5 Nov 2017
Investcorp, a leading global provider and manager of alternative investment products, and the GCC Board Directors Institute (“BDI”), in collaboration with Morgan Stanley, hosted the fifth GCC Board Directors Institute Chairman Summit (“the Summit”) in Riyadh under the theme “The World in Transition”.
His Excellency Mohammed Al Jadaan, Minister of Finance in Saudi Arabia, attended the Summit and gave an overview of the significant progress the kingdom is making in diversifying its economy to attract new talents. This was followed by a series of panels featuring an impressive line-up of speakers from the region’s top organisations. The panels covered three main topics; the regional integration into the world economy, tapping capital markets and driving diversification in the regional macro-economic environment.
In his opening remarks, Mohammed Al-Shroogi, Co-CEO of Investcorp and Chairman of BDI, emphasised that today’s leaders should look into new ways of thinking to resolve problems and capture opportunities.
“The time is now. The opportunities for private sector development in this region are abundant, especially as efforts towards diversification are ramped up. The region's strategic location, young demographic and growing population, as well as the trend towards urbanisation present significant opportunities for growth.” He said.
On the importance of good governance to the sustainability and investment attractiveness of companies, Al-Shroogi said: “Boards need to remain more vigilant in the challenging macro-economic climate in the region and globally. To do so, they need to evaluate their effectiveness and keep an eye on governance tools and mechanisms such as board evaluations which can help them remain agile. Boards in the GCC need to continue promoting diversity, addressing conflicts of interest and working in the interest of all shareholders, so as to protect and enhance the value of the region’s leading companies.”
The 5th Annual Chairman Summit this year, which coincides with GCC BDI's 10th anniversary, was attended by over chairmen and CEOs of regional leading organisations.