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THE ABA ME Premise
The Asian Business Awards Middle East 2007 will recognise and reward
pioneering businesses that have blazed new trails and set new
benchmarks in the Middle East business world. It is poised to become
the region's annual showcase of exemplary business enterprise. In
its debut year, the ABA ME will recognize and honor contributions of
entrepreneurs from the sub-continent to the region. With all the
glitz, glamour and excitement of a world class event, the ABA ME
2007 Award Night will be graced by an exceptional assembly of
Business Titans and Dignitaries from across the world.
THE ABA ME Genesis
The Asia - Middle East interface, which boasts a vibrant historic
past, witnessed a period of drift in the 20th century due to change
in geo-political and economic equations.
However, the process of rediscovering the old bonhomie is well
underway at a time when Asia is witnessing robust economic growth
and the Middle East is in the process of affecting multi-dimensional
changes that hold the potential to transform the region. There is a
growing recognition of Asia's significance as an economic ally at a
time when, first, the regional economies are thriving following high
oil prices and need new avenues to invest and diversify; and,
second, when Asia's oil consumption is soaring.
Together, they generate exciting opportunities for a mutually
beneficial synergy.
Beyond these, there is the profitability of business ventures as
well. This sets the stage for regional investment in the
infrastructure projects of the Asian countries, while also opening
the regional economies for foreign investment. With the GCC
countries flushing with liquidity, the Asian infrastructure sector
is a sure attraction with scope for rich returns. The need for
developing infrastructure on both sides is estimated to cost $2
trillion, which opens the doors for cross investment, marking a
brand new chapter. Middle East investors are set to shift their
portfolio allocation towards Asia by 10 to 30 percent, which
translates into about $250 billion being available for investment in
Asia over the next five years. It is estimated that Middle East
buyers will snap up some $20-30 billion in Asian assets during 2007,
with a focus on real estate and industrial companies. The region has
come to terms with the need for greater liberalization and is
positioning itself to take advantage of a globalized business
environment. It perhaps realizes that if the 19th century belonged
to the British and the 20th to America, then the 21st century could
well belong to Asia.
Tourism is an important component in the Middle East's economic
diversification drive, generating about $6 billion a year for the
GCC economies - expanding at an annual rate of 20 percent and
attracting 29 million visitor arrivals in 2004, over 20 percent of
them being Asians. The tourism projects in the Middle East to be
completed by 2018 are estimated at over $300 billion, with the GCC
countries accounting for about 85 percent of the total value.
Beyond the oil, trade & tourism dynamics is the human element. Of
the 12.5 million expatriates in the region, about 70 percent are
Asians, who send home a bulk of $30 billion of remittances annually.
The need for human resources to sustain the region's economic growth
is expected to increase the expatriate population to 18 million by
2017. |
