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Move for Pan-Arab governance group

The chairman of Dubai corporate giant Tatweer, Saeed Al Muntafiq, has called for the formation of a Pan-Arab, European Union-style group of companies, in order to raise corporate governance standards, and enforce strict legislation and the threat of expulsion for those companies that do not meet requirements.

"If you look at the EU, in order to be a member it has strict criteria and minimum standards that you need to comply with to stay a part of it," Al Muntafiq told Arabian Business the World Economic Forum by the Dead Sea. "You need to keep that minimum standard because if you don't, you get booted out.
"We need something like that in the Arab world, for the corporate environment - so if you don't comply with the standard then you are rejected from the corporate life of the Arab world," he continued.

Launched in December 2005, Tatweer, owns nine market-leading companies and is one of the region's most prominent firms. Its include Dubai Healthcare City, Dubailand, Dubai Industrial City and Bawadi.

"The Arab world needs to play by global rules - it cannot invent its own rules and then expect the rest of the world to engage it on the rules that it has created," added Al Muntafiq. "That governance system that needs to exist in the private sector is a great opportunity for us to engage in discussion and move forward."

A member of Dubai Holding, Tatweer announced at the weekend that Dubai Municipality had approved 16 masterplans for projects at Dubailand, the world's most ambitious family entertainment destination.

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