A Key Milestone for Economic Growth
A key milestone has been achieved in the development of the region's financial sector with the recent establishment of the Gulf Venture Capital Association (GVCA). Formed by a consortium of prominent institutions and professionals from across the G.C.C., the GVCA is a new independent trade and industry association committed to supporting the growth of a strong venture capital and private equity industry within the Arabian Gulf.
Through its formation, the GVCA's aims to encourage and enable appropriate laws and industry regulations, develop human resources, promote a risk-taking investment culture, provide industry statistics, and facilitate networking events.
Mr. Abdullah Al-Subyani, the current President of the GVCA, notes that "venture capital and private equity have proven to be an integral part of a robust financial sector. In fact, a healthy venture capital industry has been shown to be a significant contributor towards economic development, job creation and business growth."
In recent years, the Arabian Gulf has witnessed a number of significant trends, including the repatriation of capital and talent back into the region, the deregulation of several key industries, the liberalization of markets for trade and investment, and an increased emphasis on promoting the private sector to the forefront of the economy. Building upon these trends, the GVCA is committed to playing a key role in bringing together the region's extended community of investors and entrepreneurs to focus on building venture capital into a major component of the region's financial and economic infrastructure.
The GVCA is a regional association with widespread participation from the across the Arabian Gulf. Some of the regional institutions represented on the association's Board of Directors include Amwal, Alami Consulting, Arab Science & Technology Foundation, Galfar, Injazat Technology Fund, HSBC, Khazaen Venture Capital, Malaz Group, Nexia International, Saudi Aramco, Saudi Economic Development Company, Shuaa Capital, Stratum, The National Investor, and Zawya.
Speaking after the first Board meeting recently held in Dubai, Dr. Ousama Tabbara, the current Vice-President of the GVCA, stated that "the association will launch several regional programs in 2005, including a live video conference series to promote learning and networking across nine G.C.C. cities, as well as a number of training courses, workshops, and road shows tailored to serve the needs of the G.C.C.'s emerging venture capital industry." Marwan Tabbara, a member of the Board and current Treasurer added by saying that "our 2005 plans also include the organization of the first GVCA Annual Conference scheduled for later this year in the Kingdom of Bahrain."
The GVCA has launched an initial version of its website at www.gulfvca.org that includes additional information about the organization, its committees and an online registration form for interested members.
Special Contributions 2005
