Recession's silver lining

Amidst the gloom and doom of failing economies and job losses, the alumni of the Wharton School of the University of Pennsylvania last week discussed how the Middle East could find opportunities in the current economic climate.

The event, themed 'At the Crossroads of Global Economic Change', was held for the first time in the region and drew more than 500 alumni.

Shaikh Nahyan Bin Mubarak Al Nahyan, Minister of Higher Education and Scientific Research, was a keynote speaker at the event.

He said: "This large and bright picture of economic and social progress in the UAE remains intact despite the dismal headlines we have been seeing in recent months that include terms such as 'bailout', 'recession', 'economic downturn' and 'job loss'."

Shaikh Nahyan said the UAE government and national institutions have taken the necessary steps to deal with the current crisis.

"As you will hear from other speakers over the next three days, we expect our country to fare well in the face of these unprecedented challenges." He said the country was searching for advantages and opportunities to emerge stronger once the crisis ended.

Shaikh Nahyan continued that over the centuries the world has faced periods of unpredictability. "We live in troubled times and there are incredible challenges confronting the global community."

He said the alumni could have a significant impact in shaping the future of the global economy through leadership, using their talents to develop theories and build models that provide advice and counsel on major policy issues and operating decisions to leaders of government and captains of industry.

The current challenge, he said, is to ask the right questions and focus on important issues. "It is now clear that the global economic policies and practices of the past require major structural changes for the future. It is also clear that these changes must be accompanied by appropriate social policies, greater emphasis on ethical and transparent transactions and wider individual and institutional participation in all economic activities."

According to Shaikh Nahyan, success depends on building relationships across boundaries and borders and strengthening cooperation in all regions of the world.

Wharton School dean Thomas S. Roberton said the crisis is an opportunity that has helped Wharton change its point of view about the global economic challenges. "For every economic downturn there is an upturn, and the current shakeout is an opportunity for innovation and to move to new directions," he said.

He added that the business school plans to disseminate its Knowledge @ Wharton initiative in Arabic too, and also reach out to younger people. He said it has great respect for the entrepreneurial ways in which Dubai has built its brand name.

Organisers said the event reflects Wharton's growing interest in the Middle East, which has resulted in the Wharton's Arab Club - a non-political student club that aims to increase awareness about economic growth in the Arab world and promote it as an emerging business centre within the Wharton community.

Shaikh Nahyan Bin Mubarak Al Nahyan, Minister of Higher Education and Scientific Research and Chancellor of the Higher Colleges of Technology, gives the keynote address at the forum of Wharton alumni.

Above: Mohammad Al Agil looks examines the offerings of Wharton school and its alumni networks; Below: A student inquires about the school. The renowned business school visited Dubai last week.

Photos:Andrew Caballero-Reynolds/Gulf News