Watching Badr Jafar at the World Economic Forum for the Middle East in Jordan last month was an object lesson in the art of networking.
The Sharjah-born executive was shaking hands with important executives one minute, chatting with senior political figures the next and then heading off to speak at opinion-forming sessions at the WEF.
He spoke of entrepreneurship and youth employment, but also found time to get involved in the WEF's initiative to restart Israel-Palestinian Territories peace talks via the business community, as well as handle the inevitable media calls.
It was an accomplished act, but then you would expect no less from a member of one of the UAE's top business dynasties, who was educated at Eton College and Cambridge in Britain, and who regularly rubs shoulders with top fashion designers, Hollywood stars and music legends.
But to get Mr Jafar really enthusiastic, get him talking about the Pearl Initiative, as he did recently at the Capital Club in Dubai. Pearl, set up in 2010 to advance the cause of good corporate governance in the Arab world, is a project obviously very close to his heart.
"The Gulf region today is the right place at the right time for good corporate governance. It is not enough just to change regulation, we need a change of culture," he says.
Pearl grew out of contacts with "friends" at the United Nations in New York involved in the UN Office for Partnerships, the charitable arm of the organisation focused on developing partnerships between the public and private sectors to advance worthy causes.
"We've seen how regulation alone doesn't always work. The US is the most regulated market in the world, yet it was still the place where the financial crisis began, and which has seen plenty of corporate scandal. We saw the need for a regional initiative in the Arab world, by the region for the region, and by the private sector for the private sector," he says.
Although Pearl has a regional focus, it draws its inspiration from corporate governance work undertaken by South Korea on its big corporate entities such as Samsung and from US standards. "The credibility of the UN relationship was very important, and we had to file our credentials in the US," says Mr Jafar.
According to the mission statement, Pearl is a "private-sector led, not-for-profit organisation set up to improve transparency, accountability and business practices in the Arab world".
But Mr Jafar believes there is profit to be had from applying best practice. "One of the main purposes is to demonstrate that there is true value creation to be had, that businesses will actually make more money if they adhere to those standards," he says. He points to case studies around the world that show the link between good governance and financial performance, for example in Korea, where big corporations overcame charges of scandal and corruption to become respected world leaders in their sectors.
"In a recent survey, 10,000 business leaders were asked about the benefits of good governance, and 61 per cent said it would have a direct impact on the bottom line of their businesses," he points out.
Despite Mr Jafar's Sharjah origins - he and his family are the forces behind the emirate's energy group Crescent - he felt it was important to have a genuinely regional slant on Pearl. Its board of governors, under the chairman, Sheikh Nahayan Mabarak Al Nahayan of Abu Dhabi, reads like a Who's Who of Middle East business.
The three key buzzwords are accountability, governance and transparency. "But all the aims are linked. What's the point of being transparent if you're not accountable, and if it all doesn't add up to better governance, what's the point again," he asks. Pearl aims to drive home the point through seminars, forums, workshops and publications that spread the good governance message. It runs a centre of excellence at the American University of Sharjah and is looking to extend its educational links throughout the region. With other countries increasingly ready to "name and shame" bad business practice, does Mr Jafar believe the media have any role to play in advancing the cause of good governance?
"I personally feel it is wrong to 'name and shame.' The way to do it in this part of the world is to engage with business and highlight and champion the successful stories, and use then as beacons of change. Naming and shaming is often counterproductive," he says.
Among the "champions" in the region he names Aramex, the transport and logistics company, and the Abraaj Group, the private equity firm where he is also a board member.
On financial reporting, where even some of the regional companies most committed to good governance fall short by international standards, Mr Jafar says: "It's not that they want to hide anything, it just hasn't been the norm. They feel they might be disadvantaged to be the first mover towards greater transparency."
He adds: "We have to persuade them it might actually be to their advantage."
Badr Jafar will contribute a regular monthly article on corporate governance starting next week exclusive to The National
2025 Fifa Club World Cup groups
Group A: Palmeiras, Porto, Al Ahly, Inter Miami.
Group B: Paris Saint-Germain, Atletico Madrid, Botafogo, Seattle.
Group C: Bayern Munich, Auckland City, Boca Juniors, Benfica.
Group D: Flamengo, ES Tunis, Chelsea, (Leon banned).
Group E: River Plate, Urawa, Monterrey, Inter Milan.
Group F: Fluminense, Borussia Dortmund, Ulsan, Mamelodi Sundowns.
Group G: Manchester City, Wydad, Al Ain, Juventus.
Group H: Real Madrid, Al Hilal, Pachuca, Salzburg.
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Europe’s rearming plan
- Suspend strict budget rules to allow member countries to step up defence spending
- Create new "instrument" providing €150 billion of loans to member countries for defence investment
- Use the existing EU budget to direct more funds towards defence-related investment
- Engage the bloc's European Investment Bank to drop limits on lending to defence firms
- Create a savings and investments union to help companies access capital
In numbers: PKK’s money network in Europe
Germany: PKK collectors typically bring in $18 million in cash a year – amount has trebled since 2010
Revolutionary tax: Investigators say about $2 million a year raised from ‘tax collection’ around Marseille
Extortion: Gunman convicted in 2023 of demanding $10,000 from Kurdish businessman in Stockholm
Drug trade: PKK income claimed by Turkish anti-drugs force in 2024 to be as high as $500 million a year
Denmark: PKK one of two terrorist groups along with Iranian separatists ASMLA to raise “two-digit million amounts”
Contributions: Hundreds of euros expected from typical Kurdish families and thousands from business owners
TV channel: Kurdish Roj TV accounts frozen and went bankrupt after Denmark fined it more than $1 million over PKK links in 2013
The rules on fostering in the UAE
A foster couple or family must:
- be Muslim, Emirati and be residing in the UAE
- not be younger than 25 years old
- not have been convicted of offences or crimes involving moral turpitude
- be free of infectious diseases or psychological and mental disorders
- have the ability to support its members and the foster child financially
- undertake to treat and raise the child in a proper manner and take care of his or her health and well-being
- A single, divorced or widowed Muslim Emirati female, residing in the UAE may apply to foster a child if she is at least 30 years old and able to support the child financially
ZAYED SUSTAINABILITY PRIZE
If you go
Flying
Despite the extreme distance, flying to Fairbanks is relatively simple, requiring just one transfer in Seattle, which can be reached directly from Dubai with Emirates for Dh6,800 return.
Touring
Gondwana Ecotours’ seven-day Polar Bear Adventure starts in Fairbanks in central Alaska before visiting Kaktovik and Utqiarvik on the North Slope. Polar bear viewing is highly likely in Kaktovik, with up to five two-hour boat tours included. Prices start from Dh11,500 per person, with all local flights, meals and accommodation included; gondwanaecotours.com
Match info
Uefa Champions League Group H
Juventus v Valencia, Tuesday, midnight (UAE)
The National in Davos
We are bringing you the inside story from the World Economic Forum's Annual Meeting in Davos, a gathering of hundreds of world leaders, top executives and billionaires.
MATCH INFO
Fixture: Ukraine v Portugal, Monday, 10.45pm (UAE)
TV: BeIN Sports
Global institutions: BlackRock and KKR
US-based BlackRock is the world's largest asset manager, with $5.98 trillion of assets under management as of the end of last year. The New York firm run by Larry Fink provides investment management services to institutional clients and retail investors including governments, sovereign wealth funds, corporations, banks and charitable foundations around the world, through a variety of investment vehicles.
KKR & Co, or Kohlberg Kravis Roberts, is a global private equity and investment firm with around $195 billion of assets as of the end of last year. The New York-based firm, founded by Henry Kravis and George Roberts, invests in multiple alternative asset classes through direct or fund-to-fund investments with a particular focus on infrastructure, technology, healthcare, real estate and energy.
Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.
Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.
“Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.
Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.
“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.
Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.
From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.
Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.
BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.
Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.
Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.
“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.
Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.
“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.
“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”
The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”
Walls
Louis Tomlinson
3 out of 5 stars
(Syco Music/Arista Records)
Ovo's tips to find extra heat
- Open your curtains when it’s sunny
- Keep your oven open after cooking
- Have a cuddle with pets and loved ones to help stay cosy
- Eat ginger but avoid chilli as it makes you sweat
- Put on extra layers
- Do a few star jumps
- Avoid alcohol
NO OTHER LAND
Director: Basel Adra, Yuval Abraham, Rachel Szor, Hamdan Ballal
Stars: Basel Adra, Yuval Abraham
Rating: 3.5/5
SERIE A FIXTURES
Saturday Benevento v Atalanta (2pm), Genoa v Bologna (5pm), AC Milan v Torino (7.45pm)
Sunday Roma v Inter Milan (3.30pm), Udinese v Napoli, Hellas Verona v Crotone, Parma v Lazio (2pm), Fiorentina v Cagliari (9pm), Juventus v Sassuolo (11.45pm)
Monday Spezia v Sampdoria (11.45pm)
How Beautiful this world is!
Eyasses squad
Charlie Preston (captain) – goal shooter/ goalkeeper (Dubai College)
Arushi Holt (vice-captain) – wing defence / centre (Jumeriah English Speaking School)
Olivia Petricola (vice-captain) – centre / wing attack (Dubai English Speaking College)
Isabel Affley – goalkeeper / goal defence (Dubai English Speaking College)
Jemma Eley – goal attack / wing attack (Dubai College)
Alana Farrell-Morton – centre / wing / defence / wing attack (Nord Anglia International School)
Molly Fuller – goal attack / wing attack (Dubai College)
Caitlin Gowdy – goal defence / wing defence (Dubai English Speaking College)
Noorulain Hussain – goal defence / wing defence (Dubai College)
Zahra Hussain-Gillani – goal defence / goalkeeper (British School Al Khubairat)
Claire Janssen – goal shooter / goal attack (Jumeriah English Speaking School)
Eliza Petricola – wing attack / centre (Dubai English Speaking College)
UAE currency: the story behind the money in your pockets
What is a black hole?
1. Black holes are objects whose gravity is so strong not even light can escape their pull
2. They can be created when massive stars collapse under their own weight
3. Large black holes can also be formed when smaller ones collide and merge
4. The biggest black holes lurk at the centre of many galaxies, including our own
5. Astronomers believe that when the universe was very young, black holes affected how galaxies formed
Specs
Engine: 51.5kW electric motor
Range: 400km
Power: 134bhp
Torque: 175Nm
Price: From Dh98,800
Available: Now
Killing of Qassem Suleimani
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Read more from Aya Iskandarani
T10 Cricket League
Sharjah Cricket Stadium
December 14- 17
6pm, Opening ceremony, followed by:
Bengal Tigers v Kerala Kings
Maratha Arabians v Pakhtoons
Tickets available online at q-tickets.com/t10
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Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
