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Need of the hour 'is strong corporate governance'
Strong corporate governance is key to building robust and efficient financial markets and banking systems, the governor of the Dubai International Financial Centre said yesterday.
- Staff Report
- Published: 00:00 November 27, 2006
- Omar Bin Sulaiman says: 'The DIFC believes that the Hawkamah conference is an important step towards the region's economic growth and stability.'
- Image Credit: Regi Varghese/Gulf News
Dubai: Strong corporate governance is key to building robust and efficient financial markets and banking systems, the governor of the Dubai International Financial Centre said yesterday.
Omar bin Sulaiman told Hawkamah's inaugural Mena corporate governance conference that sound corporate governance was a key element of investor confidence and of sound financial markets.
"The DIFC believes that the Hawkamah conference is an important step towards the region's econ-omic growth and stability. We recognise their global efforts in the field of corporate governance and we invite them to take part in the shaping of the region's corporate governance map," Oman bin Sulaiman said.
Introducing good corporate governance to the Middle East will ensure the region can operate on a level playing field with other international markets and attract foreign capital.
Companies will benefit greatly by applying good corporate governance practices, such as defining board responsibilities, ensuring shareholders rights and providing financial disclosure. This commitment to transparency will attract greater and more varied sources of capital and will help the region reach its full potential as a leading global financial hub.
Prosperity
"The Mena region today is fast emerging as one of the leading global econ-omies. However, without solid foundations, without a strong framework, without the development of good governance, we can not grow, or sustain growth. We aim to build and expand local businesses which not only prosper in the region, but can also be integrated into international markets and can compete on a level playing field with global companies," the governor said.
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