• Minister of Energy, Industry and Mineral Resources, H.E. Khalid Al Falih: Integrating corporate governance into strategy has become a competitive necessity as it presents opportunities to manage risks and add value.

  • Saudi Aramco CEO, Amin Nasser: International standards of governance have always been an integral part of what and how we do things

  • Crescent Enterprises CEO, Badr Jafar: It is the inextricable link between governance and the health of our organisations today, that will be key to unlocking the vitality promised by our shared vision for tomorrow.

Riyadh: – Saudi Aramco and the Pearl Initiative hosted the ‘Governance in Focus’ forum in Riyadh at the King Abdullah Petroleum Studies and Research Center (KAPSARC) in Riyadh, under the patronage of His Excellency Khalid Al-Falih, Saudi Arabia’s Minister of Energy, Industry, and Mineral Resources.

In his keynote address to an audience of 500 business leaders in business, government and the non-profit sector, Amin Nasser, President and CEO of Saudi Aramco, said: “It is a privilege to be working with the Pearl Initiative in promoting higher corporate governance standards. Saudi Aramco has been global from our very beginning – more than eight decades ago. International standards of governance have always been an integral part of what we do and how we do things. In our efforts to achieve Saudi Vision 2030 and align ourselves with its aspirations, the Kingdom’s corporations and entities - regardless of size - now have the opportunity to apply or redefine its set of governance at the highest standards, which is vital for the economic transformation that’s currently underway in the Kingdom.”

Nasser emphasized the role of corporate governance in maintaining the highest standards of ethical conduct and promoting commitment to effective oversight, leadership, and reporting.

Badr Jafar, Founder of the Pearl Initiative and CEO of Gulf-based Crescent Enterprises, said in his welcome remarks: “The Governance in Focus forum has brought together multi-stakeholder leaders from across the region and internationally to deliberate some of the most pertinent issues affecting our business environment today. We at the Pearl Initiative are deeply honoured to work with Saudi Aramco to shine a light on the various important roles that the government, business and philanthropic sectors need to play in creating corporate governance frameworks that support the competitiveness, inclusiveness and sustainability of our region’s economies. The forum marks the beginning of the Pearl Initiative’s strategic relationship with Saudi Aramco, an invaluable member of our growing network of partner companies from across the gulf region committed to a vision of thriving economies underpinned by a private sector that embraces good governance as a pillar of sustainable growth”.

Private wealth in the Gulf Region has surged to over $8 trillion dollars, and is expected to reach $12 trillion by 2021. With 85% of the Gulf Region’s non-oil GDP generated by family businesses, we expect to see a generational transfer of wealth of over $1 trillion over the next decade. In safeguarding the resilience of this passage of vast economic value, strong corporate governance shall be vital.

The Forum overall theme was ‘Boosting Competitiveness in a New Business Paradigm’ and focused on the business case behind corporate governance and how good governance frameworks were essential to the realization of national agendas across the region, including UAE Vision 2021 and Saudi Vision 2030. Discussions addressed corporate governance frameworks from a variety of stakeholder perspectives, and featured six expert plenary discussions, including: Private-Public Dialogue on Governance; Governance for Diversification: Supporting National Champions; Governance in a Digital World: Creative Disruption and New Technologies; and Governance for Long-Term Value Creation: ESG and Social Capital. 

The Forum featured prominent speakers from across the region and internationally, including His Excellency Khalid Al-Falih, Minister of Energy, Industry, and Mineral Resources; HE Dr. Hamad Sulaiman A. Al-Bazai, Vice Minister of Finance of Saudi Arabia; HE Ahmed Ali Al Sayegh, Chairman, Abu Dhabi Global Market; Khalid Al Hussan, CEO, Saudi Stock Exchange (Tadawul); Alain G. Bejjani, CEO, Majid Al Futtaim Holding; Lubna S. Olayan, Deputy Chairman and CEO, Olayan Financing Company; Rick Haythornthwaite, Chairman, MasterCard; HE Dr. Khaled Al-Sultan, Rector, King Fahd University for Petroleum and Minerals; Yousef Abdullah Al-Benyan, Vice Chairman & CEO, Saudi Basic Industries Corporation (SABIC), Jamal Fakhro, Managing Partner, KPMG and First Deputy Chairman, Shura Council, Bahrain; Joaquim Levy, Managing Director, The World Bank Group; Magnus Olsson, Co-Founder and Chief Experience Officer, Careem; Abdulrahman Tarabzouni, CEO & Managing Director, Saudi Telecom Ventures; Will.i.am, Musician & Creative Innovator; HE Dr. Shaikha Al Maskari, Chairperson, Al Makari Holding; and Sammy Kayello, Chairman & CEO, Morgan Stanley MENA.

The Pearl Initiative was formed by prominent business leaders from across the Gulf Region in 2010 to create a non-profit vehicle for the private sector to collectively take a lead in adopting higher standards in corporate governance, accountability and transparency. It seeks joint collaborative action among regional and global business leaders, exhibiting positive leadership and sharing knowledge and experience in order to positively influence the regional business and student communities.

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About the Pearl Initiative

Prominent business leaders from across the Gulf Region formed the Pearl Initiative in 2010 to create a non-profit vehicle for the Private Sector to collectively take a lead in adopting higher standards in corporate governance, accountability and transparency to enhance business innovation, opportunity and value creation.  With over 40 regional and international partners, the Pearl Initiative brings together business, government and civil society decision-makers to share best business practices and to help maximize the economic opportunities available to companies within the region. The Pearl Initiative also supports Gulf-based university students to identify and embrace strong ethics as they embark on their future careers. The Pearl Initiative seeks joint collaborative action between regional and global business leaders, international institutions, government bodies and wider initiatives within the Gulf Region, exhibiting positive leadership and sharing knowledge and experience in order to influence the entire regional business and student community. http://www.pearlinitiative.org 

© Press Release 2018