Development of Arab world's corporate structure stressed

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Development of Arab world's corporate structure stressed

BY A STAFF REPORTER

3 November 2004

DUBAI - The evolution of traditional businesses into modern corporations is essential to further economic development in the Arab world, said Saeb N Jaroudi, former Lebanese Minister of National Economy and Minister of Tourism.

Jaroudi, said: "Speeding up the transformation from the family-run business model to the modern corporate structure, with independent management, is a real challenge for Arab leaders in their effort to narrow the gap with the industrialised countries.”

Jaroudi, Corporate Ambassador for the Leaders in Dubai conference to be held on November 29 - 30, has seen organisers assemble a panel of regional business leaders to debate issues with seven global speakers, including former General Electric CEO Jack Welch and Rudy Giuliani, the ex-Mayor of New York.

The development of the region's corporate structure was needed. Corporate leaders are also faced with the challenge of how to improve the interaction between the private and public sectors. This can be done by providing support to the public sector to help it modernise its style of operation - such as e-government - to increase efficiency in the system as a whole, added Jaroudi.

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