DUBAI // The development of the Middle East’s private sector is being held back by corruption and political instability, said the president of the European Bank for Reconstruction and Development.
Sir Suma Chakrabarti said unreliable electricity supplies, poor access to finance, a skills gap and restrictions on free trade were also obstacles that needed to be overcome if the sector was to fulfil its potential as the greatest area for economic growth.
Referring to a survey conducted by the World Bank, European Investment Bank and the EBRD to evaluate obstacles faced by the private sector in the region, Mr Chakrabarti said corruption was by far the biggest factor hindering development, with more than 50 per cent of companies identifying it as an impediment.
Mr Chakrabarti said to tackle corruption governments had to encourage transparency and improve competition, something his institution is helping with.
With the region producing some of the world’s cheapest renewable energy, he said a strong private sector could help address interruptions in the supply of electricity.
“The private sector is acting as a catalyst for one of the greatest transformations of our time: energy efficiency,” he said.
Supporting small and medium-sized enterprises and emphasising development of the youth’s skills needed for the market should also be a priority, Mr Chakrabarti said.
“Technical education, vocational education and education training suitable for private-sector jobs are far too low a priority.” He also called on governments to ease restrictions on free trade and increase foreign direct investment (FDI).
“Excessive red tape prevents firms from realising the potential of export markets. FDI not only brings more funds and technology but more effective management techniques,” he said. Headquartered in London, the EBRD is a developmental investment bank owned by 65 countries and two EU institutions.
tsubaihi@thenational.ae
COMPANY%20PROFILE
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Company%20Profile
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The Bio
Favourite Emirati dish: I have so many because it has a lot of herbs and vegetables. Harees (oats with chicken) is one of them
Favourite place to go to: Dubai Mall because it has lots of sports shops.
Her motivation: My performance because I know that whatever I do, if I put the effort in, I’ll get results
During her free time: I like to drink coffee - a latte no sugar and no flavours. I do not like cold drinks
Pet peeve: That with every meal they give you a fries and Pepsi. That is so unhealthy
Advice to anyone who wants to be an ironman: Go for the goal. If you are consistent, you will get there. With the first one, it might not be what they want but they should start and just do it
Five famous companies founded by teens
There are numerous success stories of teen businesses that were created in college dorm rooms and other modest circumstances. Below are some of the most recognisable names in the industry:
- Facebook: Mark Zuckerberg and his friends started Facebook when he was a 19-year-old Harvard undergraduate.
- Dell: When Michael Dell was an undergraduate student at Texas University in 1984, he started upgrading computers for profit. He starting working full-time on his business when he was 19. Eventually, his company became the Dell Computer Corporation and then Dell Inc.
- Subway: Fred DeLuca opened the first Subway restaurant when he was 17. In 1965, Mr DeLuca needed extra money for college, so he decided to open his own business. Peter Buck, a family friend, lent him $1,000 and together, they opened Pete’s Super Submarines. A few years later, the company was rebranded and called Subway.
- Mashable: In 2005, Pete Cashmore created Mashable in Scotland when he was a teenager. The site was then a technology blog. Over the next few decades, Mr Cashmore has turned Mashable into a global media company.
- Oculus VR: Palmer Luckey founded Oculus VR in June 2012, when he was 19. In August that year, Oculus launched its Kickstarter campaign and raised more than $1 million in three days. Facebook bought Oculus for $2 billion two years later.
Company%20Profile
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2017%20RESULTS%3A%20FRENCH%20VOTERS%20IN%20UK
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Name: Colm McLoughlin
Country: Galway, Ireland
Job: Executive vice chairman and chief executive of Dubai Duty Free
Favourite golf course: Dubai Creek Golf and Yacht Club
Favourite part of Dubai: Palm Jumeirah
COMPANY PROFILE
Name: Almnssa
Started: August 2020
Founder: Areej Selmi
Based: Gaza
Sectors: Internet, e-commerce
Investments: Grants/private funding
COMPANY PROFILE
Initial investment: Undisclosed
Investment stage: Series A
Investors: Core42
Current number of staff: 47
The Specs:
The Specs:
Engine: 2.9-litre, V6 twin-turbo
Transmission: 8-speed automatic
Power: 444bhp
Torque: 600Nm
Price: AED 356,580 incl VAT
On sale: now.
The specs
Engine: Long-range single or dual motor with 200kW or 400kW battery
Transmission: Single-speed automatic
Max touring range: 620km / 590km
Price: From Dh250,000 (estimated)
COMPANY%20PROFILE
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Joker: Folie a Deux
Starring: Joaquin Phoenix, Lady Gaga, Brendan Gleeson
Director: Todd Phillips
Rating: 2/5