By Shane McGinley
Sharjah oil group establishes the Pearl Initiative to promote transparency in GCC.
UAE-based conglomerate the Crescent Group has joined forces with the United Nations to launch a new initiative designed to promote transparency and accountability in the Middle East, it was announced in New York on Monday.
The Pearl Initiative was launched by the UN Office for Partnerships, the Crescent Group and the American University of Sharjah at the UN headquarters in New York.
The private sector-led initiative aims to help improve corporate governance, accountability, and corporate social responsibility among companies in the GCC.
Over 100 business leaders and decision makers attended the lunch, at which Amir Dossal, executive director of the UN Office for Partnerships and co-founder of the Pearl Initiative, said he was confident the new body would help result “in a consequential increase in capital flows and trade within the region.”
“The Pearl Initiative will enable and encourage private sector companies of the Gulf region, such as the Crescent Group, to work with the United Nations system and other global strategic partners in achieving greater awareness with regard to accountability and transparency with their respective stakeholders,” added Badr Jafar, executive director of the Crescent Group and also a co-founder of the Pearl Initiative.
The UN is not the only international body which the Pearl Initiative aims to partner with. There are plans to develop links with the European Union, the World Bank, the League of Arab States, the Organisation of The Islamic Conference and OPEC.
The Pearl Initiative will be based out of the American University of Sharjah and its four prime areas of focus will be: leadership training programs, social entrepreneurship and corporate social responsibility initiatives, public policy dialogue and corporate governance.