Arab economies must become more transparent

by Jumana Al Tamimi for Gulf News, November 16th, 2010.

Arab economies must become more transparent and implement corporate governance models, but “there is no one recipe,” Dr Nasser Saidi, Chief Economist and Head of External Relations at the Dubai International Financial Centre Authority (DIFCA), said. The variations in Arab economic structures and the diversity of companies in these economies make it difficult to create one role model to implement the already-agreed on principles of good governance.

“It is not one size that fits all,” explained Saidi, who is also Executive Director of the Hawkamah-Institute for Corporate Governance at the Dubai International Financial Centre (DIFC). Saidi explained to Gulf News that though there is a consensus among Arab countries on the “general principles of good governance, the translation of these “principles” to procedures and plans differs from one country to another.

This is a result of the existing differences in the financial environment and the variation of companies in these countries. Also, it won’t be possible to implement the same principles for companies that are listed on the stock market and others that are not. “In some other countries, family-owned companies play an important role in their countries’ economies. The implementation of the proper Hawkamah principles for these companies differs from the way it is implemented on the listed companies in the market,” Saidi noted. (continue reading… )



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