2005 saw strong growth for the GCC, but several significant challenges lie ahead for continued progress. Emilie Rutledge, economist, Gulf Research Centre, summarises the past year's progress and the issue of high inflation.
Iran's nuclear ambitions are a huge threat to regional security, according to the Gulf Research Centre's Gulf Yearbook 2005-2006. Abdulaziz Sager, Chairman, GRC, explains the research that goes into the Yearbook, and warns of increasing deterioration in GCC-Iran relations.
Regional banks are resistant to outsourcing their card payment systems, despite the advantages of doing so, according to Mohamed Belarj, Managing Director, Payment Systems Consulting. But as increasingly high levels of compliance are required, more banks will be forced to consider using third parties.
Many more regional companies are considering going public, according to Fadi Ghosaini, Head of Business Development, DIFX. DIFX is trying to educate Middle East companies on the benefits of listing on an international exchange.
With terrorism incidents continuing across the region, how are governments shoring up their defences? Do poorer countries, also facing terror threats, have enough resources to protect themselves? Simon Keith, Regional MD, BAE Systems, tackles these questions.
Bad leadership cripples a company, causing it to get left behind in times of change, according to Lawrence Flanagan, Chief Marketing Officer, Mastercard. Flanagan believes strong leadership is the best motivator within an organisation, and that true leaders are born rather than made.
The foreign exchange market has become the world's largest financial market, with over US$1.5 trillion traded every day. Interest in currency trading is growing rapidly in the Middle East, according to Lloyd La Marca, CEO of online specialist ACM. ACM is offering shariah compliant accounts for Islamic traders.
There is growing interest among western investors in shariah compliant finance, particularly in areas such as ethical investing. Kamal Mian, Associate Director, HSBC Amanah, explains how ancient guidelines can be interpreted and applied to business today.
Islamic banking is seeing rapid expansion worldwide, with strong growth in the Middle East, Europe and South East Asia. Mohammed Ismaeel, Director Global Marketing, HSBC Amanah, says that many non-Muslims are also choosing Islamic products, with over half of HSBC Amanah's Asian customers being Chinese.
Business Networking International has opened a chapter in Dubai, for professionals to share ideas, contacts and referrals. Bijay Shah, National Director, BNI Middle East, says the plan is open at least fifteen chapters in Dubai alone over the next two to three years.
As litigation against tobacco companies continues worldwide, British American Tobacco is stepping up its social responsibility programmes and readapting its marketing strategy. Michael Prideaux, Corporate Affairs Director, BAT, says the days of tobacco advertising and mass media are now over, with manufacturers instead engaging one-on-one with adult smokers.
The Gulf industrial sector is not where it should be today, because of a lack of skills and interest, according to Zeyad Almajed, Manager Policy Development, Dubai Development and Investment Authority. The DDIA wants to train the regional workforce as part of its CSR strategy, to build valuable human capital.
It is time for regional companies to properly adopt CSR practices as international companies have done, according to Ahmed Bin Ali, Manager Public Relations, Etisalat. A commitment to training existing staff as well as new graduates is one of the key ways Etisalat is implementing corporate social responsibility.
The Qatar-based Gulf Organisation for Industrial Consulting's latest service is a subcontracting and exchange programme, which matchmakes between SMBs and the enterprise sector. Hazem Sobhi Al Anqar, Coordinator Researcher says that Entrepreneurs in Dubai has been an ideal opportunity to showcase GOIC's services.
The past few years have been an inspiring time for regional entrepreneurs, according to Faisal Al Bannai, CEO, Axiom Telecom. Al Bannai says one of the biggest challenges for a company as it grows is preserving the spirit of entrepreneurship among staff and managers.