GOIC training course highlights importance of feasibility studies for projects

Dr. Al Misnad stated in a press communiqué, in the occasion of the training course on Project Appraisal and Risk Management conducted by GOIC, that the importance of the course theme comes in light of the increasing high investment costs synchronizing with the fears of the risks that surround them due to political and economic conditions in the region; in addition to a region under the impact of global economic developments such as the crisis of mortgage in America.

Dr. Al Misned highlighted that the number of industrial projects in GCC region is 11,577, with an investment size of $127bn, and 884 workmen, and added that interest in Project Appraisal and Risk Management is of the essence of the scientific methodology of any investment program, which constitutes a crucial stage of projects, and based on it is the decision to start, stop or amend. H.E. also said that the experience of GCC member states in this area pushes towards paying more attention to fields of research and studies, and rehabilitation of workers in economic sectors on the ability to assess the viability of projects, analysis of their tracks, knowledge of potential setbacks, and alternatives that can be used to maintain projects.

The course was launched in GOIC premises recently in cooperation with Duke Center for International Development at Duke University, with the participation of 32 trainees, representing a number of governmental agencies and private sector companies, amongst them is the Armed Forces, Qatar Central Bank, Masraf Al Rayan, Nasser Bin Khalid Co., Barwa, Qatar Petroleum, Ministry of Foreign Affairs, Ministry of Energy and Industry, and Al Addiyar Real Estate, further to Al Hatmi Trading and Contracting Co., the official sponsor of the program.

The training course which ends on 12th March targets developing participants' capabilities in terms of research and analysis in the area of contributing to investment projects; investment funds; inclusion of tax and trade variables in the planning and evaluation of projects. In addition, the course targets training participants to prepare or modify plans for businesses; redirect projects to mitigate risks' costs and accelerate revenues; evaluate investment projects from the perspective of shareholders; and evaluate investment opportunities.

The course focused on studying the different forms of local and global issues in the areas of finance, property and taxes, and the possibility of their inclusion under appraisal and evaluation, so that trainees will be capable to perform analysis of projects and programmes, and thus obtain a better assessment and management of companies and projects. As for financial analysis, the course tackles stages of the evolution of feasibility studies; technology, engineering and human resources; development of cash flow statements; perspectives of financial support for projects; impact of size, time and sustainability on project's feasibility; cost-effective procedures to social programmes; capital markets and financing projects; in addition to the Internet and information resources.

In the area of risk analysis and management, the course tackles the foundations of uncertainty and risks; assessment methods and risk management; role of motives, penalties and share of risks; realistic option; design and planning of projects; and methods of contracting.

In the same way, GOIC holds a similar six-day training course in the State of Kuwait during the period 15 - 20 March next, in cooperation with the Kuwait Economic Society.

It is worth mentioning that for more than 30 years, the Gulf Organization for Industrial Consulting (GOIC) plays a leading role in fostering industrial development in the public and private sectors in the GCC member states through a number of programmes and activities, including training and capacity development through Industrial Support Unit in Industrial Promotion and Investment sector in the organization.

Duke University is also considered one of the best ten universities in the United States of America, and Duke Center for International Development presents advanced educational programs in global development policies.

Also, Kuwait Economic Society (KES) focuses on promoting economic growth and reform within Kuwait economy, capacity building for its members, promoting small businesses, lobbying for legislation reform, improving transparency and curbing corruption within public institutions and reducing personal connections in order to provide equal opportunities among citizens, and strengthening its relationship with private and public sectors and international organizations.