Under the patronage of the UAE Ministry of Economy, the Standard & Poor’s Leaders’ Forum 2012 will be held on November 7th in Abu Dhabi. The annual invitation-only gathering of business leaders, economic thought leaders and financial professionals will focus on the leading role played by the financial community in the sustainable economic development of the MENA region.
Organized by Standard & Poor’s and DNMconnect, a UAE-based company, the S&P Leaders’ Forum will feature leading issuers, asset managers, economists, regional investors and senior S&P executives who will provide their views on the global and regional economy, capital markets and the impact of current socio-economic developments on the region under the theme: ‘Middle East Market Horizons; Towards Developing Economies and Sustainable Investment’.
The theme of the event was drawn from the results of a post-conference survey conducted among delegates of last year’s S&P Leaders’ Forum held in Abu Dhabi on 15 November, 2011. As many as 63% of respondents, covering a cross-section of MENA investors and financial professionals, felt that the region’s financial community plays a ‘highly significant’ role in contributing to the region’s economic growth. Respondents also identified improved corporate governance practices and development of capital markets as critical to the development of a more attractive investment environment in the region.
“The UAE continues to support the development of transparent, efficient and effectively regulated financial markets, which are critical to the continued growth of economies in the region. As a powerful stakeholder in economic growth, the financial community is central to the process of enhancing governance, good management and investment. They have a particularly important role in pushing forward the market development necessary to ensure the stability and sustainability of the economy. 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,” Sultan Bin Saeed Al Mansoori, Minister of Economy, said.
Respondents to last year’s post-Forum survey identified market development as a key factor in attracting new investment. Improved ‘corporate governance practices’ were ranked as the number one factor that will drive the ‘development of GCC markets as a highly desirable investment destination’ followed by ‘merging of regional exchanges’ and introducing more ‘listed opportunities in the oil and gas industry’. Over two thirds of respondents said the development of local currency bond markets across the GCC would be a ‘highly important and attractive’ fundraising tool for sovereigns, corporates and institutions in the region. Respondents were cautiously optimistic about the prospects of the global economy with over 77.3% saying they expected “mild growth” for the global economy over the next three years.
“The survey results clearly confirm the vital role that capital markets, both debt and equity, will play in the next phase of growth for the region’s corporates, financial institutions and infrastructure projects. The S&P Leaders’ Forum 2012 seeks to create a platform where issuers, investors, thought leaders and financial professionals can exchange ideas on the critical challenges and opportunities we face; at a time when market participants across the MENA region are working to put the financial crisis behind them. I am confident that the Forum will generate new insights on the opportunities, risks and constraints that MENA economies face in their effort to recapture rapid growth,” Stuart Anderson, Managing Director & Regional Head Middle East at Standard & Poor’s said.