More than 80 percent of business leaders across the Gulf region identify corruption as a problem but only just over half of those have anti-corruption policies in place, according to a new report.
The study, released by Pearl Initiative, the independent private sector-led, not-for-profit organisation, also says that 21 percent of regional companies have fallen victim of an economic crime.
Of these, 12 percent have suffered losses of $5 million due to corporate corruption over the past two years, according to data cited from PwC.
The report offers a practical guide for regional companies to incorporate anti-corruption measures into their operations, and demonstrates that tackling corruption can boost job creation and profits and promote international expansion of companies across the region.
It also incidcates that, globally, corruption adds up to 10 percent to the cost of doing business and up to 25 percent to the cost of public procurement, based on figures published by the World Bank.
Imelda Dunlop, executive director of the Pearl Initiative, said: “We recognise that regional business leaders are increasingly aware of the strong business case for tackling corruption. Companies that have a strong set of anti-corruption good practices in place, perform better and are able to grow sustainably.”
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