Any specific process or an organisation is truly transparent only if the person to whom the information is accessible has the right to influence the outcome of such a process, according to Dr. Nasser bin Ghaith, celebrated Emirati financial analyst and lecturer of International Economic Law, La Sorbonne, Abu Dhabi.
Dr. bin Ghaith’s comments came during a talk titled ‘The Economics of Transparency’ held at the Dubai School of Government (DSG), a research and teaching institution focusing on public policy in the Arab world. Sponsored by Kanoo Group, the event was attended by student professionals and officials from the government and private sectors.
Speaking about the possible corrective path that economies could take at a thought-level to promote transparency, Dr. bin Ghaith said: “Belief and religion have a key role to play in changing people’s attitudes towards transparency. Belief is a strong sentiment, which can be a foundation for self-restraint and when self-restraint becomes a mainstream practice, there is peer-pressure to remain honest and veer towards better transparency.”
During his talk, Dr. bin Ghaith highlighted the economic implications of transparency in terms of its effects on important economic sectors (markets) and political institutions (governments). The lecture focused particularly on good governance, market efficiencies, smooth business cycles and the efficient allocation of resources, as well as the impact that transparency will have on each of these entities.
He mentioned that while there was no real incentive for companies to be transparent in their dealings, neither were there any serious legal consequences for defaulters who exploited the lack of transparency in the system for personal gains. He stressed upon the urgency of building an appropriate judiciary system that would have the capacity to deal with the complexities of corporate malpractices and large-scale financial crimes.
Dr. bin Ghaith commended the Dubai School of Government for holding discussions on topics that impact policy-formation, and added: “By opening up the discussions to members of the media, entrepreneurs and the public at large, this institute promotes a culture of debate, discussion and awareness, which are all key to the future of transparency. Policy formation in this direction can begin effectively through platforms that are honest and offer an unbiased perspective.”
Dr. Nasser bin Ghaith is an Emirati financial analyst specializing in economic trading blocs. Since 2006, he has served as the legal advisor for the UAE Armed Forces/Directorate of General Purchasing, responsible for negotiating contracts with major global defence firms such as Boeing, Lockheed Martin Aeronautics, and Northrop Grumman.
Dr. Tarek Yousef, Dean of Dubai School of Government, said: “We are honoured to have Dr. Nasser bin Ghaith speak at Dubai School of Government. His insights at today’s lecture have certainly helped us view the ‘need for transparency’ from an insider’s point of view. We will definitely be able to appreciate its implication on financial markets and governments, and it is certainly a fine balance.
“We hope that policy-makers who shape the future of trade, international relations and prosperity of nations are able to exercise their discretion while making decisions about the level of transparency in the interest of the government.”
Dr. bin Ghaith is currently a professor at the UAE Armed Forces Staff College, in addition to being a lecturer of Economics at the Sorbonne, Abu Dhabi.
Established in 2005 in cooperation with the Harvard Kennedy School, the Dubai School of Government is committed to the creation of knowledge and the dissemination of global best practices in the Arab world. The institution conducts various programmes that seek to enhance the region’s capacity for effective public policies.
