Panel
MENA Region: New Tactics to Transform Economies and Accelerate Growth
Milken InstituteRana Foroohar, Yousef Al Otaiba, His Highness Prince Fahad Al Saud, Sheikh Meshal bin Hamad Al Thani, Mohammad Barraj, Prince Fahad Al Saud
- Prince Fahad al-Saad expects the Na'am company to unify displaced and native Arabs, predicts Facebook in Arabic will transform the region by accessing 1% educated users, and anticipates women will comprise 35% of Middle East entrepreneurs compared to a 10% global average by the current time, with 260 billion in capital gaps needing bridging.
- Social media platforms are predicted to serve as the primary foundation for Arab regional development, with businesses targeting women expected to remain the most popular sector, while specific fashion designers are forecast to appear at Fashion Week within two years of platform adoption.
- Saudi education is expected to evolve to include global citizenship concepts from day one, supported by a 15-year program with Stanford Research Center and the continued global attraction of students to KAUST and the world's largest women's university for IT, architecture, medicine, and business.
- The Qatar Foundation is predicted to establish a platform to equip graduates with tools for life objectives, while education reform emphasizing critical thinking and integrating university-based incubators are necessary to resolve the mismatch between graduates and the job market.
- Qatar aims to achieve a knowledge-based economy driven by human development, provided the Qatar Technology and Scientific Park and restructured Qatar Development Bank effectively support graduates and promote entrepreneurship.
- UAE non-oil GDP contribution is targeted to rise to 80% or 90% to mitigate oil reserve depletion risks, with the diversification model expected to be replicable across the region through identified core competencies and comparative advantages.
- SMEs are predicted to act as catalysts for economic diversification and innovation, with the UAE environment expected to host half of the region's top 100 startups and the SME100 initiative to incubate major success stories.
- Saudi Arabia's NEMO parallel market is forecast to catalyze equity capital markets and attract regional inquiries, while online crowdfunding platforms are expected to emerge to bridge the $260 billion capital access gap for SMEs in the GCC and Levant.
- The Amazon acquisition of Souq is predicted to lend legitimacy to the UAE ecosystem and encourage Silicon Valley giants to follow suit, creating significant competition in e-commerce and driving innovation in the healthcare and FinTech sectors.
- International tech giants are expected to recognize UAE talent and infrastructure, leading to potential sponsorship deals with local athletes and brands like Under Armour, while mobile app and banking adoption in emerging markets is anticipated to lead in financial services.
- US academic partnerships with Cornell, Georgetown, and Carnegie Mellon are deemed essential for importing innovation, whereas traditional business incubators are considered insufficient without being pushed inside universities to connect students with the business community.
- Computer coding is expected to become mandatory in high school public education to keep pace with technology-dominated companies, and private equity firms and venture capitalists will continue attempting to bridge capital gaps despite current insufficiencies.
- The US is predicted to play a quarterback role in regional security or face a void filled by Russia, while contributing to Arab economic development by facilitating easier travel, investment, and education for young Arabs.
- Terrorism is predicted to persist if root causes like lack of education and tolerance are not addressed, with social injustice and the creation of hope identified as necessary preventive measures for youth turning to extremism.
- A shift in conservative attitudes toward women is expected to occur as men get used to having four, five, six, or seven powerful women in their households, driven by educating men to create safe working spaces and interact respectfully.
- The startup Glow Works is predicted to help between 3,000 and 5,000 women become employed by bypassing global job market obstacles, while the media is expected to shift focus from negative aspects to highlight youth efforts and the growth of social entrepreneurship.
- Limitations on sending students and graduates out of the country are anticipated to be resolved, allowing the region to be recognized as a "returning market" and generating significant benefits for the wider area.
- Social entrepreneurship in Saudi Arabia is expected to grow due to conflict within the social sphere, and the Saudi Girls Revolution comic book movement is predicted to invite creatives to retell stories of women in cinema and film.
- The global community is expected to collectively address the underrepresentation of women in decision-making roles, with the US expected to help build incubated ecosystems that allow young Arabs to express themselves and collaborate.
- Efforts to solve regional challenges are expected to be framed as creating "the Arab dream" or "the Saudi dream," acknowledging that each nation has unique cultures and challenges, with governments recognizing their role in the business of creating hope.