Middle East businesses must have global ambitions and break out from the comfort zone of the region, said a leading businessman at the opening day of  the World Economic Forum (WEF) in Sharm-el-Sheikh, Egypt.

Mohammed Alshaya, a co-chair of the WEF meeting and the executive chairman of M H Alshaya Co, spoke during the opening press conference and at an earlier session ‘The Making of a Middle Eastern Multinational’.

“One of the biggest challenges for the future is ensuring that 90 million jobs are created within the Middle East in the next 20 years,” said Alshaya.

He called for the responsibility to be shared appropriately.“It is time for the emphasis to shift from government to the private sector. Time for both parties to agree their agenda and act together,” he added.

“Employment needs to become a priority – it doesn’t get the focus it deserves.”

At the earlier panel session Alshaya drew on his own experience leading the expansion of M H Alshaya Co from a local, to a regional and finally an international business operating in 16 markets, with 1,400 stores and 14,000 employees in a little over two decades.

He was joined in the discussion by Tarek Sultan Al Essa (Agility), Naguib Sawaris (Orascom), and Arif Naqvi (Abraaj).

Alshaya said the time is right for companies to broaden their vision. “While there continues to be plenty of potential for growth in the Middle East there is a plenty of opportunity outside for our region’s businesses,” he said.

Alshaya went on to explain the benefit and challenge posed by the dominance of family run businesses in the Middle East

“One of our region’s greatest assets is also a huge challenge; the fact that over 75 per cent  of our businesses are family run,” he added.

“Family values are at the heart of our businesses but holding onto tradition too tightly can be damaging – one result is a vast majority of our companies are confined by their traditional geographies of business when they could be nurturing multinational ambitions.”
Alshaya is playing a key role at this year’s Middle East WEF meeting in Sharm El Sheikh as the first Kuwaiti national to hold the prestigious role of co-chair at the leading global event.

His fellow co-chairs are the Duke of York (UK Special Representative for International Trade and Investment), Yuriko Koike (member of House of Representatives, National Diet of Japan), Paul Rice (president and CEO, TransFair US), Jimmy Wales (founder and chair Emeritus, Wikia, US) and Khalid Abdallah-Janahi (chairman, Ithmaar Bank of Bahrain).   

M H Alshaya Co was established in 1983 with a Mothercare franchise operation in Kuwait.  It has since expanded to operate in 16 markets, with a portfolio of 40 international brands including Starbucks, H&M, The Bodyshop, Topshop and others.

The company has operations in the Middle East, North Africa, Turkey, Cyprus, Russia, Poland, Egypt and Central and Eastern European countries of Slovakia, Czech Republic and Hungary. – TradeArabia News Service