.S. embassy that injured 13 students leaving a nearby school. But the domestic context of this attack remains poorly understood.
Yemen has an important choice to make. If the entrenched disfunctionalities in its political and economic systems persist, it will be headed toward anarchy or even a failed state. But if reforms continue, it may well become a regional example of progress in building democratic and market institutions.
Yemen is facing significant internal security problems...
An academic paper just came to my attention by Najib Harabi, of the University of Applied Sciences of Northwestern Switzerland (November 2007) that poses an important question: What is the state of corporate governance as a major factor affecting the growth of the private sector in MENA countries? Although Mr. Harabi doesn’t answer the question fully, he makes some assumptions that are worth evaluating. With corporate governance gaining steam in the MENA region, it is a critical that we have good answers to such questions about how corporate governance can foster better investment climates.
The study looks at the World Bank assessment tool on corporate governance (ROSCs) used in Egypt, Jordan and Morocco, as well as a series of regional roundtables from 2003 to 2006 that were...
Date: Tuesday, 18 March 2008 to Thursday, 20 March 2008Place: JW Marriott, Safat, KuwaitEvent DescriptionDuring the Corporate Governance and Responsibility Forum (CGR Forum) 2007 and as a result of its success, the CGR Forum was announced to become an annual event.The success of CGR Forum is evidence that it is possible to reap value from creating a venue for the private and public sector to discuss key topics such as corporate governance and responsibility and overcome obstacles by working together. See full...
The Hawkamah Institute for Corporate Governance (Hawkamah) yesterday announced that it has signed a Memorandum of Understanding (MoU) with Certified Financial Analysts (CFA Emirates), the UAE society for CFA charterholders and candidates, to cooperate with each other to actively promote and improve good corporate governance practices in the UAE, GCC and the MENA region. The signing took place the Annual UAE CFA Charter award ceremony in which charterholders received their new CFA charters.The memorandum states that Hawkamah and CFA Emirates will work together to advocate corporate sector reform and enhance existing corporate governance standards across the region. This goal is supported by three broad objectives, namely to: improve the corporate governance practices of private and public...
Al Khaliji, which aims to build a strong regional presence in the GCC countries, has called for implementing global best practice in corporate governance. This was highlighted by Niall Coburn, senior executive, group corporate governance. Al Khaliji was one of the endorsement partners of the recently concluded Second GCC regulators’ Summit in Bahrain.See full...
The regulatory environment in Bahrain is an excellent example to other countries in the GCC and the Middle East, according to a visiting expert.Ernst & Young Northern Europe, the Middle East, India and Africa Regulatory and Public Policy managing partner Jan Babiak was speaking on the sidelines of the summit."Regulation is of growing importance in a global economy that is more interdependent every day," she said."All central banks are more aware than ever of the threats posed to their security - and the economies which they are there to protect - by a wide range of threats, from money-laundering to non-compliance to information security."The Central Bank of Bahrain is recognised internationally for its support of strong corporate governance frameworks in the financial sector, according to...
An intensifying demographic transition in the Middle East and North Africa (MENA) region calls for creating as many as 100 million new jobs in the next decade in order to accommodate the increasing number of entrants into the labor force. The shortcomings of past economic reforms foreshadow a massive labor crisis and potential social instability as the rising wave of youth unemployment sweeps through the region. But MENA may also have at hand a unique window of opportunity for sustained growth and development, provided that long-overdue institutional reforms – both economic and political – are introduced.
The key to successful reforms lies in understanding the profound interconnections between well-functioning markets and democratic governance. They both rely on the same set of core...
Arab countries have always failed to agree on any cooperation policies, any reform agendas, any economic integration policies, and any international agenda. It is just surprising how they managed, with no extensive meetings or discussions, on pressing the already limited freedoms. Not to mention the freedom of speech and expression, the Arab ministers of communication, agreed to issue a charter for satellite TV in a major setback, to also restrict freedom of “listening”.
Arab Ministers met in Cairo on February 12, 2008 at the request of Egypt, and with the strong support of Saudi Arabia. The final document adopted by ALL member states of the Arab League (with the exception of Qatar and Lebanon) requires Satellite TV broadcasting in the region to:
Refrain to offend the...
The Hawkamah Institute for Corporate Governance (Hawkamah) and the UAE Bankers' Forum today announced the creation of an award to encourage and promote the adoption and implementation of good corporate governance practices among banks in the United Arab Emirates.The Bank Corporate Governance Award, developed by Hawkamah, will enable the UAE Bankers' Forum to obtain an independent and credible assessment of the quality and extent of corporate governance standards within banks across the UAE. Subsequently, UAE banks will also benefit from this process and will be able to use the award as a reference to set bench-marks for further improvements. See full...
When: 18-21 February 2008Where: Dubai, UAE“Corporate Governance is perhaps one of the very few strategic tools available to Companies around the world, which can help them redefine the very purpose of the business i.e. not only to create wealth but distribute it with a principle of equanimity to all the shareholders as well as stakeholders of the company in a transparent manner.” M.K.Chouhan, Chairman - Mahendra & Young Knowledge Foundation & Vice Chairman - Global Advisory Board, Asian Centre For Corporate Governance, and speaker at the Corporate Governance Summit 2008.With the rapid growth of the market and the volume of financial transactions taking place in the GCC, it is necessary for corporate governance processes and standards in order to ensure the future growth and stability...
Now that we are talking about courage.....why does King Abdullah II not show some courage of his own and give us some democracy.Continuous talk is not enough.Onésimo Alvarez-MoroSee article:Jordan's King Abdullah II urged Israeli and Palestinian leaders on Monday to summon the courage required to end their decades-long conflict and achieve peace, the palace said."Israeli and Palestinian leaders should have the necessary courage to reach the aspired-for peace," a statement quoted the king as telling a group of European MPs."This year the Middle East is at a crossroads, and the Israelis and Palestinians should know if they want peace and stability. The world should help find a future for the Palestinians and peace for Israel."Warning about the impact of what he called Israel's "negative...
The Capital Market Authority (CMA) is committed to promoting sound corporate governance practices in Oman, Yahya bin Said Al Jabri, executive president of the CMA said here yesterday.Recently, the capital market regulator had issued an administrative decision forming corporate governance committee to implement a corporate governance plan in Oman by disseminating information on international standards and practices.The committee, Al Jabri said, comprises nine members representing the public and private sectors, academic and professional institutions.The committee is chaired by the director-general of legal affairs, enforcement and corporate governance with the membership of the director of the department of corporate governance of the CMA as well as members representing the Diwan of Royal...
Date: Monday, 18 February 2008 to Thursday, 21 February 2008Where: Dubai International Financial Centre (DIFC), Dubai, United Arab EmiratesAs a professional operating in the Middle Eastern markets, you are fully aware of the need for transparency, sound practices and trustworthiness in order to ensure sustainable growth for your business.Corporate Governance structures in the Middle East are slowly catching up with their counterparts in the Western world. The rapid growth of the markets and the volume of the financial transactions taking place, make it necessary for Corporate Governance processes and standards in order to ensure the future growth and stability of the market.Steps have been made in the right direction and specialised bodies have been set up to guide the market. However,...
The Hawkamah Institute for Corporate Governance (Hawkamah) today announced that it has signed a Memorandum of Understanding (MoU) with the Arab International Women’s Forum (AIWF) to advocate corporate sector reform and strengthen corporate governance for women entrepreneurs and their businesses in the MENA region.Dr Nasser Saidi, Executive Director of Hawkamah, said: “Women entrepreneurs can benefit from strong corporate governance systems and guidelines, because of their ownership patterns - today women entrepreneurs own many large regional enterprises and account for a substantial share of the private sector. We are pleased to partner with AIWF to pioneer stronger corporate governance for women’s businesses across the Arab region. Improved corporate governance can lead to, better:...
Hawkamah Institute for Corporate Governance (Hawkamah) today announced a sponsorship agreement with AIG MEMSA Insurance Company (AIG), AIG is part of the American International Group Inc which is a world leader in insurance and financial services, to support the progress of corporate governance across the Middle East and North Africa. The alliance allows Hawkamah to access and utilize AIG’s vast global resources, in terms of experts and research, and represents another significant step towards achieving Hawkamah’s strategic objectives of raising awareness and further advancing corporate governance in the region. See full...
OECD and Arab countries are to enter a new phase of co-operation on investment and governance policies, following a three-day meeting in Cairo of ministers and senior officials responsible for the MENA-OECD Initiative on Governance and Investment for Development.Participants agreed to extend the twin-pronged initiative, launched in 2004 in partnership with UNIDO and UNDP, to promote equitable economic development, increased employment and enhanced prosperity in the countries of the Middle East and North Africa, for a further three years to 2010.In a speech inaugurating a meeting of ministers responsible for investment policy, Egyptian Prime Minister Dr. Ahmed Nazif said the initiative was providing positive benefits to Arab countries in helping them to find their own ways to reform and...
When: 28 November, 2007Where: Cairo, EgyptThe second MENA-OECD Investment Ministerial Meeting titled Making Reforms Succeed: Moving Forward with the Investment Policy Agenda will be held on 28 November 2007 in Cairo, Egypt. This regional event will be held under the auspices of the Prime Minister of Egypt, H.E. Dr. Ahmed Nazif and will be chaired by H.E. Dr. Mahmoud Mohieldin, Minister of Investment of Egypt. The Ministerial Meeting will gather high level delegations from the countries participating in the Programme to identify elements crucial to fostering investment climate and adopt new tools for implementation of investment policy reform.Ministers will take stock of achievements in investment climate reforms and regional co-operation, discuss remaining challenges and provide...
The Good Governance for Development (GfD) in Arab Countries Initiative aims at modernising public governance in the Middle East and North Africa (MENA). By improving the environment for entrepreneurs, investors and job creation, it works towards sustainable development of the region.The Initiative builds upon MENA countries’ ongoing reform efforts to modernise public governance. It * Strengthens civil servants’ capacity to design, implement and monitor public governance reforms * Creates a network for dialogue between policy makers from MENA and OECD countries * Designs innovative solutions, tailored to the specific policy environments of each MENA country * Assists ministries and government agencies to cooperate and coordinate their work *...
The NYT recently published an interesting article about the new academic initiative launched by King Abdullah of Saudi Arabia. He is planning to build the most advanced university in the Arab world with the stated purpose of catching up with the Western science and technology.
The Jidda-based King Abdullah University of Science and Technology, or Kaust, is scheduled to open in September 2009. It will be a graduate research institution created with the investment of $12.5 billion and the endowment of over $10 billion — one of the largest in the world. But the envisioned model of study is even more attention-catching than these huge financial outlays. Unlike in other Saudi educational institutions, here different religious and ethnic groups will be able to attend, and men and women...
Transparency International, a global anti-corruption group, has said three Arab nations were among a dozen worldwide where corruption has seen a significant rise in the past year. The Arab nations named the international body were Jordan, Bahrain and Oman.The survey ranked 180 states on a scale of one to 10 based on the perceptions of business people and analysts, the BBC reported.The Arab countries with the least perceived corruption were Qatar and the United Arab Emirates. Qatar has scored 6 points in the index.Bahrain was 46th with a score of five out of 10, while Jordan and Oman both scored 4.7 to be equal 53rd. See full...
Enda Inter-Arabe (Enda I-A), the first and largest microfinance institution (MFI) in Tunisia has joined Womens World Banking (WWB), a US non-profit organization that works with 53 MFIs and banks in 29 countries worldwide. Tunisia is the third Arab country, after Jordan and Morocco, to be represented in the WWB network as part of their planned expansion into the Middle East.
Continue reading "MICROCAPITAL STORY: Enda Inter-Arabe, the Tunisian Microfinance Institution Becomes the Latest Network Member to Join Women's World Banking"...
Get ready for the world's first carbon-free city -- smack-dab in the center of the oil-rich Middle East. Business 2.0 Magazine reports.It may seem strange that the emirate of Abu Dhabi, one of the planet's largest suppliers of oil, is planning to build the world's first carbon-neutral city.But in fact, it makes a lot of financial sense. The 3.7-square-mile city, called Masdar, will cut its electricity bill by harnessing wind, solar, and geothermal energy, while a total ban on cars within city walls should reduce the long-term health costs associated with smog.Masdar is still on the drawing board -- construction begins in January, with a very tentative completion date of 2009 -- but the result will be watched closely around the world. See full...
As an effort to help the small and medium size enterprises (SMEs) in Bahrain as well as across the region, the United Nations Industrial Development Organization has initiated the set up of a new microcredit bank, Innovation Bank, which is scheduled to commence operations sometime later this year. Continue reading "MICROCAPITAL STORY: The Gulf's First of its Kind Microfinance Institution, Innovation Bank, Launches in Bahrain"...
In this interesting piece, UPI energy correspondent Derek Sands suggests that the high price of oil over the past decade has prevented the oil rich governments of the Middle East from making any substantial economic reforms. Further, Mr. Sands contends that huge state subsidies on products from gasoline to bread can not continue to be supported, even with the current high price of oil. Iran, for example, continues to heavily subsidize gasoline, but due to a lack of refining capacity, the country is forced to import gasoline refined elsewhere, which costs the government $2.5 billion a year.
However, a recent report from the World Bank finds that oil-rich Middle Eastern states are, “…increasingly turning finite oil wealth into longer-term revenue...
A statement issued by the U.S. Agency for International Development (USAID) indicated that the network of microfinance institutions active in Iraq will receive further expansions in new districts around the country. Specifically, the Al-Takadum microfinance institution (MFI) will open in Al-Anbar province, reports Middle East North Africa Financial Network News (MENAFN). This scheme is currently in its final stage of construction. Continue reading "MICROCAPITAL STORY: USAID-Funded Al-Takadum Microfinance Institution to Open in Iraqs Al-Anbar Province, Expanding Existing Microfinance Network"...