WORLD ECONOMIC FORUM

World Economic Forum on

the Middle East

The Promise of a New Generation

Sharm El Sheikh, 20-22 May 2006

INSIGHTS
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 Contents

Preface 3

Summary – The Promise of a New Generation 4

The Middle East Business Agenda 7

Investing for the Future 10

Global Integration 12

Youth and Understanding 15

Democracy, Peace and Security 18

Summit Outcomes 20

Acknowledgements 22

1
World Economic Forum on the Middle East
 Preface

The World Economic Forum on the Middle East 2006 set out to highlight the “Promise of a New
Generation” against a background of profound challenges. Over 1,100 participants considered multiple
issues, including the conflict in Iraq, the unresolved Israeli-Palestinian problem, heightened tensions over
Iran’s nuclear programme, the impact of higher oil revenues, insufficient investment in essential
infrastructure, slumping securities markets and, most important of all, an uncertain future for the region’s
youth.

The Summit was marked by a new optimism, with more open dialogue than ever before and a genuine
commitment to increasing the role of the private sector. Participants focused on issues that the business
world can credibly address. Moreover, the Summit generated real achievements on the steps needed to
underpin economic success and invest for the future, and outlined a host of commitments for the future.

The encompassing theme placed the challenges and opportunities of an increasingly youthful Middle East at
the heart of the agenda for the first time. Every aspect of policy-making in the region, from job creation to
peace and security affects young people. Strengthened partnerships between government and the private
sector are essential. The Forum introduced students to young regional politicians to discuss the issues that
mattered most to them. The Forum also launched the Egypt Education Initiative to benefit over 800,000
children. In addition, participants brought women’s issues to the fore through the Forum’s Women Leaders
Programme by promoting a five-year action plan to implement private- and public- sector policies
addressing the most pressing challenges women face.

Participants concluded that the private sector has a key responsibility, not just for creating jobs for those
entering the workforce, but also for ensuring that the workforce is productive, healthy and fairly treated
regardless of the political climate. Governments can facilitate the work of the private sector by taking a long-
term view on the investment of the current oil windfall and by allowing businesses more freedom to operate
responsibly within global parameters. Indeed, participants took steps towards launching a private sector-
funded branding campaign for the Middle East and agreed to consider amendments to the Egyptian Open
Skies policy.

As the largest companies expand beyond the Middle East, many countries in the region are seeking to
deepen their economic and political engagement with the rest of the world. The global integration of the
region, through trade, investment and political relations, formed an additional sub-theme in the programme.
Leaders from business and government discussed the steps required to move away from relations based
primarily on oil and security issues towards a more positive and multifaceted global role.

Global integration and harmony must take place on a cultural, as well as economic and political, level.
Enhancing common understanding between faiths and peoples is key to future peace and stability. Conflict
and insecurity in the Middle East continue to pose serious threats to the welfare of the region’s people, with
major global implications. A final series of sessions sought agreement on the essential next steps to
strengthen dialogue and underpin long-term security in order to create an environment in which the next
generation can flourish and prosper.

Regional governments, business and civil society leaders, and especially youth, have taken bold initiatives to
transform the region. The Forum is committed to facilitating these initiatives and actions over the coming
years to uphold the promise of the new generation.

Sherif El Diwany
Director, Middle East and North Africa

3
World Economic Forum on the Middle East
 Summary – The Promise of a New Generation
“It is our conviction that
education is a fundamental
human right and is
instrumental in fighting
poverty, eliminating gender
inequality, as well as
introducing democracy.
Education is also the best
tool to fight ignorance,
dispel hatred and face
terrorism. It has become a
cornerstone for driving the
economy forward.”
Ahmed Mahmoud Nazif
Prime Minister of Egypt
The tight security in Sharm El Sheikh starkly reminded
participants at the World Economic Forum on the
Middle East of the most difficult challenges facing the
region: the quest for peace and stability, particularly in
Iraq and between the Israelis and Palestinians. While
the focus was on the “Promise of a New Generation”
and how to create the 80 million jobs needed over the
next 20 years to stem resentment among youth, there
was no denying other significant problems, including
tensions over Iran’s nuclear programme, widening
income gaps resulting from sharply higher oil revenues,
anger among the middle class following stock market
slumps and the lack of infrastructure.
Discussions were candid, and intense debate frequent,
as participants deliberated on five sub-themes:
Democracy, Peace and Security, the Business Agenda,
Global Integration, Investing for the Future and Youth
and Understanding. A highlight of the event was, of
course, the meeting of Israel’s Foreign Minister Tzipi
Livni and Palestinian Authority President Mahmoud
Abbas – the highest-level Israeli-Palestinian encounter
in almost a year.
The Forum launched a number of projects during the
meeting, including the Egypt Education Initiative, a
programme to develop an action plan to address the
gender gap, and a private sector-funded branding
campaign to counter inaccurate perceptions of the
region. Four major messages emerged. First,
businesses must take the lead in Middle East renewal.
Next, the region cannot be competitive without equal
opportunities for men and women. In addition,
democracy, peace and stability cannot be achieved
overnight, but hope for attainment rests with the
region’s youth, whose future and security must be of
paramount concern. Finally, dialogue must be
reinforced to lead to more successful cooperative
action.
4
“There must be a stronger
dialogue between politics
and business to move the
peace process forward.”
Shafik Gabr
Chairman and Managing
Director, Artoc Group for
Investment and Development,
Egypt, and Chairman of the Arab
Business Council
Democracy, Peace and Security
“This is an era where ground is shifting in the Middle
East…and it is combined with changing forces of
globalization. We can help empower. We can help the
process in terms of political engagement. But it has to
come from the people themselves.”
Robert B. Zoellick
US Deputy Secretary of State
The deteriorating situation in Iraq, the continuing
conflict between the Israelis and Palestinians
(particularly with the election of a Hamas-led
Palestinian government) and the rising tensions over
Iran’s nuclear programme confirm that democracy,
peace and security remain elusive.
• While democracy, peace and stability cannot be
achieved instantly, dialogue among relevant parties
must be stepped up.
• Arab countries must manage reform and
liberalization while carefully maintaining stability,
security and fairness.
• Businesses, politicians and members of civil society
should deepen communication and cooperation.
• Gender equality and youth security are key goals
that will enhance the prospects for democracy,
peace and stability in the region.
“Reform is one of the priorities of the Arab world. All
countries and societies want to move ahead and have
their own views on how to move ahead. Reform is an
item for all of us to support but we have to be cautious
because of the fragility of the security situation and
uncertainty on the international scene.”
Amre Moussa
Secretary-General, League of Arab States, Cairo
World Economic Forum on the Middle East
 “We have to dig deeper
through technology and
innovation. We must bring
our people to the standard
of global players to compete
internationally with the best
of nations”.
Mohammed H. Almady
Vice-Chairman and Chief
Executive Officer, Saudi Basic
Industries Corporation (SABIC),
Saudi Arabia
The Business Agenda
Countries in the region must confront obstacles to
economic growth such as bureaucracy, inadequate
infrastructure and limited technological skills.
• Tenacious reformers are rewarded with higher
growth and more investment.
• The region’s labour markets need to be open and
flexible.
• To attract more foreign direct investment,
countries should focus on bolstering legal
frameworks and cutting red tape to enhance
efficiency and productivity.
• Economic diversification, increased investment in
information and communications technology and
the broadening of the energy sector will boost
the region’s competitiveness.
• Young people represent the Middle East’s most
valuable asset.
“We need to see more
privatization. If you open
your markets and give
opportunities to both men
and women, this region will
do fantastically well.”
Stelios Haji-Ioannou
Chairman, easyGroup, United
Kingdom
World Economic Forum on the Middle East
“The forces of globalization
create tension just as they
create opportunities. These
tensions must be
managed.”
Nemir A. Kirdar
Founder, President and Chief
Executive Officer, Investcorp
Global Integration
Global integration will bring both advantages and
disadvantages to the Middle East.
• Impediments to the Middle East’s integration with
the global economy include the negative
perceptions of the risks investors face, the poor
image outsiders have of the region and the lack
of the systems and infrastructure needed to be a
global player.
• While political and security risks are significant,
they should not hide the fact that the Middle East
compares unfavourably to other competing
regions.
• The private sector should spearhead efforts to
counter inaccurate perceptions of the Middle
East, remedy its competitiveness shortcomings
and convince people of the benefits of
globalization.
“We have to instil values such as tolerance and respect for
human rights to make the process [of reform] sustainable,
successful and genuine.”
H.M. Queen Rania of the Hashemite Kingdom of Jordan
Member of the Foundation Board of the World Economic Forum
5
 “We must grow the role of “We need a dialogue to
the private sector. It is listen to the needs of the
important that the private young so we can turn the
sector not only speak out 'youth bulge' into assets we
but it should also do can be proud of.”
something.”
Princess Lolwah Al Faisal
William R. Rhodes Vice-Chair of the Board of
Chairman, Chief Executive Trustees and General Supervisor,
Officer and President, Citicorp Effat College, Saudi Arabia
Holdings and Citibank, USA; Co-
Chair, World Economic Forum
on the Middle East

Investing for the Future Youth and Understanding

Thanks to revenues from high energy prices, many

Middle East countries have an unprecedented
opportunity to push forward reforms, while cushioning
the pain that comes with them.
“How wonderful, how normal and how sacred it is when
we sit together as brothers.”
Rabbi Awraham S. Soetendorp
Jewish Institute for Human Values, Netherlands

• The oil price windfall could support significant

restructuring of the region’s economies and mitigate
the negative effects of reform.
• The region must turn its high liquidity into tangible
results, channelling funds to projects that promote
growth with social equity.
• Capital markets must be developed that allow easier
access to capital, create more attractive investment
options and promote higher standards of
transparency and governance.
• While the government’s role is to provide a
favourable investment climate, the private sector
should lead the way to reform through corporate
social responsibility, sustainable practices and social
entrepreneurship.
“We must have not only a formula to provide social
services, but also a strong, competitive business model to
survive. A social entrepreneur must integrate social
objectives into the core business, bringing in all players
in the value chain to create benefits for the environment
and communities.”
The promise of a new generation is that they will break
the cycle of conflict that has bedevilled the Middle East
for decades.
• Education is a key driver of growth. Programmes
must be devised to promote entrepreneurship and
innovation.
• Reforming education, particularly curricula, will instil
good values in young people and encourage them to
be tolerant and make peace.
• Youth should be encouraged to be civic minded.
Government efforts to stifle the use of new
technology and communications as a tool of political
activism are likely to prove costly and ineffective. The
best approach is to let ideas flow.

Helmy Abouleish “Religion is crucial for the peace of the world; it can
Vice-Chairman and Managing Director, Sekem Group, Egypt either consolidate it or harm and destroy it.”

Lord Carey of Clifton

Former Archbishop of Canterbury, United Kingdom; Member of the
Foundation Board of the World Economic Forum

6
World Economic Forum on the Middle East
 The Middle East Business Agenda
The world’s greatest economies are led by businesses.
Although the Middle East and North Africa (MENA)
countries face enormous obstacles to self-sustaining
growth, businesses can play a greater role in
promoting reform and global competitiveness. The
economic reform movement is still in its infancy, and
entrepreneurship and investment are all too often
strangled by bureaucracy, inadequate infrastructures
and limited technological skills. However, the seeds of
change — and hope — are being planted. Countries
that have embraced reform have been rewarded with
accelerated economic growth. A more pragmatic
attitude on the part of government and private sector
leaders has reduced conflict and encouraged
cooperation. This year’s World Economic Forum on the
Middle East explored both the positive and negative
aspects of the region’s business climate and
developed realistic proposals for its improvement.
Seen from one perspective, the region seems deeply
dysfunctional, torn by war and terrorism, badly lagging
on many key social and economic indicators and
dependent on a handful of resources — especially oil.
From another point of view, however, the MENA
countries look like the classic investment bargain — full
of under-utilized assets and unrecognized value. As
governments embrace market reform and develop
their human resources, businesses and investors who
move early could reap outsized returns. In other
words, a turnaround story may be in the offing.
World Economic Forum on the Middle East
Which view is correct? For many of the participants at
the Summit, the question has already been answered.
Where some see only risk, they see opportunity. Where
others see unemployment and despair, they see a new
generation of workers and consumers, who only need
the tools to create wealth and improve their lives.
“The region’s greatest asset is its young men and
women,” said Christiaan J. Poortman, Vice-President,
Middle East and North Africa Region, World Bank,
Washington DC.
Realizing this promise, however, will take sweeping
changes — political, social, economic, cultural and
psychological. Participants at the Summit focused on
identifying the processes to effect such change.
Among the topics addressed were:
• Labour market reform: Participants agreed that by
reducing artificial job creation barriers and moving
skilled workers from the public to the private sector,
the region can unlock the creative energies of its
people while discouraging the growth of a
permanent underclass of low-wage foreign workers
in the more affluent countries of the Persian Gulf.
“What the private sector needs are free, flexible and
fair labour markets,” said H.E. Sheikh Mohammed
Bin Essa Al Khalifa, Chief Executive, Bahrain
Economic Development Board, Bahrain.
7
 • Economic diversification: Despite the region’s
well-publicized security problems, travel and
tourism hold great promise for future growth as
some countries, such as Dubai, are already
proving. However, governments need to clear
away numerous obstacles, such as controls on
property ownership, restricted national airline
markets and burdensome visa requirements (see
Box 1).
• Information and Communications
Technology: As of 2004, only 41 out of every
1,000 inhabitants of the MENA region were
Internet users (see Figure 1). But that picture is
changing, as telecom providers restructure or
privatize and entrepreneurial activity accelerates.
Box 1: Red Carpet In, Red Tape Out:
Rebranding the Middle East
Egypt is a case study in Middle Eastern tourism. Rich in
culture, tradition and history, tourism is growing faster than
the world average but overall receipts are slightly declining.
This is due mainly to Egypt’s under-developed transport
networks, reliance on a few European markets and a lack
of tourism promotion spending compared to other resort
destinations.
Tourism Authorities Annual Promotional Budgets
(US$ Million)
114

However, they require compelling content to build

a consumer base for broadband and other 86

services. “Does the Internet today provide 71

63
[Egyptian families] with the right content that 56
50
42
serves their needs in the local language? The 40

answer is probably no,” said Tarek Kamel,

Minister of Communications and Information
Technology of Egypt. Developing such content,
Thailand

Australia

Singapore

Ireland

Malaysia

Dubai

New Zealand

Egypt
he added, is a task for the whole society, which
is why Egypt is encouraging the convergence of
its entertainment and Internet industries and 11 18 10 10 4 21 21 6

promoting the development of computer clubs

Spend per Acquired Tourist (In US$)
and other grassroots ICT organizations.

Since these issues are pervasive in the Middle East,

business leaders discussed the roles of marketing and
Figure 1: Regional Internet Use branding in promoting the region as a destination for
tourism and inward investment. During a WorkSpace
session, participants considered how the image of the
Only 41 of every 1000 people in the Middle East and North Africa
were Internet users in 2004 Middle East might be revolutionized and proposed a
number of innovative campaign ideas during the process.
Internet Users
in the Middle East and North Africa (per 1,000 people)
45
40
Participants made a commitment to create a task force of
35 stakeholders from the private sector to fund a marketing
30
25 campaign for the Middle East
20
15 under the banner “Red Carpet
10
5
In, Red Tape Out”. Furthermore,
0 there were private sector
2000 2001 2002 2003 2004
commitments to ensure that
sufficient money is available to
fund the campaign. To underpin
the effort, participants suggested bringing Middle Eastern
leaders together to help stakeholders better understand
what the region offers and represents and project Middle
Eastern opinion leaders onto the international stage.

8
World Economic Forum on the Middle East

H.E. Sheikh Mohammed Bin
Essa Al Khalifa
Chief Executive, Bahrain
Economic Development Board,
Bahrain
• Energy: With oil prices hovering close to US$ 70
per barrel, the energy sector would seem to be the
least of the region’s worries. However, most oil-
producing countries have not yet stimulated the
development of related industries — such as
exploration, oil field support and professional
services — that can boost investment and
employment. “This is one of the most important
unfulfilled economic potentials in the whole region,”
said Vahan Zanoyan, President and Chief Executive
Officer, The Petroleum Finance Company,
Switzerland.
• The Role of women: The MENA countries can
never hope to escape the trap of poverty and
technological backwardness if over half the
population is excluded from meaningful economic
activity. Participants debated how to reconcile the
need to empower women with the region’s prevailing
legal and cultural norms (see Box 2).
World Economic Forum on the Middle East
“Companies don’t yet know
what is required in terms of
transparency. Everybody is
in the learning process.”
Mohamed A. Alabbar
Chairman, Emaar Properties,
United Arab Emirates; Member
of the Executive Committee of
the Arab Business Council
The economic picture presented at this year’s Summit
was far from rosy — both in terms of current business
conditions and future growth prospects — although
there is no cause for despair. The Summit revealed
both sides of the picture — the dark as well as the
light. In the end, it will be up to the region’s policy-
makers, business magnates and people to decide
which one will prevail.
Box 2: The Women Leaders Programme
The Women Leaders Programme of the World
Economic Forum gathered leaders - both men and
women - from government, business and civil society
to examine the region's gender gap. For the first time,
the Forum brought together women ministers from
across the region to construct a five-year action plan
for public- and private-sector policies to address the
region’s gender gap. The action plan will be a publicly
available resource, aimed primarily at promoting
greater cooperation and best practice exchange
among the region's governments in their efforts
towards greater gender equality.
9
 Investing for the Future
“How much is the Arab
world investing in research
and development? Much
less than the rest of the
world. We’re not thinking of
our grandchildren or our
neighbour’s grandchildren.
Investing in the future is
key.”
Khalid Abdulla-Janahi
Chairman of the Executive
Committee, Shamil Bank of
Bahrain, Switzerland; Vice-
Chairman of the Arab Business
Council
The oil price windfall offers countries in the Middle East
the opportunity to promote and support genuine
reform. But investing for the future may not be easy,
given the deficiencies in capital markets and the
perceived high-risk business environment. To varying
degrees, countries are stepping up governance
standards, transparency, disclosure and enforcement
of regulations. At this stage, the focus of investments
should be on projects that will promote growth with
social equity. While governments should provide the
right climate, businesses should take the lead in driving
investments and pushing for reforms in what could
prove to be a significant period of transition for the
region.
The unprecedented oil price windfall has led to a sharp
rise in liquidity in the Middle East, as well as increased
government revenues in oil-producing countries and
some budget surpluses. The sharp increase in private
equity funds from US$ 400 million in assets under
management in 2000 to more than US$ 1 billion today
— some reports claim the actual figure is five times
that — indicates how much of the region is awash with
cash. Unlike the petroleum boom of the 1970s, much
of the capital is staying in the region, although some
estimate that US$ 800 billion or more of Arab money is
invested outside the region (see Box 3).
“In the Middle East,” lamented Aladdin Saba,
Chairman, Beltone Financial, Egypt, “we have a
problem of too much money chasing too few deals.”
This should not be the case, but the lack of deals that
are attractive to private investors only highlights the
shortcomings of a region where there is much that
needs to be funded. Indeed, this embarrassment of
riches could turn into a tragic shame if the region fails
to take full advantage of the oil boom to speed up its
10
Box 3: Challenges in the Evolution of
Capital Markets
Asset managers, regulators, market operators and private-
equity specialists found a common purpose when they
met for a WorkSpace session to find ways to enrich and
strengthen Middle East capital markets. Much of the
estimated US$ 2 trillion that has accumulated in the region
has been invested abroad due to an inadequate
investment infrastructure. Despite this, participants shared
a vision of more transparent, better-regulated, globally-
integrated markets and strong regional asset managers
acting as intermediaries for private investors.
Despite Great Regional Wealth Much Of It Is
Invested Abroad
Geographic distribution of assets, 2005
Percent, USD trillions
$1.3 – 1.5 $0.5 – 1.1 $1.8 – 2.6
100%
Outside
Gulf
70
80
85
30
Gulf 15 20
Private Institutional Total
Wealth held largely outside due to
• Insufficient local investment opportunities
• Diversification of portfolios
• Concerns about region’s stability
*Total wealth defined as investable assets in the form of cash and equivalents,
deposits, equities, bonds, real estate and other alternative investments (e.g. hedge
funds or private equity).
Sources: McKinsey analysis; Capgemini and Merrill Lynch World Wealth Report 2005;
BCG Global Wealth 2004; expert interviews.
Participants looked forward to capital markets fully
integrated into global markets and enjoying high levels of
local investor participation. One vision was of an Arab
economic zone, underpinned by a single monetary policy
and a single currency; another was of a regional stock
exchange, with sector diversity and high levels of
transparency and liquidity (perhaps a Union of North
African markets).
However, participants recognized that the region needs to
overcome significant obstacles, such as weak legal
systems, poor regulatory framework, inadequate corporate
governance and underdeveloped financial institutions, in
order to implement any of these visions. In particular, they
identified a lack of investor education as a prime cause of
recent volatility in stock markets.
World Economic Forum on the Middle East
 global integration and support its transformation —
in short, to pay for real structural reform and
cushion its pain.
There are three concerns about investing — how to
raise capital, where to put it and how to retrieve it
along with earnings. The Middle East is deficient in
all three aspects. For investors, the entry and exit
paths are limited; there is no pan-regional stock
exchange of a scale comparable to financial hubs
in Europe, North America and Asia. Regional
markets lack the disclosure standards and
regulatory discipline afforded by world-class
financial centres such as New York and London.
Even public companies are unwilling or unable to
provide adequate and reliable information to
investors, giving rise to volatile performance on
regional bourses (see Figure 2).
Figure 2: Middle East Equity
Indices: Volatile times
Source: Thomson Financial
To attract more institutional investors and promote
stability, markets in the region need tighter
regulations, stricter enforcement and dependable
rule of law. “Companies don’t yet know what is
required in terms of transparency,” explained
Mohamed A. Alabbar, Chairman, Emaar Properties,
United Arab Emirates; Member of the Executive
Committee of the Arab Business Council.
“Everybody is in the learning process,” added
Shaikha Al Bahar, Group General Manager, National
Bank of Kuwait SAK, Kuwait. “All of us here are
against government intervention to influence prices,
but the government should lay out the rules.”
World Economic Forum on the Middle East
Participants agreed that there are priorities for
investing. Petroleum producers must abandon their
overriding focus on oil and diversify, even if the US$
70 per barrel price is an incentive to do otherwise.
The danger is that the errors made during the
1970s boom will be repeated and the windfall
wasted. At that time, extra revenues were parked
outside the region, with little deployed for domestic
development.
In one session, Egypt’s Minister of Finance Youssuf
Boutros-Ghali warned that, in times of transition
and restructuring, the rich often get richer more
quickly. The challenge is ensuring that the benefits
of investments and public spending become
equitable. That means concentrating on basic
public goods that promote growth and benefit as
many people as possible.
“The absolutely key items are institution building,
education, infrastructure and health,” said Forum
Co-Chair William R. Rhodes, Chairman, Chief
Executive Officer and President, Citicorp Holdings
and Citibank, USA.
“Companies must have a culture of corporate
social responsibility where they react when there is
a need — for example, after a natural disaster —
but also a proactive process involving ongoing
engagement with community organizations,”
reckoned Mazen S. Darwazeh, Chairman, Hikma
Pharmaceuticals, Jordan. Good citizenship among
Arab enterprises is still developing and investing for
the future should not be the sole responsibility of
government.
As Rhodes stressed, “We must grow the role of the
private sector [from the empowerment of women to
remedying the infrastructure deficit]. It is important
that the private sector not only speak out but also
do something.”
“If nobody else can do it, then government should.
But it’s not their job to manage,” reckoned Arif M.
Naqvi, Vice-Chairman and Chief Executive Officer,
Abraaj Capital, United Arab Emirates. Government
should set the right conditions, but should neither
take a lead role in running ventures nor tell
enterprises where to invest. Indeed, the private
sector is leading the current oil boom. There is no
reason to turn back: let the power of business and
the markets drive the Middle East’s renewal.
11
 Global Integration
“To integrate into the global
economy is a challenge for
every country in the
region.”
Rachid M. Rachid
Minister of Trade and Industry of
Egypt
The integration of the Middle East into the global
economy will deliver both benefits and
disadvantages. To make the most of globalization,
the region must overcome obstacles including
negative perceptions of risk, the poor image of the
region and the lack of capacity and necessary
infrastructure to be a productive part of the global
system. Focus on political and security risks should
not obscure the fact that, even without those
impediments, investors are likely to unfavourably
compare the region to other emerging markets.
The private sector must lead efforts to rebrand the
Middle East, address its competitive deficiencies
and convince people that global integration is worth
the risk.
Integration into the global economy is a challenge
for anyone who dares to buy into the promise of
globalization and contend with its risks. There are
potential pitfalls — investment losses, income gaps
and diminished competitiveness. But isolation and
the status quo are not acceptable. As Anoush
Ehteshami, Head, School of Government and
International Affairs, University of Durham, United
Kingdom, concluded, “a fate worse than
globalization is to not to be touched by it.”
12
For the Middle East, the touch of globalization has
to become an embrace. There has been progress
— with eye-catching successes in Dubai, Jordan
and Egypt, among others — but the basic
impediments remain: negative perceptions of risk,
the one-dimensional image outsiders have of the
region and the lack of infrastructure, capacity and
the bricks-and-mortar facilities needed to be a
productive and plugged-in member of the global
economy.
According to the United Nations, the Middle East’s
share of global foreign direct investment rose to
1.5% in 2004, up from 1% the year before. This
was far behind China (9.3%) and Southeast Asia
(4.0%). The trade picture is more troubling. In 1981,
the Arab world accounted for 10.7% of world
exports. Today, its share is down to 4.4%. Take
away oil and that figure drops to 1.7%.
Image is a problem; many Arab leaders are decried
as inflexible, rich autocrats, their kingdoms
atrophied. H.E. Sheikh Mohamed Bin Mubarak Al
Khalifa, Deputy Prime Minister of Bahrain,
complained that the Arab world is unfairly tagged
as a source of oil and terrorism. He has a point, but
Zachary Karabell, Senior Vice-President, Co-
Portfolio Manager and Senior Economic Analyst,
Fred Alger Management, USA, made a more
compelling one. The hard truth is that, even if the
political and security risks disappeared, many
investors would unfavourably compare the region
against other emerging markets, particularly in
“A fate worse than globalization is to not to be touched
by it.”
Anoush Ehteshami
Head, School of Government and International Affairs, University of
Durham, United Kingdom
World Economic Forum on the Middle East
 terms of key investor concerns such as infrastructure, markets. Indeed, the Forum’s platform for Global
ease of access to capital, bureaucratic efficiency and Growth Companies showed heavy interest in global
education (see Figure 3). expansion by Middle East companies (see Box 4), but
called for greater efforts to create policy measures to

Certainly, other regions want to deepen links with the Box 4: The Community of Global
Middle East. The presence in Sharm El Sheikh of the Growth Companies
Prime Ministers of Malaysia and Pakistan, as well as
Twenty leaders of the most rapidly expanding
Figure 3: The Most Problematic
companies in the Middle East convened to discuss
Factors for Doing Business
challenges faced by Global Growth Companies. Global
in the Middle East and North
Africa Countries Growth Companies are companies that have
demonstrated a clear potential to become leaders in
the global economy within five years. The companies
Inefficient government bureaucracy 14.9% enjoy a strong industry or regional market presence
access to financing 13.1%
Inadequately educated workforce 10.4% and have both the desire and ability to become a
Restrictive labour regulations 8.9% global champion.
Poor work ethic in national labour force 8.2%
Tax rates 7.7%
Tax regulations 7.1% The assembled executives highlighted the following
Inadequate supply of infrastructure 6.9%
challenges that they face in their continued expansion
0% 2% 4% 6% 8% 10% 12% 14% 16%
and internationalization:
Percent of responses

Source: 2005
Source: World World
Economic Economic
Forum's Forum’s
Executive Opinion Executive Opinion Survey
Survey 2005

To reach the critical size required to access financial

markets and build strong brands, the Middle East will
ministers and senior officials from Japan, India, need to become a less heterogeneous market.
Singapore, France and the US, was testament to this
goodwill and outreach. Local management courses and Masters programmes
must be developed to address the lack of
However, investors’ perceptions matter. “A lot of management talent and brain-drain.
dollars are no longer going to the Middle East now that
Hamas [won the elections in the Palestinian During the next year, the World Economic Forum will
Territories],” Khalid Abdulla-Janahi, Chairman of the conduct workstreams to address some of these issues
Executive Committee, Shamil Bank of Bahrain, and will develop a specific thematic track for Global
Switzerland; Vice-Chairman of the Arab Business Growth Companies at our next meeting in Jordan, in
Council, conceded. “Perception and reality are not May 2007.
always different.”

To make sure that they do match, participants at the Distribution of Global Growth Companies
Summit took initial steps to launch a private sector-
funded branding campaign for the Middle East under
the banner Red Carpet In, Red Tape Out. The move is
appropriate since the private sector must shed its
complacency. The recent growth of private equity firms
and funds in the region is evidence that business is
stirring.

“For the first time, we have seen a boom in this region

led by the private sector,” said Arif M. Naqvi, Vice-
Chairman and Chief Executive Officer, Abraaj Capital,
United Arab Emirates. Businesses are looking outward,
applying pressure on governments to open up
Source: World Economic Forum

13
World Economic Forum on the Middle East
 assist them. This (in part) explains the growing
number of regional and bilateral free trade
agreements that Arab countries are forging even as
they participate in multilateral negotiations. Saudi
Arabia’s accession to the World Trade Organization
was a recent milestone.
Business is also promoting initiatives, such as
National Competitiveness Councils, to assess and
benchmark competitiveness. Efforts that are
underway to raise standards of governance,
transparency and accountability must be stepped
up. Governments, meanwhile, are eager for
companies to go global — and enterprises are
responding. “This is the first time I have seen my
government support me,” Naguib O. Sawiris,
Chairman and Chief Executive Officer, Orascom
Telecom Holding, Egypt, declared.
The makeover of the Middle East, however, has to
be designed and driven by the private sector. This
requires corporate citizenship and daring
leadership. Fortunately, the region is blessed with a
large pool of skilled managers and workers. There
is also a growing willingness to adopt a
management mentality that emphasizes human
resource development and equal opportunity.
Yet business and government leaders will have to
convince citizens that the benefits of globalization
outweigh the risks. Developing a regional scenario
road map may help; indeed, the Forum’s private
meeting on the evolution of Gulf Cooperation
Council (GCC) countries addressed the critical
uncertainties underpinning issues of a fully
diversified, prosperous economy within the global
context (see Box 5).
14
“When you talk about globalization, it does not
necessarily attract a lot of people,” Rachid
acknowledged. “The challenge is how to take the
people with us.” To shift mindsets will require
integrating global values to turn the new generation
into promising globalization-ready citizens. As H.M.
Queen Rania of the Hashemite Kingdom of Jordan
put it, “We have to instil values such as tolerance
and respect for human rights to make the process
[of reform] sustainable, successful and genuine.”
Box 5: Scenarios for the Gulf Cooperation
Council (GCC) Countries
The private workshop held in Sharm El Sheikh was a
key event in the process of developing scenarios
examining the evolution of GCC countries within the
Middle East regional and global context. Participants
started with about 50 key drivers identified in a
preliminary research phase and initially grouped in 10
clusters (see below). Each driver was introduced and
debated among participants and, based on the
discussion, additional drivers were introduced while
others were re-grouped. The objective was to reach a
common understanding of all the relevant drivers
affecting the region.
The central questions that the scenario project
attempts to answer are whether the region will be able
to develop and implement a vision to steer itself
towards economic diversification and prosperity, and
whether
the GCC countries can integrate effectively into the
global context.
Top-level clusters of key drivers for
GCC Countries
World Economic Forum on the Middle East
 Youth and Understanding
Soraya Salti
Senior Vice-President, Middle
East and North Africa, JA
Worldwide, Jordan
More than half of the Arab world is under 18 years of
age; over a third is under 13. This demographic poses
tremendous challenges but also offers great
opportunities for the Middle East and North Africa.
There is little indication that the region will make up the
80-90 million new jobs that will be required over the
next two decades. However, with new education
initiatives, better inter-generational dialogue and
innovative technologies, the youth of today can
become the region’s civic-minded leaders of tomorrow.
Education
Improving educational systems remains a crucial
imperative. According to a 2005 World Economic
Forum survey, an inadequately educated workforce
consistently ranked among the most glaring obstacles
to doing business in the Middle East and North Africa.
While unemployment is a huge problem, many
companies in the region lack appropriately-skilled
employees. Existing programmes must be overhauled
to incorporate private sector input and vocational
training in order to reduce the current skills gap.
Benchmarks for achievement are needed, as are e-
learning programmes, peer-to-peer counselling
initiatives and “second-chance” safety nets so that
every student has ample opportunities to learn and
develop vocational skills.
World Economic Forum on the Middle East
Suzanne Mubarak
First Lady of Egypt
“Governments must not be afraid of free thinkers,” said
Soraya Salti, Senior Vice-President, Middle East and
North Africa, JA Worldwide, Jordan. Classes should be
reformed to encourage critical thinking and dissenting
viewpoints. Arab societies too often stifle creative and
entrepreneurial impulses among young people.
The Forum, which this year included a quorum of
youth from the region, launched the Egypt Education
Initiative whose first phase will benefit 820,000 children
in 2,000 schools and over 300 colleges. Other
initiatives include INJAZ, which teaches students about
the needs of the private sector by bringing students
into contact with the companies themselves.
Peacemaking
Reforming education to improve job prospects will aid
in a second youth-oriented goal: creating a generation
of peace-builders. Youth who see a future to live for
will be less likely to seek out a cause to die for. Today,
young people’s expectations for future employment are
lower in the Middle East than in any other part of the
world.
15
 “In the Arab world, we
have a lot of seeds that are
not blooming.”
Nimah I. Nawwab
Poet, Saudi Arabia; Young
Global Leader
Too often, the skills to get ahead involve networking
alone, and those not born with access are quickly
alienated. Labour markets must be opened to
encourage entry into the private sector rather than
the bloated and non-meritocratic public sphere.
Students must be taught the skills for a new
economy. Entrepreneurial training and ground-level
job programmes can work, but must be scaled up.
“If we want peace,” said Suzanne Mubarak, First
Lady of Egypt, “we must teach peace.” Curricula
must be reformed to embrace diversity and teach
the common values of all religions, rather than the
values of one over another. Certain young people
need to be particularly targeted. A Palestinian youth
leaving an Israeli prison is at risk of succumbing to
intolerance as is his counterpart leaving the Israeli
army. But efforts to teach peace must extend to all
segments of all societies. Islam has a long history
of embracing common humanity, and learning from
and respecting followers of other faiths. Historically,
scientific advancement came with cultural
tolerance.
“We should revive values that make this civilization
great,” said Ismail Serageldin, Director, Biblioteca
Alexandrina, Egypt. Educational reform should
encourage a dialogue between cultures rather than
a clash of civilizations. In support of this impulse for
cross-cultural understanding, the World Economic
Forum agreed to assist developing, under the
Council of 100 Leaders (C-100), a web-based
information portal and local communities
supporting its work in the West and Islamic worlds
(see Box 6).
16
Box 6: Communicating across the
region: The Council of 100
Leaders (C-100)
Sharm El Sheikh,
Egypt, provided an
excellent venue for
fruitful discussions
among the Council of
100 Leaders’ West-
Islamic World
Dialogue community.
Prime Minister
Abdullah Ahmad Rabbi Awraham S. Soetendorp, Jewish
Institute for Human Values, Netherlands
Badawi of Malaysia
addressed the C-100 community in their private
meeting, stressing the need for dialogue to be “effective,
focused and fruitful, leading to frameworks for concrete
action.”
The continued sense of commitment and enthusiasm
was clearly visible in all the meetings and the
discussions were open, engaging and productive. The
objectives of the meeting were many but included how
to place the C-100 as a hub of knowledge and
information on the state of West-Islamic dialogue and
continuing discussions on the work of the Education
sub-group to further develop the C-100 Education
Project.
Members fully endorsed the proposals for using the C-
100 as a knowledge hub and as a platform for projects
on education, as well as continuing its role as a
clearinghouse for action-oriented projects that advance
understanding and cooperation. There was tremendous
support for many activities, including highly practical
commitments, such as technical help for creating a
website and support in organizing local fund-raising
events in several cities around the world.
Citizenship
A recent study revealed that young people are
more politically active in developing countries than
in the developed world. In a variety of ways, the
youth of today are already leading the charge
toward free societies in the Middle East and North
Africa. How the next generation behaves as citizens
will depend on education, but also on how
governments, schools and families listen to young
people, as well teach them about their rights and
obligations (see Box 7).
World Economic Forum on the Middle East
 Gamal H. Mubarak
Mostafa El Gendy Head, Policy Secretariat,
Member of Parliament, People’s National Democratic Party,
Assembly of Egypt, Egypt

Box 7: Meet the Young: Youth

“Young people have a very big heart,” said Mostafa El
Participation in Middle East
Gendy, Member of Parliament, People’s Assembly of
Egypt, “and are much more open to change than
previous generations.” All too often, however, To better
governments approach youth as a threat rather than a understand the
resource. This leads to mutual mistrust, and means needs of the new
that states squander the political energy of the next generation in the
generation. Middle East, the
World Economic
Pushing this change is the spread of Information Forum invited a
Technology. From blogs to SMS messaging, new number of young
forms of communication mean that millions of young students from the
people can connect instantly across boundaries of region to
culture and nationality. In 2004, only 4% of residents of participate in the
the MENA countries were Internet users. Today, the Saeed Al Muntafiq, Chairman of two-day meeting.
the Board, Young Arab Leaders,
number has grown slightly and demand for the Internet United Arab Emirates
By actively engaging regional
is booming. politicians from the Forum’s
Young Global Leaders community and participating in
various sessions (including New Approaches to Further
Education, or the Revolution will be Televised), these
students were able to share their vision for the future,
their expectations from current leaders and their
concrete plans for moving the youth agenda forward.

One key area for youth is education. In this context,

launching the Egyptian Education Initiative will help
improve schooling through Information and
Communication Technologies. The initiative will focus
on different levels of education (pre-university, higher
education, lifelong learning and e-learning industry
development), and in its first stage will impact 820,000
students in 2,000 schools and over 300 colleges.

17
World Economic Forum on the Middle East
 Democracy, Peace and Security
Because of the many challenges facing the Middle
East today, political and business leaders attending
the Forum expressed a strong desire to move
faster on political participation and dialogue so that
issues related to democracy, peace and security
can be advanced. While acknowledging that
democracy has been gaining momentum in the
Arab world, many leaders emphasized that change
had to come from societies themselves— on their
own terms and at their own pace. Much of that
change, they said, needs to come through the
participation of civil society.
In the Middle East, democracy, peace and security
seem as elusive as ever; compared to other
regions, the challenges of reform are great.
However, many political and business leaders are
making decisions that are defining a long-term
vision of stability and prosperity for their countries
and region. With much of the dialogue at the World
Economic Forum on the Middle East focused on
unrest in Iraq, the unresolved Israeli-Palestinian
conflict and growing fears of a nuclear Iran, there
was a sense of urgency for countries to increase
the dialogue in a changing Arab world (see Box 8).
“The challenge is to make change irreversible and
sustainable,” stated M. Shafik Gabr, Chairman and
Managing Director, Artoc Group for Investment &
Development, Egypt: Chairman of the Arab
Business Council; Co-Chair of the World Economic
Forum on the Middle East. Gabr and others see
democracy, peace and security as interconnected,
but that achieving these objectives will take time. It
was widely acknowledged that reform is taking
place in the region, but that there is no “one-size-
fits-all” approach.
The challenge in the Arab world is to manage
change in a way that preserves the best in society,
giving ordinary people greater freedom and choice
while ensuring security and protection from
injustice. Many in the region realize the scope of
these challenges and many governments are
already taking important steps towards economic,
social and political reform; others are following.
“There are going to be problems and setbacks, but
in any reform process leaders will have to make
difficult choices,” said Gamal H. Mubarak, Head,
Policy Secretariat, National Democratic Party,
Egypt. “Any political party or leader has to change
how they communicate if they want to convince
people about the importance of a vision. People
need to see results.”
18
While results may be slow in coming in some
countries, there is overall agreement that reform is
necessary and should include participation from all
facets of civil society, including non-governmental
organizations, women and youth.
According to the IMF, more than half of the Arab
world is under 18 years of age. In the next 15
years, the school-age population of the Middle East
will increase by 19% to 13.6 million people. How
will they define the future?
“If we empower civil society to fill the political
vacuum, the next generation will have choices and
can exercise their freedom. This is the way to
democratization,” said Mona S. Zulficar, Attorney-
at-Law, Shalakany Law Office, Egypt.
Zulficar and others underlined the importance of
gender equality, noting that there can be no
democracy without women sharing fairly in the
process. According to the Inter-Parliamentary
Box 8: Dialogue on Peace and Security
During the World
Economic Forum
on the Middle East,
Palestinian
Authority President
Mahmoud Abbas
announced an
internal dialogue
aimed at unifying
the Palestinian
political landscape
in light of Palestinian Authority President Mahmoud
increasing friction Abbas and Israeli Deputy Prime Minister Tzipi
and violence Livni
between rival
parties.
“The dialogue is about unifying political positions,” said
President Abbas. While announcing the dialogue,
Abbas reiterated his determination to seek a two-state
solution, reject violence and resolve the Palestinian-
Israeli conflict through a peace process, in particular,
by implementing the UN-supported roadmap.
“We have no way before us but to continue the peace
process,” said Abbas. “Israel should accept our call to
return to the negotiating table.”
A meeting between Israeli Deputy Prime Minister Tzipi
Livni and Palestinian Authority President Mahmoud
Abbas took place during the Summit, the first high-
level meeting between the two sides in eleven months.
“The meeting was very important,” Livni said. “A
meeting between Israel’s Prime Minister and Abbas will
be the next step.”
World Economic Forum on the Middle East
 “Home-grown decisions are
lasting. Imposed decisions
will not stand the test of
time.”
Shaukat Aziz
Prime Minister of Pakistan
Union, women hold only 6.8% of parliamentary seats in
the Arab states. At the Summit, the Women Leaders
Programme of the World Economic Forum brought
together, for the first time, women regional ministers,
who made a commitment to develop a five-year action
plan for public and private sector policies to address
the region’s gender gap.
Democracy in the Arab world has been gaining
momentum, but many acknowledge that the process
has to be “home-grown” if it is to succeed.
“All [Arab] countries and societies want to move ahead
and have their own view on how to do so,” explained
Amre Moussa, Secretary-General, League of Arab
States, Cairo. “Reform is something that we support,
but we have to be cautious because of the fragility of
the security situation and uncertainty on the
international scene.”
This view is supported by the World Economic Forum’s
survey on the Middle East, which showed that 41% of
participants said escalating violence in the Middle East
was a major strategic concern for business (see Box 9).
Other participants echoed the sentiments of the Arab
League Secretary-General, stressing that resolving
conflicts in the region — particularly the situation in Iraq
and the Palestinian-Israeli conflict — is important if
democracy in the Arab world is to move in the right
direction and to mitigate some of the effects of
instability.
Although conflicts in the region are far from being
resolved, there were positive signs of movement in the
right direction. The Forum brought top Palestinian and
Israeli leaders together for the first time in eleven
months, which may pave the way for the President of
the Palestinian Authority and the Prime Minister of Israel
to resume political negotiations. In addition, the
President of the Palestinian Authority, Mahmoud Abbas,
announced the launch of an internal dialogue aimed at
World Economic Forum on the Middle East
unifying the Palestinian political landscape in light of
increasing friction and violence between rival parties.
On the subject of Iraq, some participants at the
Summit looked at the formation of the new
government in Iraq — which includes the three main
factions: Shiites, Sunnis and Kurds — as progress,
despite ongoing violence. However, other participants
remained unconvinced that democracy, peace and
stability would move forward as long as occupation
continued.
“Despite the conflicts that still afflict this region, the
future appears bright and full of promise,” concluded
Egyptian President Hosni Mubarak. “Multilateralism
and democratic international conduct are needed to
foster collective security and peace.”
Box 9: Global Risks and the Middle East
Before the Summit, the Global Risk Programme of the
World Economic Forum surveyed business participants
about their perception of the broader strategic risk
environment in which they lead their corporations.
Most respondents identified the escalation of violence
in the Middle East and the rise of terrorism as key
concerns. Violence and terrorism are a major concern
for almost 80% of those responding, supporting the
argument that Middle East economies and business
communities can only prosper in a more stable political
environment.
Over 25% of corporate leaders spend more than 10%
of their company’s budget on ensuring business
continuity and attempting to diversify activities across
locations in order to balance their risk portfolio. Over
25% of business leaders turn to the World Economic
Forum to identify broader strategic risks when faced
with a strategic decision for their company.
How concerned is your company about
these potential threats?
Escalating Violence 41%
Terrorism 38%
Nuclear proliferation 26%
Protectionism 21%
0% 10% 20% 30% 40% 50%
major strategic concern
19
 Summit Outcomes
Davos WorkSpace: Innovative Tools and Solutions for the Middle East
Box 5: Davos WorkSpace
Workshops conducted in Sharm El Sheikh in
May 2006 by the World Economic Forum ended
with participants committed to the development
of transport infrastructure and capital markets in
the Middle East. In addition, participants
developed a plan for branding the region and
identified what is needed to stimulate Middle
East innovation.
The collaborative efforts of participants were
harnessed in four sessions convened in the
Davos WorkSpace entitled: Looking for the Next
Big Idea, Marketing and Branding the Middle
East, Challenges in the Evolution of Capital
Markets and Rethinking Regional Transport
Infrastructure.
Innovative Solutions
The main thrust of each workshop was to find
innovative solutions to the challenges faced by
the region’s politicians, companies and other key
decision-makers in creating a better world for a
new generation. Breakout discussions followed
brief presentations by industry experts.
Participants were asked to share visions of 2020
and to discover how, by working together, those
desired visions might be achieved. Finally, the
breakout groups gathered together to present
their proposals and to discover how solutions
could be translated into action.
20
The World Economic Forum on the Middle East aimed to
shape the regional agenda in pursuit of a more prosperous
and peaceful future. The exchange of ideas and perspectives
made possible by the interaction of high-level participants
from both the public and private sector is itself a valuable
contribution to this process. However, the meeting also
produced some important new achievements, initiatives and
commitments to work together going forward to continue the
transformation of the region.
What follows are the principle achievements that came out of
the meeting to improve dialogue, society, business,
investment and the ongoing work that participants
volunteered to undertake with the Forum’s facilitation:
Dialogue and Society
• The Forum hosted significant business and political
discussions among US, Arab and Israeli leaders, including
the highest-level talks in 11 months between Israel and the
Palestinian Authority.
• By linking a group of students with regional ministers from
among the Forum’s Young Global Leaders community, we
expanded a valuable network to foster communication and
exchange among young people.
• The Forum launched the Egypt Education Initiative to
benefit 820,000 children in 2,000 schools.
• For the first time, the Women Leaders Programme brought
together women ministers from across the region to
construct a five-year action plan for public- and private-
sector policies to address the region’s gender gap.
Business and Investment
• The Forum took initial steps to launching a private sector-
funded branding campaign for the Middle East under the
banner “Red Tape Out, Red Carpet In”.
• The Forum recognized social entrepreneurs for their
achievements in promoting sustainable business practices
in Egypt.
• Egypt’s National Competitiveness Council published its
third report.
• There was agreement to consider amendments to the
open skies policy for Egypt.
What the World Economic Forum Agreed to Facilitate:
• Under the Forum’s Council of 100 Leaders, develop a
Web-based information portal. The Council will work with
local communities across faiths to support its work.
• Launch a regional task force to tackle corruption.
• Work with high-potential, high-growth companies to
develop a programme to help them integrate into the
global economy.
World Economic Forum on the Middle East
 21
World Economic Forum on the Middle East
 Acknowledgements

The World Economic Forum wishes to thank the following companies as Partners or Supporters of the
World Economic Forum on the Middle East:

Strategic Partners Summit Supporters

Accenture Alshaya Group
Audi Arab African International Bank
Booz Allen Hamilton Commercial International Bank (CIB)
CA MTN Group
Cisco
The Coca-Cola Company Service Provider
Dubai Holding Barco
Economic Development Board of Bahrain
Fluor Official Carrier
HP Egyptair
Investcorp
Kudelski
McKinsey
Manpower
Merrill Lynch _________________________________
Nakheel
Qatar Airways The World Economic Forum would like to thank
SABIC the Government of Egypt for hosting its meeting
Siemens on the Middle East in Sharm El Sheikh. We are
Volkswagen particularly grateful for the support of H.E. Rachid
M. Rachid, Minister of Trade and Industry of
Regional Summit Partners Egypt.
Abraaj Capital
Artoc Group for Investment & Development The Forum also recognizes Egyptian TV and
EFG – Hermes Holding Radio Unit (ERTU) as host broadcaster for the
Emaar Properties World Economic Forum on the Middle East, and
Gulf Finance House thanks Nestlé for its in-kind support.
HSBC
National Bank of Kuwait
Orascom Telecom Holding
PADICO
PWC Logistics
Telecom Egypt

22
World Economic Forum on the Middle East
 Contributors

Writers
Alejandro Reyes
William Montague
Mark Schulman
Benjamin Skinner
Vidhi Tambiah, Associate Director, Global Agenda

Report Contributors
Sherif El Diwany, Director, Middle East & North Africa and Arab Business Council
Saman Ahsan, Global Leadership Fellow, C-100
Sven Behrendt, Senior Project Manager, Global Risk Network
Soren Bested, Global Leadership Fellow, Tech Pioneers & Global Growth Companies
Thea Chiesa, Senior Community Manager, Aviation, Travel & Tourism
Daniel Davies, Programme Manager, Middle East & North Africa
Sarah Saffar, Senior Programme Coordinator, Global Agenda and Open Forum
Karim Sehnaoui, Global Leadership Fellow, Arab Business Council
Anand Sunderji, Community Manager, Investors
Saadia Zahidi, Global Leadership Fellow, Women Leaders Programme
Peter Torreele, Managing Director

Editing and Production

Alicia Bartlett, Icon Design
Janet Hill, Editor
Kamal Kimaoui, Associate Director, Production and Design
Fabienne Stassen Fleming, Senior Editor
Vidhi Tambiah, Associate Director, Global Agenda
Yann Zopf, Media Manager

Photographers
Shawn Baldwin
Pedro Costa Gomes
Dana Smilley
Tara Todraw-Whitehill
The World Economic Forum is an independent
international organization committed to improving
the state of the world by engaging leaders in
partnerships to shape global, regional and
industry agendas.

Incorporated as a foundation in 1971, and based

in Geneva, Switzerland, the World Economic
Forum is impartial and not-for-profit; it is tied to
no political, partisan or national interests.
(www.weforum.org)