He was addressing a panel discussion on the 'Global Talent of the Future' at the Global Competitiveness Forum (GCF) in Riyadh, Saudi Arabia. The forum was held under the patronage of The Custodian of the Two Holy Mosques King Abdullah bin AbdulAziz AlSaud and organized by the Saudi Arabian General Investment Authority (SAGIA).
Alabbar said that unless the Arab nations make a concerted and sustained effort to develop their human capital, the region will be a bystander to the global economy. The Middle East as a whole, he pointed out, has one of the fastest growing and youngest populations in the world, with around 65 per cent of the population under the age of 25 - that is 200 million young people. "If we can nurture this enormous resource," he said, "we will enter into an era of peace and prosperity; if we cannot, we face a future of dissatisfaction, unrest and economic decline."
Alabbar said that the key to progress in the region is the participation of Arab youth. "We have large reserves of young talent in the region, a pent-up spirit of creativity and productivity. The extent to which we can tap into our most precious resource will determine our future success."
Alabbar, part of a five-member panel, added that recent advancements in GCC economies have not always been matched by innovations in education, training and job creation. "This," he said, "has led to a situation where a great opportunity is beginning to look like an impending crisis."
"In today's information-driven global economy, a company's biggest assets no longer consist of buildings, machines or even financial reserves," he said. "Today, brainpower is every business's most important asset, human capital its most vital investment."
Governments, Alabbar said, must first make investments in schools, universities and research facilities, while also creating the economic conditions for entrepreneurship to flourish. "Small and medium-size enterprises," he said, "are breeding grounds for grass-roots talent, the leadership of tomorrow."
Improvements in education and training, meanwhile, must be matched with societal changes. "We must encourage shifts in attitudes," Alabbar said, "a spirit of dynamism and enthusiasm." The place to start with this drive, he added, is in the private sector. "There must be an effort to foster not only efficiency in employees, but creativity and flair, a willingness to take risks—the elements needed for original ideas and innovation."
GCF is an annual meeting of international business executives, political leaders, intellectuals and academics. This year more than 1,000 delegates attended the event.
Appearing with Alabbar were Hector Ruiz, Chairman & CEO, AMD; Don Thornhill, Chairman, Ireland's NCC; Yasuyuki Nambu, President & CEO, Pasona Inc, and Neil Bush, Chairman & CEO, Ignite! Learning. The session was moderated by Laura Tyson, a prominent US economist and professor at the Haas School of Business of the University of California, Berkeley.
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Create Nationals for jobs rather than jobs for Nationals, says Alabbar
- Saudi Arabia: Wednesday, January 23 - 2008 at 13:30
- PRESS RELEASE
Mr Mohamed Ali Alabbar, Director General of the Department of Economic Development and Chairman of Emaar Properties PJSC, urged the Arab world to 'create Nationals for jobs rather than create jobs for Nationals' by nurturing ambition, optimism and self-belief in young Arabs.
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About Emaar Properties PJSC:Emaar Properties PJSC is one of the world's largest real estate companies and is rapidly evolving to become a global provider of premier lifestyles. Powered by its Vision 2010 to become one of the most valuable companies in the world, Emaar is charting a new course of growth with a two-pronged strategy of geographical expansion and business segmentation.
Emaar has highlighted its remarkable global growth by debuting on the Financial Times Global 500 ranking, which provides an annual snapshot of the world's largest companies. Emaar has been assigned A- and A3 ratings with stable outlook by Standard & Poor's and Moody's Investor Services, respectively.
Replicating its successful business model in Dubai, Emaar is extending its expertise in creating master-planned communities to international markets. Emaar is also developing new competencies in malls, hospitality & leisure, education, healthcare and financial services, which have evolved from its integrated approach to customer service and property development.
Listed on the Dubai Financial Market, part of the Dow Jones Arabia Titans Index and certified to ISO9001:2000 for quality standards, Emaar is developing Burj Dubai, the world's tallest building and free-standing structure, and The Dubai Mall, one of the world's largest shopping and entertainment destinations. In Saudi Arabia, Emaar is developing the US$26.6 billion King Abdullah Economic City, the region's largest private sector-led project. Emaar's portfolio currently covers the following countries: the UAE, Saudi Arabia, Jordan, Syria, Lebanon, Morocco, Egypt, Turkey, Libya, Algeria, India, Pakistan, Indonesia, the US, the UK, France and Canada.
An award-winning developer, Emaar has strengthened its product sale competencies, market reach and best practices through strategic acquisitions and joint ventures. Emaar acquired John Laing Homes, America's second largest privately held home builder; Hamptons International, UK's premier realtor; and formed a joint venture with US-based Turner International to strengthen execution capabilities.
Emaar has joined hands with Giorgio Armani and Accor Hotels to strengthen its presence in hospitality, and will launch ten luxury Armani Hotels & Resorts world-wide and 100 Formule 1 budget hotels in India. The company is opening educational institutions and healthcare centres in South Asia, Middle East and North Africa and the Subcontinent. Emaar acquired Singapore-based leading education provider, Raffles Campus, to extend expertise to its educational institutions.
Emaar holds 30 per cent equity in Dubai Bank, focused on retail and commercial banking. Emaar is also the largest shareholder in Amlak Finance, UAE's leading Islamic home financing company. For more information, visit www.emaar.com.
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Posted by Lara Lynn Golden, News EditorWednesday, January 23 - 2008 at 13:30 UAE local time (GMT+4)
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