Private sector holds key to future prosperity in the Mid East

Speaking yesterday, at the closing session of the World Economic Forum on the Middle East, at the Dead Sea in Jordan, he said the launch of the US $10 billion Mohammed bin Rashid Al Maktoum Foundation, to promote a knowledge society in the region, will provide the Arab talent that will help ignite the private sector as an engine of growth.

"In my conversations with my fellow colleagues, I have witnessed that the message has been received and the private sector has a new sense of optimism and confidence in the future of their companies. There is an urgency to address the issues that will guarantee them growth, as well as a sense of responsibility, specifically in the areas of governance and social responsibility," Al Muntafiq, a Co-Chair of the Forum, told delegates.

He said the creation of the Mohammed bin Rashid Al Maktoum Foundation is a critical step towards developing Arab human capital and providing the necessary skills and knowledge required by the private sector.

"We now have the single biggest ever foundation in the Arab and Islamic world for the promotion of education, leadership and culture in the Arab world, with the historic announcement by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai. It will help to ensure that the next generation of young Arabs receives the best opportunities in these fields," Al Muntafiq said.

"The Foundation is a beacon of hope in a region that has one of the highest percentages of its population aged under 25. Education is not just about economic development, although that is still important. It is about providing people with the knowledge and skills that allow them to improve their own lives and society at large. It is about enabling a future rich with possibilities and life enhancing opportunities."

But, he added, funding and a new mindset mark only the beginning of a long path. The region now needs to consolidate the development of an Arab model, with the right values, systems and processes, because, he said, it has been proved that Arabs, and Arabs alone, are responsible for bringing change to the region.

"The implementation of Western management systems and processes has, in many cases, failed in Arab companies and an Arab model will help them address their business to the Arab reality," Al Muntafiq explained.

He also called for a well policed and organized private sector throughout the region "There is an urgent need to develop this model in the next 5-10 years because new players, such as China, are adapting at a remarkable rate and are already participating on the global stage."

Al Muntafiq concluded that he hoped the outcomes of this conference would bring the voice of the Arab private sector and its values to the global corporate debate."