Building a stable economy that is not over reliant on a single sector and can weather the ups and downs of the world economy has become an important focus for countries. One country that has spearheaded this initiative is the United Arab Emirates (UAE). Their recent inaugural of the Pearl Initiative is seen as a major step and has received praise from the United Nations. The Pearl Initiative is a not-for-profit organization created by business, for business which will work across the Middle East with businesses to improve corporate transparency and accountability. Highness Sheikh Hamdan Bin Mohammad Bin Rashi Al Maktoum, Crown Prince of Dubai, hopes this initiative will help the UAE economy strengthen as it continues to diversify away from an oil and natural gas dependent economy.
The belief expressed at the United Nations Global compact Regional Forum held on April 19th is the measures being implemented by the Pearl Initiative will help spur job growth creation and produce sustainable social development. Ban Ki-moon, United Nations Secretary-General gave high praise the UAE for taking such extraordinary efforts towards sustainable business practices. Additionally, the announcement for the ‘Women’s Careers in the GCC: The CEO Agenda’ of the Pearl Initiative was given which discussed bringing more women into the workforce and the positive results of their involvement. These changes have greatly improved the emirates holdings.
Many high level officials and business representatives attended the inauguration ceremony including Hussain Al Nowais, Nasser Bin Khaled Al Thani and many more. As the UAE continues to diversify the importance of having strong sustainable businesses in other sectors is paramount. The consensus is sustainable and strong business sectors which will improve the emirates holdings can only be achieved through corporate accountability.
Badr Jafar, Founder of the Pearl Initiative, explained the aims very succinctly in his welcome remarks when he said, “Corporate accountability matters; it builds trust, which in turn helps companies generate value and resilience, enabling them to grow. Growing companies create more jobs, stimulate economic activity, and provide new opportunities for entrepreneurs. All of this stimulates the economy as an ethical, transparent place in which to do business, creating a nucleus for foreign investment”.
With these important factors identified, the key to success will be the carrying out and full implementation of the initiative. The United Nations has given full support for the Pearl Initiative and many from around the world are providing support in whichever way possible. Hussain Al Nowais and Al-Nowais Investments is one of the biggest backers of the initiative and Hussain Al Nowais believes that bringing more women into the economy will greatly improve the economy.