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Forbes CEO Middle East Forum Driving Growth – Risk and Reward in the Middle East A sophisticated business class has emerged in the Middle East. Consider international financial centers springing up in Dubai, Qatar and Bahrain alone. The value of liquid financial assets in GCC (Gulf Cooperation Council) countries has been estimated at $750 billion and this liquidity is flowing into local stockmarkets, property, infrastructure and tourism. But will the tale of Mideast growth be threatened by uncertainty and need for reform? What dangers lurk below the surface of the recent oil boom? The oil boom has not solved demographic pressures. Middle Eastern economies are unable to absorb the millions of young people entering the job market. The Middle East will have to educate, train and create another 77 million jobs over the next 20 years to accommodate all the new workers. The good news: local CEOs that are starting to make waves globally not just regionally will find the opportunities to be limitless. For the first time the Forbes CEO Forum, which has been an enormous success in the U.S., Europe and Asia is coming to the Middle East. This invitation-only, peer-to-peer forum will engage all participants in Forbes’ trademark: straight talk. Whether it is the up and coming entrepreneurs that you have never heard of trying to crack noisy global markets; prodding and poking at the mega real estate projects – great 20th century vision or white elephants in the making?; or the financial institutions around the world truly offering something different to meet the demands of Middle East business; Forbes promises to deliver relevant, top-quality intelligence in a three-day event filled with lively debate and discussion. In a volatile world, how can CEOs successfully gauge the risks to move ahead in the oil rich Middle East – be it in business, personal achievement or economic growth – while reaping the rewards? Can these executives work together to help solve the structural fundamental problems of the region? Sunday, 25 February 4:00 pm – 8:00 pm Registration & cocktails Monday, 26 February 8:00 – 9:15 am Terrace breakfast and welcome 9:15 – 9:30 am Chairman’s opening remarks Sulaiman Al-Hattlan, Editor-in-Chief, Forbes Arabia 9:30 – 10:15 am Special onstage interview 10:15 – 10:35 am Refreshment break 10:35 – 11:35 am Hooked on cheap oil? Cheap oil’s days are numbered. What matters to the global economy is how and when consumption evolves toward greener fossil fuels, nuclear and renewable energy. Is the Middle East prepared for this era? Will its governments and businesses lead the way in energy research and innovation, or are the easy profits of today’s oil lulling them into a false sense of economic well-being? Lady Barbara Judge, Chairman, United Kingdom Atomic Energy Authority, U.K. Bob Moore, CEO, Energy City Qatar, Qatar Moderator: Bruce Upbin, Assistant Managing Editor, Forbes magazine, U.S. 11:35 am – 12:30 pm Oil Price – New Highs or New Lows? – A Candid Conversation with Steve Forbes and T. Boone Pickens Steve Forbes, President and CEO, Forbes; Editor-in-Chief, Forbes magazine T. Boone Pickens, Founder and Chairman, BP Capital, U.S. Moderator: Rich Karlgaard, Publisher, Forbes magazine, U.S. 12:30 – 1:45 pm Lunch 1:45 – 2:45 pm Tomorrow’s Future: Investing in the Next Generation The Middle East has a problem – it’s producing far more babies than jobs. The U.S., Europe and other countries face the central problem of an aging population, while the Middle East, with its huge youth population, faces the challenge of educating, training and employing the majority of its population which is under 30. The majority of GCC countries must also pay heed to the fact that approximately 90% of their citizens are employed by the government, while the expatriates occupy most of the private sector jobs. Furthermore, only 20% of Middle East firms train their workers and government incentives instituted have not been widely effective. Failing to do better than this could have dire economic and political consequences for the next generation. Qatar is taking radical steps to remedy the state of their educational situation; bringing in first class American universities with the same admissions standards and faculty as the U.S., they have opened up these universities to students from the entire region. Examples such as these from the Middle East and abroad will be shared focusing on what business and 2 government are doing to address the demographic dilemma and prepare the new generation for the brave new world. Soraya Salti, Senior VP MENA, JA Worldwide / INJAZ al Arab, Jordan 2:45 – 3:45 pm The Entrepreneurs You’d Like to Meet… Meet the next generation entrepreneurs who aim to take you down, or lead you in to the future. What innovative approaches are necessary to succeed and what obstacles are faced by entrepreneurs both inside and outside the region? Entrepreneurs sound off about the growth of entrepreneurship in the region and who has been driving it. Sheikh Majed J. Al Sabah, Chairman, Villa Moda Lifestyle KSCC, Kuwait Eric Anderson, President and CEO, Space Adventures, Ltd, U.S. Fadi Ghandour, Founder, President and CEO, Aramex, Jordan Sir Stelios Haji-Ioannou, Founder, easyGroup, U.K. Moderator: Bruce Upbin, Assistant Managing Editor, Forbes magazine, U.S. 3:45 – 4:10 pm Refreshment break 4:10 – 5:30 pm Pumping Profits: Oil, Money and Models Oil rich Middle East remains especially volatile – how to cope? Join us for simultaneous roundtable discussions led by Forbes editors about the use of oil money in the region. In Saudi Arabia the focus is on reinvestment in oil; in Kuwait the focus is on diversifying investments away from the region; and in Dubai the focus on investment within the emirate, but diversifying away from oil. The Dubai strategy is starting to be emulated…will it win out? Each group must work together to target the key pressure points that are most critical to their business and editors will report back to the group. Gaukhar Yerkinovna Ashkenazi, CEO, MunaiGaz-Engineering Group, Kazakhstan 6:00 – 8:00 pm Reception and Dinner Tuesday, 27 February 8:15 – 9:00 am Breakfast with the editors 9:00 – 9:15 am Chairman’s opening remarks 9:15 – 10:00 am A Meeting of Minds – Middle East and the Global Economy The conference opens in traditional style as Steve Forbes engages leading minds in a thought-provoking discussion about the global economy. 10:00 – 11:00 am The New Silk Road – Opportunities for Asia and the Middle East Prominent Saudi investors, led by Prince Alwaleed bin Talal, are paying 2 billion dollars for a stake in China’s second largest state-owned bank while Bahrain’s Gulf Finance House wants to invest up to 1 billion dollars in Singapore’s financial, health, tourism and leisure industries. The Middle East, flush with cash amidst high oil prices, can provide Asia with capital; Asia, with its abundant low-cost companies, can provide the Middle East with infrastructure and cheap workers. This promising match-up of needs and capabilities is recreating an Internet-era Silk Road stretching from the Middle East to India to China. What are the insiders doing and who is coming in under the radar? Victor Chu, Chairman and CEO, First Eastern Investment Group, H.K. 3 Nahed Taher, CEO, Gulf One Investment Bank, Bahrain Simon Tay, Chairman, Singapore Institute of International Affairs Moderator: Robyn Meredith, Senior Editor, Asia, Forbes magazine, H.K. 11:00 – 11:20 am Refreshment break 11:20 – 12:20 pm Financial Services on the Fast Track With virtually every Gulf state planning its own financial center, will there be room for everyone? Some local banks in the region had to be “bailed” out because of liquidity problems dealing with lending on margin to speculative investors. Similarly, during the last year, the GCC markets dropped anywhere from 50%-70%. Given the tremendous amount of economic growth in the region, it is ironic that Dubai has become one of the worst performing stock markets in the world. While many elements of the markets here have the illusion of first world mechanisms, there are many levels of maturation that the markets have to undergo. Everything from accounting standards to independent governance and oversight boards must be instituted to give the international investors and bankers a feeling of transparency. How is the financial services industry adapting to do business and meet the demands of those in the Middle East region? Ibrahim S. Dabdoub, CEO, National Bank of Kuwait, Kuwait Stuart Pearce, CEO and Director General, Qatar Financial Centre Authority, Qatar Moderator: Robyn Meredith, Senior Editor, Asia, Forbes magazine, H.K. 12:20 – 1:35 pm Lunch 1:35 – 2:25 pm The Business of Sport Beautiful scenery, 7 star hotels and white glove treatment have attracted the likes of professional sports icons such as Tiger Woods and Roger Federer to the Middle East, and the fans are following close behind. Qatar, who played host to the 2006 Asian Games, invested in the infrastructure that such events require—sporting venues, four new hotels, an airport extension, transport planning—but will the Games deliver a lasting social, environmental and economic legacy not just for Qatar but the whole Middle East region? Or have sporting events become so tied in with nationalism that it has become a matter of pride for countries to secure the right to hold them no matter what the cost? What business and geographic trends are at work in the world of sport? What are the expectations of the development of international academies such as ASPIRE in breeding sports champions of the future? 2:25 – 2:45 pm Refreshment break 2:45 – 3:00 pm Special introduction: Helmut Panke, Former Chairman of the Board of Management, BMW AG, Germany 3:00 – 4:00 pm The Growing Power of Middle East Luxury Luxury products are often associated with glamour, sexuality and a more skin is better than less approach to visual marketing.
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