His Excellency Sultan Bin Saeed Al Mansoori, Minister of Economy, stated, "With the region poised to enter a new cycle of growth, we look forward to the financial community's participation and contributions in putting the region's economies back on a high growth track. The S&P Leaders' Forum is a significant event that in many ways anticipates the agenda and sets the tone for the MENA financial community in the coming year."
Stuart Anderson, Managing Director & Regional Head Middle East at Standard & Poor's, said, "The financial community is playing an increasingly active part in economic development in the region with their role evolving toward sustainable wealth creation. Balancing growth with risk management and governance is vital for driving investment in today's increasingly regulated and challenging markets. The region's financial community will play a substantial role in achieving this essential balance. The S&P Leaders' Forum offers a platform for leading issuers, asset managers, economists, investors and business and policy leaders, to collectively discuss and share knowledge on how they can enhance sustainable growth post financial crisis."
The financial sector is currently estimated to generate over 7% of the MENA region's GDP. In the GCC alone, the sector is estimated to contribute $100bn to the economy. With financial services accounting for roughly 40% of market capitalization and employing over 200,000 people in the region, it is a powerful engine for economic growth.
The S&P Leaders' Forum will also discuss how the financial community can promote financial inclusion and job generation in regional economies; the vital need for aligning investment strategies with market needs; strategies for tapping capital markets in vital economic sectors; cross-border growth and investment; and charting the economic course for 2013 and beyond.
S&P's global leadership team including Douglas Peterson, President; Dr. Paul Sheard, Chief Global Economist & Head of Global Economics Research; and Dr. Moritz Kraemer, Head of Sovereign Ratings EMEA will speak at the Forum.
Supported by the Gulf Bond & Sukuk Association (GBSA), UAE Financial Services Association, UN Pearl Initiative, Middle East Private Equity Association and Middle East Investor Relations Society, the Forum will see over 300 participants from leading regional and international businesses, financial services providers, banks, family businesses, sovereign wealth funds, regulatory bodies and governments.
Through a mix of interactive discussions, audience interviews and questionnaires, the Forum will draw a range of opinions and ideas, which will contribute solutions for today's challenges and provide strategies for leveraging growth opportunities.
Robert Baur, Managing Director & Chief Economist at Principal Global Investors, said, "The US economy is emerging slowly from the after effects of its financial crisis, Europe is mired in a recession and growth in China is much slower than the country's two decade average. Under these circumstances, GCC investors should question who and what will drive global economic growth and when will business return to normal? The S&P Leaders' Forum is a great venue to hear valuable discussion on the future of the global economy and its potential for acceleration."
Hasan Al Jabri, Chief Executive Officer at SEDCO Capital, said, "We believe a combination of innovation and relationship depth is crucial to ride these turbulent times and inconsistent market conditions. We rely on our history of strong regional partnerships, expertise in asset allocation and selective global diversification and, as a significant co-investor, look forward to discuss these strategies at the S&P Leaders' Forum."
Marwan Al Turki, Partner at Debevoise & Plimpton LLP, said, "The fund raising environment for private equity funds remains challenging. Amongst the developed markets, the environment in Europe is tough and this, coupled with increased scrutiny by LPs of fund terms from a position of strength, has increased the length of fund raising cycles and led many sponsors to reconsider their plans. The position in emerging markets is mixed, with some regions such as MENA, effectively closed for business. This makes for a particularly interesting year ahead."
Other speakers at the Forum include H.E Abdullah S. Al Darmaki, Chief Executive Officer, Khalifa Fund for Enterprise Development; Dr. Robert Baur, Managing Director & Chief Economist, Principal Global Investors; Dr. Farrukh Iqbal, Director MENA, The World Bank; Kito de Boer, Director, Public Sector and Social Sector MEA, Head of the McKinsey Center for Government, McKinsey & Company; Marwan Al Turki, Partner, Debevoise & Plimpton; Hasan Al Jabri, Chief Executive Officer, SEDCO Capital; Dr. Ahmed Heikal, Chairman, Citadel Capital; Dr. Farouk Soussa, Chief Economist (Emerging Markets), Citigroup; Dr. Jarmo Kotilane, Chief Economist of the Bahrain Economic Development Board; Dr. Karim El Solh, Chief Executive Officer of Gulf Capital; and Harry Chopra, Managing Director, Global Services, S&P Capital IQ.
Source: http://www.ameinfo.com/uae-ministers-financial-leaders-discuss-economic-317209
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