The World Economic Forum has urged Middle East business houses to be part of its newly formed Global Growth Companies community, a cross-industry network that enables member companies to leverage on global growth opportunities.
The Forum underscored the need for greater presence from the Middle East in the Community of Global Growth Companies during its run-up to the first-ever World Economic Forum on Growth to be held in Dalian, north eastern China, from September 6 to 8, 2007.
The Community of Global Growth Companies will admit 300 members by 2007 and 500 members by 2008 from around the world. The majority of companies will be based out of China, India, USA and Europe, with the Middle East, Latin America, Africa, South-East Asia and Japan also playing important roles.
Members are selected on the basis of their demonstrated growth potential of 15 per cent annual growth over the past two years and minimum revenue thresholds according to industry and region, typically between US$200 million and US$2 billion. The companies, with proven executive leadership, must also have the potential to become leaders in the global economy within five years and enjoy strong regional or industry presence.
The World Economic Forum on Growth, which is also the inaugural Annual Meeting of Global Growth Companies, will bring together emerging companies from around the world with the Forum’s top experts and leaders of industry.
Industry-specific meetings of international business leaders will emphasize the needs and aspirations of companies that are operating globally, developing recognized global brands and managing extremely rapid expansion. Business and political leaders will also join together to address the role of competitiveness on a corporate and national level in ensuring growth.
“This is a great opportunity for everyone involved,” said André Schneider, Managing Director, World Economic Forum. “It is an opportunity for the World Economic Forum, which has launched this exciting new plan, to bring together the next generation of global champions; for the city of Dalian, which will be a superb host for this event, able to showcase its world-class facilities; and for the companies themselves, who will share their experience and highlight the growing importance of a new generation of business leaders on the global stage.”
Professor Klaus Schwab, Founder and Executive Chairman of the World Economic Forum, said: “The World Economic Forum recognized China’s promise many years ago, inviting the first Chinese delegation to its Annual Meeting in 1979. The Forum held its first China Business Summit in 1981. It should come as no surprise that we once again turn to China to help realize what is a key strategic step for the Forum.”
“The Community of Global Growth Companies leverages the knowledge and network of the World Economic Forum to enable Global Growth Companies in their quest for global expansion,” said Sherif El-Diwani, Director of the Middle East and North Africa region, WORLD ECONOMIC FORUM. “To be part of this exclusive community of global business leaders will help Middle East businesses, especially those on global expansion drive, to gain momentum for their growth through peer-to-peer networking and fruitful interaction with global industry leaders.”
The Community will build on four pillars: the Annual Meeting of the Global Growth Companies (“Summer Davos”); Experience Exchange Group; Global Growth Company tracks at regional activities; and the knowledge platform.
WORLD ECONOMIC FORUM has opened an office in China to serve as a ‘hub’ to develop the Community of Global Growth Companies initiative. More than 300 companies from the new Global Growth Community will attend the World Economic Forum on Growth in Dalian, which will host more than 1,200 participants.
About the Community of Global Growth Companies
The World Economic Forum established the Community of Global Growth Companies with the mission to enable emerging multinationals to develop into the next generation of international corporate leaders. The community includes companies that demonstrate a clear potential to become leaders in the global economy based on a combination of their business model, growth record, leadership and the markets they serve. The Community offers an unparalleled opportunity for business leaders to gain a unique understanding of the key developments in industry, society and geopolitics that will have the greatest impact on their future success.
About the World Economic Forum
The World Economic Forum is an independent international organization committed to improving the state of the world by engaging leaders in partnerships to shape global, regional and industry agendas.
Incorporated as a foundation in 1971, and based in Geneva, Switzerland, the World Economic Forum is impartial and not-for-profit; it is tied to no political, partisan or national interests. (www.weforum.org)
More details about the Global Growth Companies: http://www.weforum.org/ggc
Photos site: http://www.pbase.com/forumweb/ggc
Subscribe to or download Press Releases: http://www.weforum.org/pressreleases
New Global Competitiveness Report 2006-2007: http://www.weforum.org/gcr
