Mid East CEOs View Iran as an Opportunity not a Risk

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Oliver Wyman / Zogby GCC Benchmark Business Barometer Survey Sees Business Confidence Polarised
The world view of Iran and its influence on economic interests in the Middle East is not shared by CEOs in the region according to survey results released by Oliver Wyman. The survey's findings were discussed by leading figures from business and government at an invitation-only conference - Maintaining the Momentum: The Middle East as an Economic Powerhouse - jointly hosted by Oliver Wyman and the Financial Times in Dubai yesterday (Thursday 5^th November).

The poll of 126 C-suite executives, conducted in conjunction with Zogby International, has revealed the majority of business leaders in Gulf Cooperation Council (GCC) countries believe that rather than presenting a threat, the Islamic Republic of Iran will offer a significant positive impact on regional economies when trading relations resume.

"We asked C-level executives what they considered the greatest threat to business stability in the GCC is and an overwhelming 69 percent stated reasons other than the risk associated with Iran by the rest of the world," said John Turner, Partner, Oliver Wyman UAE.

"Iran is also seen by the overwhelming majority as having a significant potential for positive impact on economies when it opens its doors to trade. CEOs are contemplating where their opportunities for expansion are and the views on Iran uncovered by the survey are significant."

The Oliver Wyman - Zogby International Survey polled C-suite executives across the Kingdom of Saudi Arabia (KSA), Qatar and United Arab Emirates (UAE) and while opinions about potential opportunities in Iran were common to all countries, responses were more mixed when executives were asked about business confidence.

While business conditions are expected by most corporate heads to improve in the region over the next 24 months, UAE opinion is divided on the strength of the upturn whereas two thirds of CEOs in KSA are confident of a promising recovery in the economy.

"One thing that is clear is that executives in Saudi Arabia have come through the crisis with confidence intact," said Turner. "We hope to probe these sentiments further when we gather business leaders from the region together in Dubai on November 5^th  for our Oliver Wyman / Financial Times conference."

On where the opportunities exist for increased competitiveness in the GCC, CEOs pointed towards greater diversification of economies and the consolidation of regional players onto global leaders.

Turner admitted that while there are underlying polarised views across the region, three major themes are emerging which are reform, expansion and consolidation.
Turner added, "These themes will form the backbone of economic discussions in the coming months and it will be interesting to see how governments and enterprise react to the upswing and where the opportunities will spring from. Will the focus be expansion eastwards, will consolidation drive economic growth or will reform prove to be a domestic catalyst for many?"

The Oliver Wyman - Zogby International GCC Business Confidence Survey and adjacent conference is to become an annual exercise for Oliver Wyman.

- Ends -

Notes to Editors
The full version of the report accompanies this press release summary and includes result breakdowns for the UAE, KSA and Qatar.

Further commentary on these issues will be available on the afternoon of Thursday 5^th November following the Oliver Wyman and the Financial Times event in Dubai, Maintaining the Momentum: The Middle East as an Economic Powerhouse

About Oliver Wyman
Oliver Wyman is an international consulting firm that combines deep industry knowledge with specialized expertise in strategy, operations, risk management, organizational transformation, and leadership development. The firm works with clients to deliver sustained shareholder value growth. We help managers to anticipate changes in customer priorities and the competitive environment, and then design their businesses, improve their operations and risk profile, and accelerate their organizational performance to seize the most attractive opportunities.

We have more than 35 years experience serving Global 1000 clients. Our staff of 2,900 operates from offices in more than 40 cities in 16 countries. Our Middle Eastern office is located in Dubai, and we serve clients in the United Arab Emirates, Bahrain, Jordan, Kuwait, Lebanon, Oman, Qatar, Saudi Arabia, and beyond. Oliver Wyman's industry focus in the region includes financial services, aviation, telecommunications, transportation, and energy, and we support our clients in a broad range of assignments, including growth, reorganization, and turnaround strategies; new business planning and startup support; post-merger integration of global acquisitions; and design of new corporate governance structures.

Our consultants are recognized industry experts, and we recruit globally from top academic programs for a Dubai staff with more than 24 nationalities and 17 languages. Oliver Wyman's Dubai office offers a dynamic environment that allows us to deliver unrivalled knowledge and expertise from around the world to our clients in the Middle East.  Oliver Wyman is part of Marsh & McLennan Companies [NYSE:  MMC].  For more information, visit www.oliverwyman.com.

About Zogby International
Zogby International is a leading market/opinion research and consulting firm, considered one of the most preeminent in the field.  Founded by President and CEO John Zogby in 1984, ZI has empowered clients with critical intelligence necessary for making informed strategic decisions.  ZI conducts multi-phased opinion research engagements for banking and financial services institutions, insurance companies, hospitals and medical centers, retailers and developers, religious institutions, cultural organizations, colleges and universities, government agencies and a variety of public and private groups.  ZI's dedication and commitment to excellence and accuracy are reflected in their state of the art opinion research capabilities and objective analysis and consultation. 

For more information, please contact:
Tessa Richardson
Email: Tessa.Richardson@hillandknowlton.com
Tel: +971 4 3344930

© Press Release 2009