Members of ACCA (the Association of Chartered Certified Accountants) and other leading finance figures were given an overview of the economic prospects and challenges facing the Middle East and North Africa (MENA) at a breakfast briefing in Dubai.
Dr Marc Nassim, Partner with AR Advisory Partners in Dubai, was guest speaker at the event at the Shangri La Hotel, Dubai, and looked at issues facing the MENA region.
He outlined how the GCC growth is supported by strong macro-economic trends, given the large surplus from export of hydrocarbon-related products, the investments in infrastructure and other projects over the next decade and the growing population with rising purchasing power.
He said that although hydrocarbons still represent a major contributor to the economies of oil-exporting countries in the MENA region, a number of these countries have implemented measures to encourage non-oil sectors to develop, resulting in a growing contribution to the GDP.
But he said that the region is facing big challenges in terms of high unemployment rates, mainly among the youth population. He mentioned that according to the World Bank, more than 50m jobs would have to be created just to maintain current unemployment levels, requiring a 7% GDP growth rate, which is far from being the case in the region. He suggested that governments should encourage entrepreneurship among youth population because this would be the most effective way to fight unemployment in the long-term.
Susie Isaacson, Head of ACCA UAE, said: “ We regularly hold breakfast briefings to enable senior members of ACCA and key figures in the finance profession to meet together and hear about the latest trends in the business world. We are very grateful to Dr Nassim for giving us an excellent insight into future prospects in the region and we look forward to further insights from leading experts in the future.”
Wednesday, December 4- 2013 @ 9:43 UAE local time (GMT+4) Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of Mediaquest FZ LLC.