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Mon 24 Mar 2014 03:40 PM

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UAE launches research hub to aid economic growth, jobs

The Centre for Economic Growth is collaboration between private sector and business school INSEAD

UAE launches research hub to aid economic growth, jobs
Sultan Saeed Al Mansoori, the UAEs Minister of Economy.

The UAE announced on Monday the launch of the Centre for Economic Growth which will provide research into key issues such as job creation in the region.

Business leaders, senior officials and academic experts hailed the launch of the centre, which has been set up in partnership with INSEAD, the international business school.

They said the centre is the first of its kind in the region as a collaboration between the region’s private sector and a leading global business school to provide original research on enhancing economic growth and job creation.

Sultan Bin Saeed Al-Mansouri, UAE Minister of Economy, said the move was part of the UAE’s top priority is to build national capacity and to direct its human energies towards a horizon of excellence, innovation and leadership.

“The UAE leadership historically views human development as key. It is a crucial precursor to economic growth and development.”

The new centre, which will be located at INSEAD’s Abu Dhabi campus, will address the need for timely and independent data, economic research and provide a new platform for private sector engagement on economic priority issues including youth unemployment, enabling job creation and enhancing sustainable economic growth.

The International Monetary Fund (IMF) has estimated that many countries in the Middle East and North Africa region need to have economic growth of seven percent per year just to keep unemployment from rising further, whereas average forecasted growth for the region in 2014 is only 3.2 percent.

“This new centre will provide original research and data onthe key economic issues of the region, and marks an important collaboration in line with INSEAD’s strategy and global perspective,” said Prof Ilian Mihov, the Dean of INSEAD.

“The Abu Dhabi campus is our regional hub and this important new initiative will provide a platform to share ideas and best practice, while deepening our engagement with companies from the region.”

Majid Jafar, CEO of Crescent Petroleum and founding chair of the CEG Business Council, added: “The CEG will enhance cooperation and dialogue between all sectors while producing newresearch and publications relevant to the region and encouraging the positive contribution of the private sector to the discussion, in order to enhance the objectives of achieving higher investment and economic growth.”

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