The World Economic Forum meeting due to be held in Sharm El-Sheikh aims to prove there is more to the Middle East than just political strife. Niveen Wahish reports Preparations are underway for the World Economic Forum (WEF) meeting on the Middle East, which is due to convene in Sharm El-Sheikh next month. The high-profile event which takes place in Egypt for the first time will be held from 20 to 22 May. Ever since the WEF's annual meetings started in 2003 they have been regularly held in Jordan by the Dead Sea shore. A state-of-the-art conventions centre has been constructed in Sharm El-Sheikh in anticipation of the event. The centre which was built within the span of less than eight months will accommodate some 1,500 or so global leaders who are expected to attend. The theme of this year's meeting is entitled "The promise of a new generation" and brings to the fore for debate and discussion a variety of political, social and economic topics related to the Middle East. Sherif El-Diwany, director for the Middle East and North Africa of the World Economic Forum says this year's meeting will focus on a message often reiterated by political and business leaders in the region, "that is, delivering a better future for the generations to come". El-Diwany says that "because of the regional political situation the centre of gravity has always been politics, peace and security." While this remains the case, "what has become more pressing now is the provision of economic security," El-Diwany says. He adds that the Sharm El-Sheikh meeting "will place greater emphasis on the business and economic agendas. It is extremely important that the Arab world and (its) business community should think about competing globally and creating jobs." Yasser El-Mallawany, chairman and CEO of EFG-Hermes, a strategic partner in the event, says he believes that "economic ties [will boost] unity in the Arab world." El-Mallawany stresses the importance of the upcoming Sharm El-Sheikh WEF meeting in directing global attention to the Arab world and its economies. "This is a chance to market Egyptian and Arab investment opportunities to the largest number of global investors". El-Mallawany adds that "the reform undertaken in the past two years has created a good foundation for marketing Egypt." This view is shared by Shafiq Gabr the chairman of Artoc Group for Investment and Development who also heads the Arab Business Council (ABC). "Despite the [current] state of conflict, there are still bright spots that may be placed on the radar. The region has a lot that it can offer." ABC which is comprised of leading Arab private sector representatives is launching an Investment Taskforce Initiative whose aim is to promote economic cooperation and competitiveness. This entails that CEOs from the Arab region would work closely with their counterparts from China, India and the G8 countries to develop a "matrix of impediments to investment" in the Middle East. Gabr says that this will then be presented to "top decision-makers" in the region. "If they are serious about attracting investment they will have to deal with those impediments." The Arab world currently receives less than one per cent of global FDI. Another initiative that will be launched at the Sharm El-Sheikh meeting is the Egyptian Education Initiative supported by Mrs Suzanne Mubarak. The aim of this endeavour is to realise higher-quality education through the use information technology. El-Diwany says the initiative has already been "incredibly successful at involving partners from the global private sector." Invitations to the Sharm El-Sheikh meeting have been extended to the cabinet ministers who hold portfolios for economic sectors viewed as having promising potential. These include tourism, transportation and logistics, as well as technology and financial services. The organisers of the WEF meeting place value on the symbolic significance of Sharm El-Sheikh as a venue. "This is a place where several Arab, regional and international leaders have met in the cause of peace. It does have a brand name," El-Diwany says. Among those who have confirmed their attendance are the crown princes of Bahrain and the UAE as well as the prime ministers of Lebanon, Turkey, and Malaysia. Expected to attend as well will be the first deputy prime minister of Qatar and the head of the European parliament. Invitations have extended to an impressive list of international figures as well as the CEOs of major multinationals. The WEF has not yet received confirmation from the heads of states invited that they will attend. "They usually make decisions closer to the date because of their obligations," El-Diwany says. Over the past three years the WEF held its extraordinary sessions on the Middle East by the Dead Sea. "It was King Abdullah of Jordan's initiative and vision that made this meeting happen in the first place," El-Diwany says. He adds that "given that the WEF meetings raise issues that concern all of the Middle East it is important that they move around the region. These meetings will not always remain in Sharm either. They must move to other countries of the region as well."
