New council to cooperates on integrating Arab economies, improving competitiveness

"Some of the Middle East top business leaders have come together to launch the Arab Business Council (ABC) at the World Economic Forums Global Reconciliation Summit in Jordan," a press release sent to MENA said Monday.

Consisting of more than 50 of the region's top business leaders, the Council will create cooperative action among leading members of the Arab corporate sector to enhance the competitiveness of the Arab region and to facilitate its integration into the global economy.

Shafiq Gabr, Chairman of the Executive Committee of the council remarked, globalization confronts us with great challenges. "Slow growth, weak investment flows and perceived instability currently mar the regions potential," he said.

The Arab Business Council of the World Economic Forum has been created to help address these challenges, said Chairman of the Executive Committees of the Arab Business Council (ABC).

"We stand ready to work with our governments in enhancing our competitiveness and enabling the region to take its rightful place in the global economy," Gabr added.

The Executive Committee of the Council has adopted declarations on accounting and audit standards and corporate social responsibility, and covenants on corporate governance and combating corruption and bribery.

These represent a commitment to promote global best practice standards in the Arab business sector.

"From this platform, and working with the World Economic Forums extensive community of global leaders from the private and public sectors, the Arab Business Council will be able to restore a constructive dialogue between our region and the most developed economies," said Gabr.

"We plan two international private-sector meetings over the next year and a broad programme of consultation with our own governments," Chairman of the ABC Executive Committee said.