Ithmaar Bank Chairman appointed Co-Chair of the World Economic Forum on the Middle East 2008

The annual World Economic Forum on the Middle East is the foremost global gathering of political and business leaders in the Arab world. Janahi, who leads one of the most diversified financial services groups in the Middle East, the Ithmaar banking group, is one of only two Co-Chairs selected from the Arab World.

Under the theme 'Learning from the Future' participants will explore realistic scenarios for the future of the region, and work backwards up to the present time to try to determine what needs to be done to reach the desired results. 'The future belongs to the new generations, it is not ours. We need to create an environment that gives potential entrepreneurs and leaders the chance to accomplish their goals; luck and inheritance are not ingredients to a sustainable growth,' commented Janahi. Janahi added, 'Growth has to be a well planned, inclusive, long-term strategy; it is not a short-term personal vision that changes direction with each 'election'.'

As Co-Chair, Janahi's role will be to help shape the agenda for the meeting and to provide guidance for the World Economic Forum in identifying the right issues, and more importantly, accountable representatives and leaders. He will be working alongside three other distinguished Co-Chairs, including: Mohammed Alshaya, Chairman, Alshaya Group, Kuwait; HRH the Duke of York, the UK Special Representative for International Trade and Investment; and Jimmy Wales, Founder and Chair Emeritus, Wikia, USA.

Accepting the prestigious appointment, Janahi said: 'The Middle East region has experienced strong economic growth despite the challenges of shifting political and security realities. The GCC region alone recorded a more than 40% growth in foreign direct investment (FDI) flow last year, reaching over $1.3 trillion. The surge in FDI flows to our region is indicative of the significant impact the Arab region is beginning to have on the global economy. Arab nations are also emerging to take center stage in the world markets as they diversify their economic base whilst keeping the global economy afloat. We have done all this divided, just imagine how much we can do if the Arab world was really united and living in peace'.

He added: 'The World Economic Forum serves as a platform to explore the opportunities and complexities that affect the Middle East region today. It has always been an effective and neutral gathering to enhance dialogue between the private and public sector, and has steered us many times towards long term solutions to issues that have hindered the growth of our economies and destabilized our societies. I look to this meeting to see what sacrifices our leaders are willing to make to help bring back long lost trust between, not only each other, but also between them and their own people.'