The epochal changes that have been sweeping through the Middle East and North Africa will play a decisive role in shaping the socio-economic growth of the region in the coming months.

The Arab Spring, to date, has cost $55 billion (Dh201.95 billion) in economic losses, according to the Geopolicity report, Re-Thinking the Arab Spring. That is the loss incurred in terms of GDP drain and costs to public finance by the nations which witnessed the sweeping changes.

The overall impact, however, has been positive in aggregate terms, says the report, underlining that rising oil prices and the infrastructure investments, ongoing at a frenetic pace in others parts of the Middle East and Mena (Mena) region, have added some $38.9 billion to regional productivity.

The political aftermath of the Arab Spring notwithstanding, for the region the key consideration in the coming months will be to rebuild and re-energise the economies and continue to emphasise the creation of jobs for an estimated 200 million youngsters who are younger than 24.

The need to generate employment and professional growth opportunities is, in fact, the single most important consideration today of any authority — from Saudi Arabia to the UAE to Egypt and Tunisia.

While investments in infrastructure are a prescribed and practised route to addressing this, truly tangible change can only be achieved when there is a more integrated vision and approach towards growth.

I believe that the Mena region is at the cusp of a new development wave, where the driving force will be the commitment of the governments in investing in their youth.

The aspirations of the youngsters across the Arab world are identical. They desire good education, a home they can call their own, efficient health care, assured power and water supply, and an environment that fosters their personal and professional growth.

Put together, the Mena economies are a true economic powerhouse. All the indicators for robust growth are in abundance across the region, if not in individual nations. According to the UN, the region's population is expected to reach 430 million by the next decade — and more than half that will be living in urban areas, putting added pressure on governments to deliver basic amenities in addition to setting a platform for future growth.

A unified approach to development, where the larger goals of the various nations across the region are integrated, will play a vital role in enhancing the efficiency and effectiveness of the various growth strategies that are currently being envisaged.

Changing scenario

The region is poised to see more open markets, greater flow and exchange of goods and services, and most importantly a renewed emphasis on sustainable development.

While oil-rich nations in the region will continue to invest in diversifying their revenue sources, the non-oil rich countries will focus on boosting their soft-power status through their IT-savvy youngsters.

A unified approach in which oil revenues are channelled for the region's overall infrastructure development through initiatives steered by the region's own talented and skilled youth professionals, thus becomes a powerful force of positive change.

The Geopolicity report foresees this model where ‘stable, inclusive and sustainable economies' in Mena will be based on ‘solid regional integration.' One of the key recommendations put forth by the report to Arab countries striving to move away from "oil dependency" is to open themselves up for business to foreign direct investment.

The signs of such positive change are already perceptible across the wider Mena region. Saudi Arabia is stressing boosting its economic competitiveness; the UAE is at the forefront in attracting foreign direct investment to its shores, and Qatar is consolidating its status regionally and internationally.

The basics of any integrated approach, however, will remain the same. It will rest on a commitment to enhance the social and economic welfare of the people. This means better health care with emphasis on earlier diagnosis to address rising lifestyle diseases; more educational and career opportunities; assured power and water; and an affordable living environment for the youngsters.

The World Economic Forum Special Meeting offers us the opportunity to challenge ourselves to address how we are aligned to these goals, and how as corporate organisations we can contribute to a positive change.

Complex questions sometimes have the simplest of solutions: For GE, the answer to the growth challenges following the Arab Spring is in reasserting its continued legacy in the region — promoting a spirit of partnerships, sharing our knowledge base and creating educational training and job opportunities for the youth, in addition to investing continuously in the region's infrastructure.

This is our own integrated approach for the Mena region — and over the past 80 years, we have learnt that it is as effective in Saudi Arabia as in Egypt or Turkey, simply because we put the real needs of the people at the heart of our approach.

Nabil Habayeb is GE's President and Chief Executive Officer for the Middle East, North Africa and Turkey.