Abraaj Capital announces partnership with World Economic Forum

More than 1,200 government, business and civil society leaders from 46 countries will meet together in pursuit of outcomes to help prepare the way for a more prosperous and peaceful future for the Middle East under the working theme, "The Promise of a New Generation". Participants will look at the role of business as the engine of job creation and the need for leaders to work together for peace and stability.

According to Arif Naqvi, CEO & Executive Vice Chairman of Abraaj Capital, "High oil prices, positive cash inflow and growth in GDP have led to economic growth in the region. The private sector must now take centre stage to ensure the sustainability of this trend for the long term.

'This is offering business leaders an unprecedented opportunity to develop & grow their activities beyond their traditional boundaries. I am encouraged to see regional governments increasingly acknowledge that the private sector is a critical agent for job creation and economic development."

Frederic Sicre, Executive Director of Abraaj Capital added: "This point is particularly important in that a hundred thousand jobs need to be created by 2020 just to sustain the current levels of unemployment in the region."

Mr. Naqvi added: "In these conditions private equity can play an important and vital role in supporting growth throughout the region. Private Equity firms not only provide capital but also expertise and strategic advice to grow businesses to their full potential.

'I was delighted to accept the World Economic Forum invitation to introduce the session "Private equity - Funding the Future?" on Monday, 22 May. The fact that this global institution has introduced Private Equity to its agenda is a testimony to our industry and the role it can play in our region.'

WEF aims to bring out new ideas to address the challenges faced by the region in the areas of reform, education, capital markets, job creation and investment. It aspires to generate measures to ensure a better future for the region's youth by capitalizing on the current economic boom. Other sub-themes will cover the rule of law, peace, security and international relations.

Mr. Sicre concluded: "Our support to the WEF lies in the fact that we share the forum's objectives of being catalysts for growth and employment in the region.'