Saudi Aramco Co-Hosts ‘Governance in Focus’ Forum with UAE’s Pearl Initiative

Wednesday 25 April 2018
Amin Nasser, President and CEO of Saudi Aramco
Riyadh - MENA Herald:

Saudi Aramco has co-hosted the “Governance in Focus” forum with the UAE-based Pearl Initiative 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.

Addressing an audience of business leaders, executives, officials and experts, 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 emphasised 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 UAE-based Crescent Enterprises, said: “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”.

UAE businessmen Ahmed Ali Al Sayegh, Chairman, Abu Dhabi Global Market and Managing Director, Dolphin Energy, and Alain Bejjani, CEO, Majid Al Futtaim Holding, spoke on the plenary panel, Private–Public Dialogue on Governance, which explored how the state and private enterprise can work together to delineate governance frameworks that promote robust competition, social-capital creation, and enhanced productivity.

The forum’s theme was ‘Boosting Competitiveness in a New Business Paradigm’ and featured prominent speakers, including His Excellency Khalid Al-Falih, Minister of Energy, Industry, and Mineral Resources; Amin Nasser, President and CEO of Saudi Aramco and Badr Jafar, CEO of Crescent Enterprises and Founder of the Pearl Initiative. In addition to speeches, the event featured a number of panel discussions and workshops conducted by high-profile experts.

The forum focused on the business case behind corporate governance and how good governance frameworks support the rapidly developing private sector in the Gulf Cooperation Council region and the overall economic goals.

The Pearl Initiative was formed by prominent business leaders from across the GCC 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, international institutions, government bodies and wider initiatives within the GCC region, exhibiting positive leadership and sharing knowledge and experience in order to influence the entire regional business and student community.

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