Mena policymakers back roadmap for sustainable recovery from Covid-19 pandemic

Regional ministers and company CEOs sign 'principles of stakeholder capitalism' plan that calls for greater public-private collaboration

The theme of next year's World Economic Forum will be 'The Great Reset', looking at sustainable rebuilding of the global economy in the wake of the Covid-19 pandemic. AP 

Government officials and company executives across the Middle East and North Africa backed a roadmap for inclusive, sustainable and resilient recovery from the Covid-19 pandemic, according to the World Econmic Forum (WEF).

The regional decision-makers signed the "principles of stakeholder capitalism" for Mena, which calls for more private-public collaboration, the WEF said in a statement on Monday.

The principles are released ahead of the WEF's Sustainable Development Impact Summit, scheduled on September 21 to September 24,  which aims to scale up sustainable solutions to address the current economic, social and environmental challenges.

Signatories to the set of principles include UAE's economy minister Abdulla Bin Touq, Saudi Arabia's finance minister Mohammed Al-Jadaan and Egypt's minister of international cooperation Rania Al-Mashat. Company executives include Mohammed Alshaya, executive chairman of retailer Alshaya Group and Alain Bejjani, chief executive of malls operator Majid Al Futtaim. The National's editor-in-chief, Mina Al-Oraibi, is also a signatory.

The roadmap also calls for crafting inclusive social policies, stimulating economic integration, reshaping education systems and harnessing the Fourth Industrial Revolution among others.

The principles of stakeholder capitalism “represent the building blocks for all of us to actively work together in addressing the challenges brought by Covid-19 and to make headway on the economic prosperity of Mena", Mr Bin Touq said.

Adopting a shared vision for public-private collaboration by endorsing the principles for the Mena region is "an opportunity to reshape our societies and economies, allowing us to emerge from the pandemic stronger, more unified and more resilient than before,” Egypt's Ms Al-Mashat said.

Mr Bejjani, who heads the retail giant Majid Al Futtaim, said the principles form the foundation of "a new beginning that will require a fresh approach to how the public and private sectors work together to unlock the region’s vast potential”.

The roadmap constitutes "a crucial effort to learn and implement the key lessons of the pandemic, so that we rebuild economies and societies with growth that is more resilient, equitable and sustainable", Majid Jafar, chief executive of Sharjah-based Crescent Petroleum and another of the signatories, said.