Global Arab Business Meeting9-10 December 2012, Ras Al Khaimah, UAE

a Horasis-leadership event

Report

Horasis is a global visions community committed to enact visions for a sustainable future(http:/www.horasis.org)

Upcoming Horasis events:

Horasis Annual Meeting Zurich, Switzerland, 22-23 January 2013

Global Russia Business Meeting Limassol, Cyprus, 14-15 April 2013

Global India Business Meeting Belfast, United Kingdom, 23-24 June 2013

Global China Business Meeting The Hague, The Netherlands, 10-11 November 2013

Global Arab Business Meeting, Ras Al Khaimah, UAE, 8-9 December 2013

Global Arab Business Meeting9-10 December 2012, Ras Al Khaimah, UAEa Horasis leadership event

Co-hosts:Ras Al Khaimah Investment Authority (RAKIA)

Ras Al Khaimah Chamber of Commerce and Industry

Co-chairs:Sulaiman Al-Assaf CEO, Middle East Investment Corporation, Saudi Arabia

Nabil Al-Khaled President, Acico Real Estate, Kuwait

Sheikh Sultan Al Qasimi Chairman, Gulf Holdings, UAE

Yusuff Ali Managing Director, Emke Group, UAE

Sheikh Saif bin Hashil Al-Maskery Chairman, Al Mahfadha Investments, Oman

Naif A. Al-Mutawa Founder and CEO, Teshkeel Media Group (THE 99), Kuwait

Sherif El-Gabaly Chairman, Polyserve Fertilizer and Chemical Group, Egypt

Samir Brikho Chief Executive, AMEC, United Kingdom

Selim G. El Zyr Chief Executive Officer, Rotana, UAE

Natalya Kaspersky Chairwoman, InfoWatch, Russia

Rajive Kaul, Chairman Nicco Group, India

Karim Khoja Chief Executive Officer, Telecom Development CompanyAfghanistan, Afghanistan

Sara Ismail Mohammed Chief Executive Officer, Al Bashayer Investment Company, UAE

Deepak Premnarayen Member of the Global Main Board, FirstRand Group, South Africa

D Shivakumar, President AIMA; Senior Vice President, Nokia, Finland

Strategic Partners:

Bank of Baroda

Global Schools Foundation

Meeting Supporters:

RAK Airways

Utico

Commercial Bank International

Etisalat

Al Taa'won

Co-organizers:

All India Management Association (AIMA)

CEO Clubs UAE

World Congress of Muslim Philanthropists

Young Presidents Organization (YPO)

3

The Global Arab Business Meeting brought Ras Al Khaimah to the global attention

4

The 2012 Global Arab Business Meeting is ready to start

Table of Contents

Preface 6

His Highness Sheikh Saud Bin Saqr Al Qasimi Opens the 3rd Edition of the Global Arab Business Meeting 22

Honouring the Arab Business Leaders of the Year 26

The Hamra Convention Center, venue of the Global Arab Business Meeting Al Hamra Palace Hotel – venue of the closing dinner

5

Preface The Arab world is navigating a profoundtransformation. Against the backdrop ofdisruptive political change and accentuatedeconomic uncertainty, Horasis’ GlobalArab Business Meeting took place in RasAl Khaimah, UAE, on 9-10 December toreflect on this process of change, facili -tating engagement and dialogue amongbusiness leaders and governments from theArab world and beyond. The result was awealth of ideas and newly forged relation -ships spanning policymakers, investors andentrepreneurs.

This report is intended to summarize theinsights that emerged from the Global ArabBusiness Meeting which is in its 3rd editionthis year. The report shall capture the cur -rents of discussions and debate that flowedthrough the meeting. Participants were en ga -ged in many intense boardroom discussions,assessing the state of the Arab world andidentifying what needs to be done to movethe agenda forward. Over 400 delegatesand 150 speakers from 35 countries tookpart in the meeting to deliberate on theArab world’s prospects. The meeting wasorganized in collaboration with the Ras Al

Khaimah Investment Authority (RAKIA)and the Ras Al Khaimah Chamber ofCommerce and Industry. Horasis hopes thatthe meeting and this report will enable theArab world to turn risks into oppor tu ni -ties – helping all involved stakeholdersbetter understand and respond to globaland regional challenges in a proactive way.

The record participation of businessleaders from the region was highlighted by intensive discussions and interactions.The following business leaders served asmeeting co-chairs: Sulaiman Al-Assaf,Chief Executive Officer, Middle EastInvestment Corporation, Saudi Arabia;Nabil Al-Khaled, President, Acico RealEstate, Kuwait; Mohammad Sultan AlQadi, Chairman, Commercial Bank Inter -national, UAE; Sheikh Sultan Al Qasimi,Chairman, Gulf Holdings, UAE; Yusuff Ali,Managing Director, Emke Group, UAE;Sheikh Saif bin Hashil Al-Maskery, Chair -man, Al Mahfadha Investments, Oman;Naif A. Al-Mutawa, Founder and CEO,Teshkeel Media Group (THE 99), Kuwait;Sherif El-Gabaly, Chairman, PolyserveFertilizer and Chemical Group, Egypt;Samir Brikho, Chief Executive, AMEC,United Kingdom; Selim G. El Zyr, ChiefExecutive Officer, Rotana, UAE; NatalyaKaspersky, Chairwoman, InfoWatch, Rus -sia; Rajive Kaul, Chairman, Nicco Group,India; Karim Khoja, Chief Exe cu tiveOfficer, Telecom Development CompanyAfghanistan, Afghanistan; Sara IsmailMohammed, Chief Executive Officer, AlBashayer Investment Company, UAE;Deepak Premnarayen, Member of theGlobal Main Board, FirstRand Group, SouthAfrica; D Shivakumar, President, AIMA;Senior Vice President, Nokia, Finland.

H.H. Sheikh Saud Bin Saqr Al Qasimi, The Ruler of Ras Al Khaimah, speaking during the opening dinner

6

We are witnessing a new era of change inthe Arab world. Since the Arab uprisingsbegan in Tunisia in December 2011, thewave of revolution swept into large partsof the Middle East, including Egypt, Libya,Syria and Yemen. The wind of change blewacross borders, leaving no country in theregion unaffected. People with various

shades of ideology including men andwomen, young and old went to the streetsto show their intolerance of persecution,and determination to trigger shifts into theunknown. The protest turned into a massmovement with sweeping political change inmany Arab countries to date. ‘The region isstill trying to find a new equilibrium thatbalances its political culture with an emer -ging enlightenment while facing challengingeconomic tests – like unemployment andstaggering economic growth,’ observedSherif El-Gabaly, Chairman, PolyserveFertilizer and Chemical Group, Egypt, oneof the meeting co-chairs. The observations

‘The region is still trying to find a newequilibrium that balances its politicalculture with an emerging enlighten mentwhile facing challenging economic tests’Sherif El-Gabaly, Chairman, Polyserve Fertilizer and Chemical Group, Egypt

Opening Plenary on the economic outlook

Makhdoom Amin Faheem, Senior Minister for Commerce and Trade, Pakistan – ‘I urge you to promote investments’

Hon J.T.R. Mujuru, Vice President of Zimbabwe – ‘there is a centuries-old relationship between Africa and the Arab world’

7

and expectations that emerged from theGlobal Arab Business Meeting profoundlyecho the preoccupations that lie at the heartof the Arab agenda:

• The Middle Eastern region is unstable inthe wake of the Arab spring. Priority forgovernments is to define the economic,social and policy frameworks that bestsuits the countries in consultation withthe various factions of their societies.

• Governments have to create effectiveand accountable systems of governance,spearheading democratic societies withpopular institutions and free markets. A majority of people in the Arab do wishactive political participation and realreform.

• Unemployment remains a major concern.As the cornerstone of Arab societies,tackling unemployment and the trainingof future generations is of foremostimportance as a factor in collectivedevelopment.

As outlined by H.H. Sheikh Saud bin SaqrAl Qasimi, UAE Supreme Council Memberand Ruler of Ras Al Khaimah in his openingremarks, the Arab world can realize its pro -mise only if its people obtain the power to

have their opinion heard and considered,attain jobs and justice. He painted an opti -mistic picture on the region’s future: ‘TheArab world’s prospects are bright,’ he said.The concerted efforts of the Arab leaguemember states shall push forward the inte -grated development process. ‘This GlobalArab Business Meeting comes at a timewhen the Arab world is witnessing hugechanges that require wisdom to come outwith lessons that could benefit the Arabwold and its global partners,’ he added.

In a special message, Hon. J.T.R. Mujuru,Vice President of Zimbabwe gave an over -view on Zimbabwe’s current economicsituation. ‘Despite political challenges,Zimbabwe has seen an increase in private-sector investment,’ she reported. Promotingeconomic reforms requires partnershipswith other governments, the private sectorand international organizations. ‘There is a

‘The Arab world can realize itspromise only if its people obtain thepower to have their opinion heard andconsidered, attain jobs and justice’H.H. Sheikh Saud bin Saqr Al Qasimi, UAE Supreme Council Member and Ruler of Ras Al Khaimah

Virtual Ribbon Cutting Ceremony, with the co-organizers

H.H. The Crown Prince of Ras Al Khaimah entering the convention center

Abdulnaser Abdullah Al Qaseer,Director General, RAK Chamber of Commerce and Industry

8

Hassan Al Hazeem, Managing Director, Intercoil International, UAE

centuries-old relationship between Africaand the Arab world that extends beyondtrade and culture. Our objective is tofurther strengthen our relationships withArab countries,’ the Vice President conti -nued. ‘The Arab world can count on Africaas engaged partner,’ she stated.

During the opening dinner, MakhdoomAmin Faheem, Senior Minister for Com -merce and Trade, Pakistan, highlighted theimportance of trade relation with the Arabworld. He also said that the UAE has becomeone of the most important trade partnersof Pakistan. ‘However, there is substantivepotential for increasing the volume of trade,’he continued. Senior Minister Faheem citedthat his visit would strengthen business andcommercial interaction between the publicand private sector of both countries. Hefinally urged the business leaders attendingthe Global Arab Business Meeting to pro -mote investments and give equal access toeach other’s market.

The main thrust of the Global Arab Busi -ness Meeting was political and economicreform and how governments can createeffective and accountable systems ofgovernance. ‘We want to see democraticsocieties with popular institutions and freemarkets,’ said Nasser H. Saleh, ChiefExecutive Officer, Madfoo3atCom Co.,Jordan. ‘People in the Arab require activepolitical participation and real reform,’Mostafa Abou El Nasr, Founder and ChiefExecutive Officer, Bebasata.com, Egypt,

‘There is a centuries-old relationshipbetween Africa and the Arab worldthat extends beyond trade and culture’Hon J.T.R. Mujuru, Vice President of Zimbabwe,Zimbabwe

‘I urge you to promote investments and give equal access to each other’smarket’Makhdoom Amin Faheem, Senior Minister and Minister for Commerce, Pakistan

H.H. Sheikh Saud Bin Saqr Al Qasimi with Zimbabwean Vice President J.T.R. Mujuru and Pakistani Minister Makhdoom Amin Faheem

Arrival of J.T.R. Mujuru, Vice President of Zimbabwe

9

Jim Stewart, Chief ExecutiveOfficer, RAKIA, UAE

continued. Delegates heard from IvanTselichtchev, Professor, Niigata Universityof Management, Japan, that ‘to have arealistic chance of success, governmentsmust adopt policy reforms and ensure thatduring the transition phase the majority oftheir citizens see and believe themselves tobe better off than before the reforms.’

On the opening plenary, Sara IsmailMohammed, Chief Executive Officer, AlBashayer Investment Company, UAE, re -marked that ‘the gradual rise in incomesand opportunities for young Arabs is a toppriority. Still, ‘the slowing world economy,including Europe, has a negative effect on theregion’s economic output,’ as Selim G. ElZyr, Chief Executive Officer, Rotana, UAE,commented. ‘The euro zone uncertaintycolours the outlook for the region’s growth,serving as a reminder that global connec -tivity is part of the operating environmentthe region’s economic players have to beprepared for. Recent market volatility world -wide confirms how integrated the globaleconomy has come,‘ recalled Samir Brikho,

Chief Executive, AMEC, United Kingdom.‘A number of economic challenges areforce fully imposing themselves. Two yearssince the uprisings began, the Egyptianeconomy is still suffering from a severedownturn. If this economic trend conti nues,it will result in a pronounced and forcefuleconomic crisis,’ said Nabil Al-Khaled,President, Acico Real Estate, Kuwait.Yusuff Ali, Managing Director, EmkeGroup, UAE, feared that ‘despite accele -rated economic growth in recent years insome Arab nations, especially in the Gulfcountries, the growth has benefited mostlya few, but not all sectors of the population.’We have to take the Arab Spring as anoppor tunity – an opportunity to ensureinclusiveness,’ he said.

The backdrop of the meeting was a com plexset of themes dominating headlines globally.In a variety of panel formats, participantsdiscussed themes ranging from the role ofgovernments in supporting economic andpolitical transition to the best ways to en -hance the ecosystem for entrepreneurs to

‘The gradual rise in incomes andopportunities for young Arabs is a top priority’Sara Ismail Mohammed, Chief Executive Officer, Al Bashayer Investment Company, UAE

‘The slowing world economy, includingEurope, has a negative effect on theregion’s economic output’ Selim G. El Zyr, Chief Executive Officer, Rotana, UAE

Rajive Kaul, Chairman, Nicco Group, India, on corporate globalization

Sara Ismail Mohammed, Chief Executive Officer, Al Bashayer Investment Company

Nabil Al-Khaled, President, Acico Real Estate, Kuwait

Talmiz Ahmad, Former Indian Ambassador to theUAE, Oman and Saudi Arabia

Ivan Tselichtchev, Professor,Niigata University ofManagement, Japan

10

thrive in the Arab world. From the ArabSpring to post-revolutionary economicreasoning, the meeting tried to offer avariety of views and answers. ‘It is impor -tant,’ Soroosh Mohammadi, ManagingDirector, Morra Capital, UAE, advised,‘for global firms to invest in the region andforge trading partnerships and allianceswith local firms. We need the world’ssupport in these turbulent times.’ And, asDavid Crackett, Vice President, Council ofBritish Chambers of Commerce in Europe,reckoned, global firms with the will toinvest in the region will benefit, while

others will find their positions threatened.At the same time, as Gulf-based sovereignwealth funds and some of the largest firmsexpand beyond the Middle East, ‘some Arabcountries are seeking to deepen their eco no -mic engagement with the rest of the world,’surmised Tamer Bazzari, Chief ExecutiveOfficer, Genero Capital, UAE.

The Gulf region is now not only a keydestination of foreign investment, butGulf-based companies – both state-ownedand private – have themselves also becomemajor international investors increasingly

Tamer Bazzari, Chief Executive Officer, Genero Capital, speaking about entrepreneurship

Samir Brikho, Chief Executive, AMEC, United Kingdom, during the opening plenary

Yusuff Ali, Managing Director, Emke Group– what and where are the challenges ?

Rekha Sethi, Director General, All India Management Association(AIMA), India

Tariq H. Cheema, CEO, World Congress of MuslimPhilanthropists, USA

The Global Arab Business Meeting draws a full house

11

looking beyond national or regional borders.‘Outbound acquisitions have steadily gainedmomentum in the last years, despite theuncertainties related to the region’s poli ti calchange,’ observed Jens Yahya Zimmermann,Managing Partner, New Silk Route GrowthCapital, UAE. ‘As Arab companies and fundsgrow, they need to start thinking aboutglobal positioning, and more and more,they are seeing the world as more than justa place to trade their products and ser vi ces,’stated Peter Goepfrich, Chief ExecutiveOfficer, German Emirati Joint Council forIndustry and Commerce. ‘We will buildglobal firms of Arab origin, also in highlyvalue-adding industries,’ Razi UddinAnsari, Chief Operating Officer, DreshakGroup, UAE, added. Alisher Ali, Chair -man, Silk Road Finance, Myanmar, felt thatglobalization requires rules of the game

that align private and social incentives toundertake actions that enhance welfare.

Creating a solid foundation for prosperityand democracy will require job creationand the further growth or our economy’sprivate sector. Today, the Arab world hasstill one of the highest youth unemploy mentrates in the world. The Arab spring move -ments have surely contributed to a declinein economic growth and increased unem -ployment, particularly for young people.‘Creating more and qualitative better jobsis the most urgent challenge facing theArab world today, said Amin Amin, ChiefExecutive Officer, ASK for Human CapacityBuilding, Jordan. According to Sham L.Bathija, Minister and Senior EconomicAdviser to the President of Afghanistan,‘both governments and the private sectorhave a role to play in tackling unemploy -ment in the Middle East.’

‘We need, above all,’ as Atul Temurnikar,Chairman, Global Schools Foundation,Singapore, put it, ‘coherent schooling for

‘Both governments and the privatesector have a role to play in tacklingunemployment in the Middle East’Sham L. Bathija, Minister and Senior EconomicAdviser to the President of Afghanistan

Peter Goepfrich, CEO, German Emirati Joint Council for Industry and Commerce

Jens Yahya Zimmermann,Managing Partner, New SilkRoute Growth Capital, UAE

Sherif El-Gabaly, Chairman, Polyserve Fertilizer and Chemical Group, Egypt, one of the meeting co-chairs

Anil Kumar, Chief Executive Officer, Ransat, UK, with members of the Zimbabwean delegation

12

Sham L. Bathija, Minister and Senior Economic Adviser to the President of Afghanistan, addressing participants

all children so they can escape the illiteracytrap and learn to be critical thinkers.’‘Educational systems must be reformed toprovide young people with the skills theywill need to find and keep good jobs. Busi -nesses should provide vocational trainingand mentoring,’ reckoned Mishaal A. Al-Orayer, President, Meda Industrial Group,Saudi Arabia. Also, women in the MiddleEast are still too often left out of theeconomy. According to Shimi Shah, Chair -person, Carousel Solutions, UAE, ‘the par -ticipation of women in economic activitiesis not only a social and moral issue, but alsoan economic one.’

‘Another big problem is Northern Africa’sand the Levant’s physical infrastructure,which has not geared up to meet the eco -nomies’ demand,’ said Khaled Mouats,Founder, Modern Wall, Algeria. ‘We needto think of how infrastructure projects can create the greatest impact in terms ofqualitative and quantitative growth,’ statedAhmad Zahran, Chief Executive Officer,Infinitec, UAE. Participants reached con -sen sus that the basic infrastructure is notjust mended, but has also to be properlyplanned, initialised and joined-up. Afterthat the secondary infrastructures cangrow more easily – water delivery andsanitation, electricity distribution and newhousing projects.

In a plenary session on global trade and localgeopolitics, participants learned about thenearly emerging alliances as well as poten -tial antagonisms between the Arab world andits global counterparts. D Shivakumar,President, AIMA; Senior Vice President,Nokia, Finland, told participants that ‘theArab world’s strength and progress on theworld stage is deeply in the strategicinterest of Europe.’ Karim Khoja, ChiefExecutive Officer, Telecom DevelopmentCompany Afghanistan, Afghanistan, indica tedthat ‘the reappointed Obama adminis tra tionshall soon take up the issue of the region’sinner and outer stability, commit ting tomake a positive and profound contribution.’We need peace very soon,’ pleaded HindHobeika, Founder, Butterfleye, Lebanon.The Arab world’s export of non-oil productsmakes up only a small percentage of world

Hind Hobeika, Founder,Butterfleye, Lebanon

Amin Amin, Chief Executive Officer, ASK forHuman Capacity Building, Jordan

Shimi Shah, Chairperson, Carousel Solutions, UAE, hosting the panel on venture capital

Atul Temurnikar, Chairman, Global SchoolsFoundation, Singapore, hosting the panel on education

D Shivakumar, Member of the Board, Nokia,Finland, making a point on free and fair trade

Meeting co-chair Karim Khoja, CEO, Telecom Development Company Afghanistan

13

trade, also due to high trade barriers amongArab countries. ‘We need to turn the Arabworld into a free trade zone which inclu desthe Gulf, the Levant and Northern Africa,urged Sheikh Saif bin Hashil Al-Maskery,Chairman, Al Mahfadha Investments, Oman.‘I envision a new Silk Road connecting theArab world with Asia, Africa and Europe.Turning this vision into reality will requirepolitical of all countries involved,’ sur misedDeepak Premnarayen, Member of theGlobal Main Board, FirstRand Group,South Africa.

On the various panels, participants alsoconsidered issues related to geopolitics,including the aftermath of the wars inLibya and Syria, the unresolved Israeli-Palestinian problem, the unsecure situationin Iraq and the heightened tensions overIran’s nuclear programme. ‘These geo -political risks will continue to challengethe spread of the Arab Spring and attemptsby Arab revolutionaries to advance trans for -mative change,’ said Khaled Al-Dhaher,President, Alsharif & Aldhaher Investment,Saudi Arabia.

The Middle East is currently experiencingthe rise of Islamist parties. ‘We have tomonitor the linkages between religion andpolitics,’ said Alex Anyse, Co-founder andManaging Partner, The MASY Group, USA.‘I am optimistic that most of the newgovern ments of Islamist background dodeliver on nation-building,’ said OmarFarooqui, Co-Founder & Chief ExecutiveOfficer, Capinvest, UAE. Otherwise, theywon’t be re-elected,’ added Khaled Imam,Founder & Managing Director,Books.com.eg, Egypt. Despite the chal len -ges of conflict, citizens of Arab countriesare wishing for prosperity and peace.‘There is hope that our new governmentswon’t disappoint their people,’ stressedAhmed Shabana, Chief Executive Officer,Agzakhana, Egypt. As Sultan A. Alshaali,

‘We need to turn the Arab world into a free trade zone which includes theGulf, the Levant and Northern Africa’Sheikh Saif bin Hashil Al-Maskery, Chairman, Al Mahfadha Investments, Oman

Sheikh Saif bin Hashil Al-Maskery, Chairman, Al MahfadhaInvestments, Oman ... ‘there is great potential for trade across the region’

14

Deepak Premnarayen, Member ofthe Global Main Board, FirstRandGroup, South Africa

Omar Farooqui, Co-Founder & Chief ExecutiveOfficer, Capinvest, UAE

Khaled Al-Dhaher, President, Alsharif & Aldhaher Investment,Saudi Arabia, on corporate philanthropy

‘Investing in the Middle East’ – a boardroom session

Vice Chairman, Alshaali Group, UAE,pointed out, ‘good governance dependslargely on enlightened leadership and anengaged civil society.’

The revolutions that occurred in the MiddleEast in 2011 are the dominant symbol forthe impact of the internet and social mediaon national governance. Many of theInternet-savvy youth have, increasinglyover the years, been viewing some of theregion’s leaders as anachronisms. ‘Thepower of spreading ideas is omnipresent.The challenge for Arab political leaders isnow to harness the process of change andinfluence its direction for the public good,’said Ala Alsallal, Founder and Chief Exe cu -tive Officer, Jamalon.com, Jordan. Innova -tions in the area of social media have beenleading to personal empowerment, enab lingthe emergence of grassroots movements.‘Many people now feel a sense of duty totheir country, as agent of change,’ saidRawya Mansour, Chairperson, Ramsco,Egypt. ‘Still, traditional interests dictatemost of business and politics,’ cautionedAhmed Emara, Chief Executive Officer,ReAya Holding, Saudi Arabia.

Islamic banking is getting popular by theday across the Middle East as transactionscontinue to grow despite the global eco no -mic crisis. Sahba Hadipour, Senior Vice

President, Bank of America Merrill Lynch,USA, explained that ‘we shall create aviable, internationally applicable model forIslamic banking so that the Islamic financialindustry may attain its proper standing withinthe global financial system.’ Arun Sharma,Chief Investment Officer, IFC, USA, calledfor full transparency and disclosure as bestpractice ethics are fundamental for thefinancial industry. Ahmed Shabana, ChiefExecutive Officer, Agzakhana, Egypt, urgedthe regulators to be flexible in the begin ningto allow the financial industry to pick up.According to Adrian Sender, AssistantGeneral Manager, Samba Financial Group,UAE, ‘Islamic banking has become largelyaccepted even by non-Muslims.’ Ahmad M.Al-Sari, Executive Partner, Malaz Capital,Saudi Arabia, added that the common prob -lem being faced by many global investors is

15

Ahmed Emara, Chief Executive Officer, ReAya Holding, Saudi Arabia

Arun Sharma, Chief Investment Officer, IFC, USA

Gary O’Neal, Chief Operating Officer, Arab Investor Magazine, hosting a panel

Rawya Mansour, Chairperson, Ramsco, Egypt, assessing the impacts of the Arab Spring

Boardroom panel ‘Arab Firms Investing Overseas’

the uncertainty in the market. ‘Islamic ban -king can provide answer to this problem,’he said.

‘Entrepreneurship is bringing changewhere the Arab Spring has not,’ remarkedOmar Koudsi, Co-founder and Chief Exe -cutive Officer, Jeeran, Jordan. ‘The needfor change in business is inevitable andentrepreneurship is a catalyzing force insociety as well, as we entrepreneurs createfacts,’ he continued. There are stark diffe -rences in entrepreneurship infrastructureacross the Arab world, such as capital, ITand education. Some countries havefocused on improving its ecosystems forsmall and mid-sized companies, which hasincluded foreign businesses to create start-

up initiatives locally. ‘The UAE and otherGulf Cooperation Council nations are cer -tainly the exception – making significantinvestments in those ecosystems – but manynon-oil producing countries lack the accessto capital to make the desired upgrades,’said Hassan B. El-Houry, Chief ExecutiveOfficer, National Aviation Services, Kuwait.‘Governments should focus on encoura gingentrepreneurship and access to financing,rather than to tranquilizing their peoplewith subsidies and public sector jobs,’proposed Usman A. Ghani, Chairman,ConfluentC, USA. ‘Ambitious and talented,the next generation of Arab entrepreneursis readily seeking out opportunities todevelop and grow,’ implied Shezan Amiji,President, Beam Ventures, UAE. ‘It’s inour hands to make it happen,’ pinpointedAnesh Jagtiani, Chief Executive Officer,Empowering Leaders Group, UAE.

Some entrepreneurs speaking at the GlobalArab Business Meeting have been dealingwith uncertainty long before the ArabSpring’s revolutions. Being a tech start-upbased in Saudi Arabia has meant over cominga number of logistical and administrativeissues, explained Ahmed Hamdan, ChiefExecutive Officer, Optimal TechnologySolutions, Saudi Arabia. ‘Politics may beone reason why successful Arab expatriateshaven’t returned to the region. It is now the

Plenary panel – gobal trade and local geopolitics

Danish Farhan, Chairman, Xische� Holdings

Hassan B. El-Houry, Chief Executive Officer, National Aviation Services, Kuwait

David Hamod, President, National U.S.-Arab Chamber of Commerce, USA, making a point

16

time to return – things are getting betterhere, opportunities are abound,’ acknow -ledged Mo Shahin, Founder, Softmills,USA. A major stumbling block is the lackof finance, as Danish Farhan, Chairman,Xisché Holdings, UAE, remarked, aspotential investors usually demand for highamounts of equity in start-ups. Also, thelending practices of local banks makes itnearly impossible for entrepreneurs to getfunding. According to Eesa Bastaki, ChiefExecutive Officer, UAE ICT Fund, UAE, theventure capital industry in the region is stillin its nascency. ‘What is needed is furtherstrategic positioning and mechanisms toconverge research, entrepreneurship andventure capital,’ concluded Faisal Hoque,Chief Executive Officer, BTM Corpo ra -tion, USA.

Participants tried to find answers to theselooming questions by highlighting the crucialrole played by innovation and creativityfor laying the foundations for sustainablegrowth. Lidiya Tsarenko, Chief ExecutiveOfficer, Premium Telecom, Russia, pointed

out that ‘innovation is the key element of thenew growth paradigm, in the Arab world andelsewhere.’ ‘Progress has been slow – but itis happening. Arab firms have to conti nuetheir quest for innovation excellence andmake innovation part of their success,’pinpointed Timur Fushkov, Chairman,JustEva.ru, Russia. Emmanual Pezé, Mana -ging Director, Tinubu Square, France, urgedArab firms to focus on attracting globaltalent to make this transition happen.Ossama Hassanein, Chairman, Rising TideFund, USA, argued that ‘the region’s en dea -vors to promote R&D need to be mirroredby the enforcement of intellectual propertyrights protection.’

‘Innovation is the key element of the new growth paradigm, in the Arab world and elsewhere’Lidiya Tsarenko, Chief Executive Officer, Premium Telecom, Russia

17

Faisal Hoque, CEO, BTM Corporation, USA, engaging panelist

Lidiya Tsarenko, CEO, Premium Telecom, Russia, on the closing plenary

Ayesha A. Sayed, Curator, TEDxUAEU Eesa Bastaki, Chief Executive Officer, UAE ICT Fund – Innovating the Silicon Valley-way

Andrey Serebryakov, FoundingPartner, Effective Capital, Russia

Mo Shahin, Founder, Softmills, USA

H.H. Sheikh Mohammed bin Saud binSaqr Al Qasimi, Crown Prince of Ras AlKhaimah, honoured the ‘Arab BusinessLeaders of the Year 2012’. The awardsrecognise outstanding entrepreneurs whohave been building and leading successfulglobal firms of Arab origin. The winnersfor the year 2012 are Mohammad SultanAl Qadi, Chairman, Commercial BankInternational, UAE; Yusuff Ali, ManagingDirector, Emke Group, UAE; Selim G. ElZyr, Chief Executive Officer, Rotana, UAE,and Mohammed Omran, Chairman, RAKProperties, UAE. The awardees excel inentrepreneurship, innovation and leader -ship. They have decisively impacted the eco -nomic development and global integra tionof the Arab world.

‘This meeting is a chance to know how wework here in Ras Al Khaimah. It is also agood opportunity for global investors toget to know our strenght in order to estab -lish their operations here,’ AbdulnaserAbdullah Al Qaseer, Director General,RAK Chamber of Commerce and Industry,said. Jatindra Bhanu Kanti Dhar, Chief Exe -cutive Officer, Mfar Constructions, UAE,pointed out how the UAE is engaging withinvestors from all around the world. Hehighlighted on-going projects in the area ofmanufacturing of capital goods, logistics andsustainable energy. The event will ‘place RasAl Khaimah as an important point linkingthe East with the West,’ Danny E. Sebright,President, U.S.-U.A.E. Business Council,USA, summarized.

Participants were candid about the priori -ties the region must pursue. In the closingplenary session, the meeting co-chairsreflected on the key conclusions of themeeting. According to Naif A. Al-Mutawa,Founder and CEO, Teshkeel Media Group(THE 99), Kuwait, ‘the catalysts for change

‘This meeting is a chance to know how we work here in Ras Al Khaimah’Abdulnaser Abdullah Al Qaseer, Director General,RAK Chamber of Commerce and Industry

A boardroom panel

Alex Thomas, Director, RAKIA welcoming participants

H.H. Sheikh Mohammed bin Saud bin Saqr Al Qasimi, Crown Prince of Ras Al Khaimah presiding over the award panel

18

in the Middle East has been the concentra -tion of wealth in the hands of a few, insuf -fi cient transparency and corruption.’ ‘Now,the youth refuses to accept the status quo,’said Rajive Kaul, Chairman, Nicco Group,India. ‘We are opening a new page in theregion’s history books,’ added SureshKumar, Chairman, Values Group, UAE.‘IT and other technologies are key enablersto transform Arab societies,’ reasonedSandeep Aneja, Managing Director, KaizenManagement Advisors, India. ‘The oil-richcountries of the Gulf Cooperation Councilshould consider it in their own interest toinvest in their poorer neighbours in the Arabregion,’ suggested Sulaiman Al-Assaf,Chief Executive Officer, Middle East In -vestment Corporation, Saudi Arabia. Hisstatement drew a round of applause.

The Global Arab Business Meeting hasestablished itself as an ideal ground forbusiness networking and sharing ofsocietal concerns where corporate exe cu -tives seek a collective view beyond bottom

lines. ‘As the Arab world and the world atlarge enters into a new era of unprece den -ted challenges and opportunities, the GlobalArab Business Meeting was a timely effortto pave the way for meaningful change thatcan be brought about through constructivedialogue followed by positive action,’ saidMohammad Alomar, Managing Director,Saudi Specialized Publishing Company,Saudi Arabia.

‘The oil-rich countries of the GulfCooperation Council should consider itin their own interest to invest in theirpoorer neighbours in the Arab region’ Sulaiman Al-Assaf, Chief Executive Officer, Middle East Investment Corporation, Saudi Arabia

‘The necessary solutions to ourproblems shall be home-grown andunique to the context of each country’Cyrus Razzaghi, President, ARA Enterprise, Iran

Tariq Ahmed Nizami, Chief Executive Officer, CEO Clubs UAE, with M. A. Zaman, President, Royal Falcon Fleet

Naif A. Al-Mutawa, Founder and CEO, Teshkeel Media Group (THE 99), Kuwait

Sandeep Aneja, Managing Director, Kaizen Management Advisors

Suresh Kumar, Chairman, Values Group, UAE

Sulaiman Al-Assaf, CEO, Middle East Investment Corporation,Saudi Arabia

19

The call for action coming out of the GlobalArab Business Meeting was a drive for re -gional initiatives that are poised to providesolutions to these challenges. According toCyrus Razzaghi, President, ARA Enter -prise, Iran, those solutions ‘shall be home-grown and unique to the context of eachcountry.’ Participants committed to con -tri bute to establish transparency and goodgovernance throughout the Arab region. ‘It is now time to build on the solutions thatemerged from the meeting and to makethem reality,’ said Tariq Ahmed Nizami,Chief Executive Officer, CEO Clubs UAE,UAE.

Horasis is grateful for the engagement ofthe meeting’s co-chairs and participants inshaping fresh insights and long-term orien -ted proposals to the region’s political andeconomic leadership. And it is with immen segratitude that I thank H.H. Sheikh SaudBin Saqr Al Qasimi, The Ruler of Ras AlKhaimah for having had the foresight andcommitment to partner with Horasis tomake the third Global Arab Business Meetingsuch a great success.

There is tremendous potential for what theGlobal Arab Business Meeting can accom -plish and so we look forward to yourconti nued engagement. I look forward towelcoming you in December 2013 to nextyear’s edition of the Global Arab BusinessMeeting in Ras Al Khaimah.

Dr. Frank-Jürgen RichterChairmanHorasis: The Global Visions Community

A Reception

Horasis meetings – learning, sharing, shaping

20

James Fierro, Chief Executive Officer, Recipco, United Kingdom

Neetu Mehta, President, Pulse Nation

Cyrus Razzaghi, President, ARA Enterprise, Iran, listening to his co-panelists

Julien Hawari, Co-Chief Executive Officer, Mediaquest, UAE, hosting the panel ‘Investing in the Middle East‘

Abdulaziz A. Albakr, President, Digital Computer Systems, Saudi Arabia and Thanos Mitrelias, CEO, Cavendish NanoTherapeutics, UK

21

His Highness Sheikh Saud Bin Saqr AlQasimi, Supreme Council Member andRuler of Ras Al Khaimah, opened the thirdedition of the Global Arab Business Mee -ting in the presence of Honorable J.T.R.Mujuru – the Vice President of Zimbabwe,HE Sham L. Bathija – Minister and SeniorAdviser for Economic Affairs to the Presi -dent of The Islamic Republic of Afghanistan,Makhdoom M. Amin Faheem, SeniorMinister and Minister for Commerce,Government of Pakistan and ambassadorsand consulate generals from various coun -tries who made their way to the emirate ofRas Al Khaimah for the session.

The event organised by Horasis – a globalvisions community committed to enactvisions for a sustainable future, was held inRas Al Khaimah, and came to a successfulconclusion yesterday leaving decision makersand notable figures who attended in aheightened state of unity and motivationto move forward.

Acting as co-hosts were The Governmentof Ras Al Khaimah – represented by Ras AlKhaimah Investment Authority (RAKIA) andthe Ras Al Khaimah Chamber of Commerceand Industry, for the meeting aimed atcreating opportunities for leaders from theArab world to meet, engage and discuss.

His Highness Sheikh Saud Bin Saqr AlQasimi, Supreme Council Member andRuler of Ras Al Khaimah, addressed theattendees and welcomed respected busi -ness leaders and delegates who attendedthe Global Arab Business Meeting.

In his speech His Highness stressed thatRas Al Khaimah is keen to be an incubatorfor businesses, and will put all efforts tosup port the economy and attract investors,and that they believe in the importance ofthe role played by economics in the growthof communities and strengthening the rela -tions between the countries, as the emirateembraces many investments from variouscountries of the world. Ras Al Khaimahhas diverse industries such as cement,construc tion, ceramics and many otherindustries; he concluded that this area hasproved its strength and its ability to addressthe economic crisis.

Honorable J.T.R. Mujuru – the VicePresi dent of Zimbabwe, discussed theopportunities of trade and deepening in -vestment partnerships between Africa andthe Arab world and said: ‘The deepening ofeconomic relations between our nations wasaptly demonstrated by the UAE move tojoin the African Union (AU) as an observer

22

His Highness Sheikh Saud Bin Saqr Al Qasimi Opens the 3rd Edition of the Global Arab Business MeetingZawya, 11 December 2012

The Ruler of Ras Al Khaimah listening to a debate

member in 2011, thus becoming the firstGulf State and the second Arab Country tojoin the AU. This political development laysa solid foundation to the growing tradelevels between the two regions.’

Abdulnaser Abdullah Al Qaseer, Direc torGeneral, RAK Chamber of Commerce andIndustry, commented: ‘This meeting con -venes at a time when the emirate and theregion are seeing an upward growth in theeconomy, and in turn investments. We werepleased with the turn out this year, as itreflects the growing sentiment for the ad -vancement of the Arab World. The GlobalArab Business Meeting represents theperfect opportunity for business leaders to share and exchange vital information.’

The meeting also played host to the 2012Arab Business Leaders of the Year Awards,that celebrated the outstanding entre pre -neurs who have been building and leadingsuccessful global firms of Arab origin.Those honoured included Mr. MohammadSultan Al Qadi, Chairman, CommercialBank International, UAE; Mr. Selim G. ElZyr, Chief Executive Officer, Rotana, UAE;Yusuff Ali, Managing Director, EmkeGroup, UAE and Mr. Mohammad HassanOmran, who were handed their accoladesby His Highness Sheikh Moahmmed BinSaud Al Qasimi, Crown Prince of Ras AlKhaimah personally – showing the weightof their achievements.

This year’s gathering saw over 500 in atten -dance, who came together to deliberate arange of topics that concern the Arab busi -ness climate. The meeting started with awelcome dinner that addressed ‘Witnes singChange – Rethinking Competitiveness’,where the Arab world is witnessing a newera of change; they discussed the keydrivers of competition in the region for thelong term. Main Topics for the boardroomsessions then ran from discussing the ‘Eco -nomic Outlook’, ‘Investing in the MiddleEast’, ‘Arab Firms Investing Overseas’,‘Islamic Finance –The Way Ahead’,‘Broadening the Image of Arab Brands’,‘Developing Regional Tourism’, ‘Free Zonesas the Incubators of Trade’ to ‘TechnologyClusters in the Middle East’, among others.

A closing dinner was held at the Casa Hotels(Al Hamra Palace Hotel) with the theme –The Arab World at a Crossroads – focusingon the need to concentrate on strategicgrowth and entrepreneurial skills to moveforward.

Dr Frank-Jürgen Richter, ChairmanHorasis, commented: ‘We continue to standby our commitment to bring regional chal -lenges and opportunities to the forefront ina bid to move forward with a more pros -pe rous future. As the sun sets on our timehere in RAK, we look with optimism to anew dawn of success in the region.’

23

Community building at the Global Arab Business Meeting

24

Pushpak Damodar Managing Director, Global Frontiers Advisors

On the sidelines of the Global Arab Business Meeting

A coffee break

Seann Nelipinath Chairman, India Chamber of Commerce, USA

Abid Butt CEO, Banyan Tree Hotels and Resorts, Singapore

Lou Marinoff Professor, City College of New York, USA

The award winners with H.H. Sheikh Mohammed bin Saud bin Saqr Al Qasimi, Crown Prince of Ras Al Khaimah

J.T.R. Mujuru, Vice President of Zimbabwe and H.H. Sheikh Saud Bin Saqr Al Qasimi

25

H.H. Sheikh Mohammed bin Saud binSaqr Al Qasimi, Crown Prince of Ras AlKhaimah, honoured the winners of the‘Arab Business Leaders of the Year 2012’ at the Global Arab Business Meeting on 10 December 2012. The award recognisesoutstanding entrepreneurs who have beenbuilding and leading successful global firmsof Arab origin. A jury, led by Horasis andthe Ras Al Khaimah Investment Authority,took the opportunity at this third GlobalArab Business Meeting to recognize andhonour four business leaders who exemplifythe entrepreneurial spirit of the Arab world’sbusiness community.

The award winners were MohammadSultan Al Qadi, Chairman, CommercialBank International, UAE; Yusuff Ali,Managing Director, Emke Group, UAE;Selim G. El Zyr, Chief Executive Officer,Rotana, UAE, and Mohammed Omran,Chairman, RAK Properties, UAE. All fouraward winners have had outstanding eco no -mic as well as social success over the pastfew years and truly deserve this recognition.

Mohammad Sultan Al Qadi received theaward based on his outstanding achieve mentin taking Commercial Bank Internationalto a leadership position not only in the UAEbut across the region. Established in theEmirate of Ras Al Khaimah in 1991,Commer cial Bank International has been atrusted partner for individuals and busi nes -ses in the UAE, driving their personal well-being, and offering easy banking services.Mohammad Sultan Al Qadi was Chief Exe -cutive Officer of RAK Properties prior tobecoming Chairman of RAK Properties.Mr. Al Qadi held senior positions at Etisalat.He served as one stage Chairman of EtisalatZanzibar “Zantel” and spearheaded Etisalat’sexpansion into Sudan which led to Kanartel,the country’s second fixed line operator,being established. He also serves as BoardMember of World Commercial Bank,Federal Electric & Water Authority (FEWA)and Rasmala Investment Bank.

Yusuff Ali is the Managing Director ofAbu Dhabi-headquartered EMKE Group ofCompanies which owns the Lulu Hyper -market chain in Middle East. Yousuf Ali isranked as the second richest Indian in the

Honouring the Arab Business Leaders of the Year

26

Panel with the award winners

Gulf region by Arabian Business.com.Emke Group is said to employ the highestnumber of Indians outside India. Ali isclosely involved in social, charitable andhumanitarian activities in India as well asin Gulf countries.

Selim G. El Zyr is the co-founder, presi dentand CEO of Rotana, one of the region’sleading hotel chains. It has a portfolio of70 properties in 26 cities and operates foursub brands which include Rotana Hotels &Resorts. He is a professional hotelier whograduated from the prestigious L’EcoleHôtelière de Lausanne in Switzerland andstudied further at Cornell and ColumbiaUniversities in the U.S.A.

Mohammed Omran is Chairman of RAKProperties, UAE. RAK Properties is a real

estate development company established toimplement the emirate’s plans to pro motereal estate, tourism and leisure facilities inRas Al Khaimah and invest in other rewar -ding projects. Mohammed Omran wasChairman of Etisalat 2005-2012. DuringMr Omran’s tenure as chairman Etisalatmade international acquisitions that turnedthe once-sleepy domestic telecom mono polyinto a significant presence in the MiddleEast and Africa, serving more than 167msubscribers in 18 countries.

Horasis and the Emirate of Ras Al Khaimahare delighted to present the awards forglobal leadership to these four businessleaders for their outstanding achievementsin leading their respective companies. Theyexcel in leadership, innovation, global reachand economic performance.

27

Yusuff Ali, Managing Director, Emke Group, awarded by H.H. The Crown Prince

Mohammad Sultan Al Qadi, Chairman, Commercial Bank International, receiving the award

Mohammed Omran, Chairman, RAK Properties, with H.H. The Crown Prince

Selim G. El Zyr, Chief Executive Officer, Rotana, making a poing on Lebanon’s current economic woes

28

Chiara Corazza, Managing Director, Greater Paris Investment Agency, France, in discussion with Daniele Schiliro�, Professor, University of Messina, Italy

Niraj Sharan, Chairman, Aura Inc., USA

Mohamed Ismail, Economist, Arab Monetary Fund with Sasan Arbabha, Director, MirabaudRam Bhatia, Founder and Chief Executive Officer, RAB Manage mentConsultants, addressing the challenges of economic diversification

Sajith Kumar, Chief Executive Officer, JRG International Brokerage, UAE

Tahir Akhtar, Chairman, Adam Holdings

29

Participants gather prior to the closing plenary

Participants exchanging views during a coffee break Sudhir Sharma, Chairman, Mitkat Services, sharing a light moment

Studying the programmeListening to the remarks during a boardroom panel

Arrival of participants

A gathering of minds

Registering participants

30

Horasis: The Global Visions CommunityThurgauerstrasse 40CH-8050 ZurichSwitzerland

phone +41 79 305 3110fax +41 44 214 6502

www.horasis.org