Davos discussions: MENA should consider oil slump as an opportunity
Critical current challenges, such as security, climate change and "new normal" global growth and commodity prices, are among the issues to be discussed at the 46th WEF in Davos. (WEF/ET Studhalter)
Click here to add Crescent Petroleum as an alert
Disable alert for Crescent Petroleum,
Click here to add Davos as an alert
Disable alert for Davos,
Click here to add Global Agenda Council on the Middle East and North Africa as an alert
Disable alert for Global Agenda Council on t ...,
Click here to add International Monetary Fund as an alert
Disable alert for International Monetary Fund,
Click here to add Majid Jafar as an alert
Disable alert for Majid Jafar,
Click here to add Mohammed Faraj Faris Al Mazrouei as an alert
Disable alert for Mohammed Faraj Faris Al Ma ...,
Click here to add Regional Business Council for Middle East North Africa as an alert
Disable alert for Regional Business Council ...,
Click here to add Sharjah as an alert
Disable alert for Sharjah,
Click here to add Suhail bin Mohammed Faraj as an alert
Disable alert for Suhail bin Mohammed Faraj,
Click here to add Tammam Saeb Salam as an alert
Disable alert for Tammam Saeb Salam,
Click here to add World Economic Forum as an alert
Disable alert for World Economic Forum
Business leaders from the Middle East North Africa Region gathering at the World Economic Forum in Davos this year are calling for greater economic reforms in the Arab World in order to lower dependence on oil, reduce the burden on government budgets, and unlock stronger economic growth and job creation through private sector investments.
This comes as the IMF reports average economic growth slowing to below 3% in the Middle East, with fiscal deficits close to 15%.
"With oil prices falling by 75% and our region still facing instability and a refugee crisis in several countries, the need for true economic reforms to drive growth and create job opportunities for the youth is greater than ever," said Majid Jafar, CEO of the Sharjah-based Crescent Petroleum and a member of the Global Agenda Council on the Middle East and North Africa at the World Economic Forum.
The initiative of the Regional Business Council for Middle East North Africa at the World Economic Forum entitled "Actionable Policy Reforms Initiative" (APRI), aims to accelerate the policy reform agenda in the region in 6 key practical areas: enhance the efficiency of the labour market; modernize bankruptcy and insolvency regulation; Simplify the process of creating a company; reduce bureaucracy and strengthen government capacity to reinforce contracts; build functional mediation and arbitration methods; and promote systems of good corporate governance.
Mr. Jafar, who was selected as Champion of the initiative, will be speaking at the World Economic Forum in Davos as a session entitled "Building More Resilient Arab Economies" with other business leaders from the region, as well as the Prime Minister of Lebanon, Tammam Saeb Salam, and Suhail bin Mohammed Faraj Faris Al Mazrouei, UAE Minister of Energy.
"Youth unemployment in our region at 30% is the highest average in the world and the fastest growing rate and this requires urgent action through cooperation between the public and private sectors. At the same time, the lower oil prices present a real opportunity for our region to tackle some key challenges such as energy subsidies and regulatory reform, in order to create more productive and competitive economies through diversification," Jafar added.
Over 40 heads of state and government, as well as 2,500 leaders from business and society will convene at the 46th World Economic Forum Annual Meeting, from 20 to 23 January in Davos-Klosters, Switzerland, under the theme, "Mastering the Fourth Industrial Revolution". Critical current challenges, such as security, climate change and "new normal" global growth and commodity prices, are among the issues on the agenda.
- Will terror attacks damper Arabs' appetite for European holidays?
- So cool it's hot: Saudi Arabia's $3.2B HVACR market driven by construction boom
- US, EU protectionist policies may be a blessing in disguise for GCC suppliers
- Dubai to Doha: How far can you stretch your dirham?
- OPEC's poor history of compliance will make production cut deal a challenge
- Iraq strife could trigger higher oil prices - IMF’s Lagarde
- Arab Spring economies face difficulties in the wake of anti-US protests
- New regulations key to financing $159 billion worth of MENA contracts
- First DIFC Forum reveals positive economic outlook for MENA region
- Industry leaders gather to tackle energy efficiency at EEES 2016