Gulf Investment Corporation (GIC) today launched a major productivity and performance study in the Gulf Co-operation Council (GCC) region. The study will be conducted in collaboration with The Conference Board, the eminent global business membership and research organisation.
The in-depth research will culminate in the production of a final report due in early 2008 and designed to assist the development of informed regional policies regarding productivity issues. The study will be overseen by a Steering Committee that comprises prominent personalities from the region.
“GIC is very pleased to take the initiative in this pioneering study on productivity issues in the GCC”, Hisham Al-Razzuqi, CEO of GIC said. He also added “We consider the study very important for the future development of the economies of the region in terms of how to maximize the utilization of available resources to lessen the dependence on oil by creating more diversified structures in the region’s economies.” Al-Razzuqi noted that: “GIC believes that a true comparative assessment of the current level of productivity in the Gulf is vital for policy makers and business leaders in making informed decisions.”
The study emphasizes international research expertise with the guidance of local know-how and policy savvy. The Conference Board is a professional, not-for profit research organisation that has existed for almost ninety years. It is a well-respected organisation that focuses on providing practical information using tailored research methods to allow international corporations and policy makers to make more informed decisions. In the area of productivity, the organisation works in conjunction with Groningen University in the Netherlands, which houses the world’s largest databank on productivity issues and analyses. Researchers from The Conference Board will be based in GIC during the next year to gather and analyze primary data from regional sources.
“We are delighted to work with GIC and other members of the Steering Committee on producing internationally comparative information,” said Andrew Tank, Executive Director of The Conference Board – Europe and the Middle East. “The only way for sustained growth in any economy is to increase productivity knowledge of pertinent facts and understanding the regional context is of paramount importance to ensure the right policy decisions are made that will help improve productivity at various levels.”
The main focus of the report will cover productivity and performance levels, according to internationally recognised standards, in the manufacturing and financial services industries, which are of strategic importance to the region.
An interim report is expected to be submitted within six months of commencing the research, with a final report due after the completion of an in-depth research period. The Steering Committee will provide The Conference Board with the necessary framework and guidance to ensure the completion of a comprehensive and constructive report that will have practical implications for policy and decision makers.
The Conference Board releases an Executive Action Report entitled “Growth in the Middle East depends on Productivity” on Monday 19th of February to coincide with the launch of this project. Copies of this report are available on request.
About GIC
GIC is a leading regional financial institution established under the auspices of the Gulf Cooperation Council and is equally owned by the six member states of the Council: Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates.
GIC offers a comprehensive range of financial services to promote private enterprise and support economic growth in the GCC region. For further information, please visit our website, www.gic.com.kw
About The Conference Board
The Conference Board is one of the world’s leading business membership and research organisations. Non-partisan and not-for-profit, it brings together senior executives from 2,000 of the world’s largest companies in 60 countries. Founded in 1916, The Conference Board produces widely respected economic indicators and research on a range of business and management issues. For further information, please visit our website, www.conference-board.org
