SHAREHOLDER SPRING IN THE MIDDLE EAST?
The Arab Spring has now gone through a few seasons
and has no end in sight as the conflict in Syria rages on
and the situation in Tunisia, Yemen and Lebanon remains
fragile. While much has been said about the thirst of the
Arab people for change, not much - and certainly not
enough - has been said about the economic roots of the
events we are witnessing. And yet, underlying the debate
we are seeing unfold is the profound questioning of the
role of the state and business elites in the generation and
distribution of wealth. State-owned enterprises, private
local or foreign companies, have often been subject to
criticism that their strategy ignores the socio-economic
context in which they operate.
Shareholder Spring in the Middle East?
Corporations are therefore party to the ongoing debate on
the future of the Middle East. Taken as a whole, over 1400
companies are listed today on regional stock exchanges
and already, a number of Gulf-based enterprises such as
SABIC, Al Rajhi Bank and Qatar National Bank feature in
the Financial Times’ Global 500 list, highlighting that some
regional champions are emerging on a global scale. Listed
companies are important because they are the public
face of the region’s corporate world. They are also central
because regional stock markets are making enormous
efforts to attract listings by setting up special listing tiers
for SMEs and seeking foreign listings, while at the same
time introducing measures to promote greater liquidity.
Article by Alissa Amico
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The opinions expressed in this article do not reflect the official views of the OECD or its member countries.
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