Investor Relations professionals highlight role of capital market communications in sustaining regional growth

Consensus among the more than 100 participants - drawn from 10 countries in the wider region, covering an equal number of sectors of activity - in this initiative of the Middle East Investor Relations Society (ME-IR Society), a non-profit organisation dedicated to promoting and developing the investor relations profession, demonstrates the compelling opportunity for even more robust IR standards in the region, including greater disclosure and stronger capital market communications standards.

"Established as a platform for cross-border learning, the ME-IR Society is pleased with the response and industry dialogue at our inaugural forum," said Arif Amiri, Chairman, ME-IR Society, who added that the organisation would reveal its 2009 agenda of events in January.

"As IR professionals, we can play a critical role in ensuring the very highest standards of disclosure and corporate governance at the firms we represent," he said. "The work we carry out will also reaffirm to the world that the Middle East is now characterised by greater openness and increased accountability."

At the conclusion of the meeting, Nicholas Swierzy, Head of Investor Relations, Qatar Telecom, and Hassan Badrawi, Vice President, Orascom Construction Industries, were elected directors of the ME-IR Society. As well, Gretchen Haynes was named the Society's General Manager.

The Society's dedicated website, was also launched at the forum. Providing IR professionals with a new networking platform, including career development opportunities and useful background on the investor relations function, the ME-IR Society website promises to be an indispensable tool for regional practitioners.

Addressing the forum in his keynote address, Dr. Nasser Saidi, Chief Economist at the Dubai International Financial Centre, said that the establishment of the ME-IR Society itself was both timely and appropriate, adding that capital market communications should be a central focus area moving forward. He said that such standards should form the bedrock of Middle Eastern efforts to manage the region's wealth and attract increased foreign and institutional investment.

Speakers at the forum stressed that at a time when competition for capital is intense, a shift in regional IR practices is required at two levels: first, to ensure that minimum disclosure requirements are fully met; and second, to transform company shares into active mechanisms for attracting capital.