Leading Dubai business representatives praise formation of Middle East Center for Corporate Governance

MECCG, an initiative of the Center for Innovative Thinking (CIT), a Dubai based business consultancy, will provide a forum for the Middle East business community to converge, share experiences and avail of the support required to develop robust systems of corporate governance within their individual businesses.

During the three-day CIT event - Corporate Governance for the 21st Century Boardroom, Farah Farooq, Executive Manager of the Center for Innovative Thinking, outlined the importance of the Middle East Center for Corporate Governance by saying, "In the Arab world, the interest in corporate governance has recently increased because of the concern to increase equity, attract investors and to a certain extent survive in a globalize market. The mission of the Middle East Center for Corporate Governance is to improve the Arab world's standing on the global business stage and to support growth and confidence in the Arab business community both locally and globally."

Many delegates attributed the lack of good corporate governance in the region to 'outdated laws' on one hand and to 'lack of adherence to existing laws' on the other.

The UAE business community spoke enthusiastically of the formation of the MECCG and supported CIT's efforts to develop improved systems to maximize both confidence and financial gain for their individual companies. The conference attracted a wide mix of senior individuals from across the region.

"This is a timely discussion on issues that are important to the region, and as the regulator of financial services in the new DIFC, the Dubai Financial Services Authority welcomes the opportunity to be closely involved," said Errol Hoopmann, Director - Enforcement, Investigation, Dubai Investment Authority.

"The topic is critical now as there are a lot of trends optimizing the corporate governance initiative, it is very important; it should have been started a long time ago, the workshop was excellent, and there was good interaction between the attendees and the speaker which widened the scope of our understanding," said Dr. Eesa Bastaki, Director of Education, Training, R&D Department, Dubai Silicon Oasis.

Ms. Nada Abu-Samra, one of the experts, of the Lebanese Transparency Association outlined the importance of good corporate governance and how it is a fundamental requirement for raising capital, satisfying investors and running successful businesses especially in an increasingly globalised and competitive market.

She also emphasized the importance of succession planning amongst organizations.

"The question Chairmen and CEO's of family owned businesses should consider is 'when I die' rather than 'if I die'," she added.

Other experts attending the conference included Dr. Habib Mohammed Sharif Al Mulla, Ms. Nada Abu-Samra, Professors Steve Letza, Giovanni Schiuma, Prof. Mohammed Zairi, Mr. Peter Fairclough.