Leaders in Dubai Business Forum proves successful by addressing world's critical topics

Although the Gulf Cooperation Council (GCC) region has so far escaped a more disastrous outcome than US and Europe, world leaders expressed concern over the long-term impact of the global financial crisis on the region.

The 'Al Rouad Panel' debate, (Al Rouad means 'pioneers' in Arabic) which consisted of five of the Arab world's most influential business leaders - Sameer Al-Ansari, Executive Chairman and CEO of Dubai International Capital LLC, Ahmad Abdulkarim Julfar, Chief Operating Officer, Etisalat, Fadi Ghandour, Founder and CEO, ARAMEX International John Sfakianakis, Chief Economist of SABB (Saudi Arabia British Bank) and Mohammad Al-Jasser, Vice Governor, Saudi Arabian Monetary Agency (SAMA) - agreed that the GCC region is among the least economically vulnerable in the world; when ranked using risk analysis that focuses on basic economic fundamentals, such as a country's total indebtedness and its exposure to the global financial system, the GCC has reason to remain optimistic about continued market growth.

"The tremors of the financial quake in the US have had an impact on the GCC in terms of reduced oil prices, financial liquidity and the drop in share values of companies listed on the GCC stock markets," said Sfakianakis. "The region is well placed to turn the crisis into opportunity, i.e. attracting talent and focusing on mergers and acquisitions. I predict the GCC to witness a 4.3% growth in 2009."

Sameer Al-Ansari, agreed with Sfakianakis, adding that, "I think Dubai and the UAE are able to turn the current financial challenge to its advantage. So far the effects of the crisis in the region are manageable when compared to the retrenchment experienced elsewhere in the world, and when seen in the context of the fundamental strength of the GCC economies. I think the region will continue to offer fantastic investment opportunities, now and in the future."

However, the former president of the World Bank, James Wolfensohn, argued that the longer-term impact of global financial crisis on the GCC will be soon much more pronounced. These effects occur on several levels for the Gulf States: foreign direct investment (FDI) flows; international oil prices; economic growth; and planning for a new global financial system. While all of these different areas are inextricably interlinked, they must be analyzed in parts to understand their effects properly.

According to Wolfensohn, the world is facing dramatic shifts in its economic structure. "With the projected recession in 2009 in the developed world, we are all running into a very difficult time, now and ahead. I hope that the region will be able to survive the effects of the crisis, but it would be a surprise to me if any country could succeed in hiding from the effects of the crisis - even in the GCC."

Management 'Guru,' Dave Ullrich, spoke on business 'intangibles' such as leadership style and the creation of brand value as key elements that will determine the long-term success of a company.

"Brand value is determined by the consumer whose perception should be the basis by which a company prioritizes its own values and internal leadership strategy," said Ulrich. "It's a trickle-down effect, so if a leader is leading by example, and therefore enabling his employees to embody the values of the company in their own behavior, than a brand is successful."

Citing Sheikh Mohammed Bin Rashid Al Maktoum as an inspiration and an example of a great modern leader, he also went on to mention 'conservative asset management' as the best strategy for success during good and difficult times.

Speaking optimistically about the opportunities to re-evaluate company strategy and the benefits of downsizing during economic downturns, former Mayer of New York City, Rudy Giuliani, closed day one of the forum. Falling under heavy scrutiny during a question and answer session with CNN anchor Hala Gorani following his address, Mr. Guiliani fielded loaded questions - ranging from why he refused a $10bn check from Saudi Prince Alwaleed bin Talal after the September 11th attacks on New York City, America's unwillingness to let Dubai Ports World buy and operate out of several American ports and how he feels about America's financial institutions being the sole reason for the current global economic crisis - with tact and diplomacy.

An unusual and humorous highlight to the day's roster of speakers was Sir Ranulph Fiennes - named 'The World's Greatest Living Explorer' by The Guinness Book - speaking on his high stakes expeditions that nearly took his life on many occasions, whether through starvation or attacks by polar bears!

"There is always a little voice in the head that tells one to stop or quit when situations seem dismal," he confided. "It's important to be prepared beforehand for these inevitable moments and have a positive plan for a 'reverse' way of thinking, so as not to give in to failure."

His sponsored expeditions have included a 26-year search for the lost city of Dhofar - currently still under excavation in the Omani desert - and the first and only successful, on-foot trek around the entire globe through the North and South poles.