Dr Omar Bin Sulaiman announces the establishment of Regional Corporate Governance InstitutePress Release 04 Dec 2005 01:15 pm
Until transparency and governance practice in the region are enhanced, there will remain a major barrier to foreign direct investment which is critical to the success of the entrepreneur, said Dr Omar Bin Sulaiman, Director General of DIFCA at the Young Arab Leaders (YAL) Forum 2005.
Speaking at the Financial Services Workshop titled ‘Financing New Business Development in the Arab World’, Dr Omar Bin Sulaiman, today announced the establishment of a Regional Corporate Governance Institute.
Dr Omar Bin Sulaiman said:
“Transparency and governance is critical in delivering the knowledge, capital, and skills that will enable the region to diversify its economies away from oil and gas, and to grow the wealth of its people, which will lead to political and social stability. As we raise our corporate governance levels, it will increase trust in the region’s financial sector, and contribute to attracting foreign direct investment, as well as encouraging local and regional banks to provide financing to SMEs and entrepreneurs.
“From a YAL point of view, we need to ensure better regulation and corporate governance standards, elements that are critical to any business today. From here we would like to announce a new initiative, a Regional Corporate Governance Institute , which will help corporates, governments, and public and private sector bodies, on international best-practice in corporate governance.
“The existence of a regulatory best-practice regime on your doorstep gives you, the Arab world’s leading entrepreneurs, an opportunity. You are able, by engaging with international financial institutions in your region, as opposed to seeking opportunities abroad, to do business under the first world-class regulation regime ever to have existed in the Middle East. “
Dr Omar Bin Sulaiman also speaking about family businesses mentioned that YAL should consider the creation of mechanisms that will facilitate the Family Office concept in the region. It is important to address the needs of the numerous family-run businesses across the region, and help them manage issues such as ownership and governance, succession planning, risk management, and diversification. He stressed that region is sure to become an international financial hub and deliver wealth creation initiatives and opportunities.
Mr Essam Al Janahi, Chief Executive Officer, Gulf Finance House, Bahrain, added:
“The Middle East in general boasts an entrepreneurial track record that is on a par with any in the world. However to ensure success in the long term, it is very important for young entrepreneurs to maintain a high standard in term of business plans and governance.”