World Economic Forum to focus on human resources, private sector role

Noting that about two-thirds of the population of the Middle East are under the age of 24, meeting Co-Chair H.R.H. Princess Lolwah Al Faisal, Vice-Chair of the Board of Trustees and General Supervisor, Effat College, Saudi Arabia, said that "the 'youth bulge' is a huge asset in which the region should invest." Added fellow Co-Chair M. Shafik Gabr, Chairman and Managing Director, Artoc Group for Investment & Development, Egypt; Chairman of the Arab Business Council: "The potential of this part of the world will never be achieved unless there is full participation of women." More than 1,200 government, business and civil society leaders are participating in the three-day meeting which is focusing on the theme of "the promise of a new generation."

The Co-Chairs summarized the issues on the meeting agenda. Gabr noted that democracy, peace and security are interconnected. He called for bold steps to boost popular participation, tolerance and open dialogue. "You cannot have any democracy if you have occupation of the mind or physical occupation of territory." While he stressed that "fortune favours the bold", he warned that "democracy is not an overnight mission."

Middle East countries need to focus on human resource development and how to create the jobs the region requires over the long term, Nemir A. Kirdar, Founder, President and Chief Executive Officer, Investcorp, United Kingdom, said. The private sector must take action, and "our educational system needs massive change." He also called for "a change of mindset" in management practices away from a "top-down" approach. William R. Rhodes, Chairman, Chief Executive Officer and President, Citicorp Holdings and Citibank, USA, agreed, underscoring the importance of the private sector in promoting economic reforms and sustaining growth.

The Middle East must also enhance technology and innovation to compete globally, Mohammed H. Almady, Vice-Chairman and Chief Executive Officer, Saudi Basic Industries Corporation (SABIC), Saudi Arabia, declared. For his part, entrepreneur Stelios Haji-Ioannou, Chairman, easyGroup, United Kingdom; Young Global Leader, emphasized the benefits of market liberalization, notably in the Travel and Tourism sector, which he believes could be a significant driver of growth and job creation in the Middle East.