SHARM EL-SHEIKH, Egypt, 20 May 2006 — Egypt rolled out the red carpet for more than 1,200 business, political and civil society heavyweights from around the world who started streaming into this picturesque seaside resort yesterday for the three-day World Economic Forum on the Middle East beginning today.
The star-studded cast was seen strolling along the sunny banks of this Red Sea city amidst some of the tightest security arrangements ever seen in the region.
According to Egyptian Prime Minister Ahmed Mahmoud Nazif, “the region is going through a transformation — from economic growth to democratization and human development. This meeting will be a chance to facilitate meaningful dialogue on a wide variety of issues including the global business agenda. Sharm El-Sheikh has gained international recognition as a city of peace. We hope that the spirit of the city will prevail as we continue to accelerate the development of our nation economically and politically.”
Sherif Al-Diwany, the forum’s director for the Middle East, told the Egyptian media last night that by their presence alone, these high-profile leaders have and will draw attention to Sharm El-Sheikh as a place of tremendous natural beauty and an attractive destination for citizens. Egypt, according to him, has set a lofty goal: that of drawing one million tourists every year for the next 10 years.
Talking to Arab News yesterday, one American delegate said the World Economic Forum is to the global business community what the UN is to politicians. Indeed all roads leading to the center where the deliberations are to be held for the next three days were lined on both sides with flags from every country on the map. They were fluttering proudly against clear blue skies in the cool afternoon breeze.
There are five principal agendas for the Sharm El-Sheikh forum. The first and most dominant agenda will address regional business development. In the aftermath of the oil boom, the region needs to look into how wealth and excess liquidity can best be invested to grow economies. Also on the agenda are topics such as leadership and how educational systems in the Arab world need to upgrade in order to keep up with the demand for better-trained leaders.
But can such a high-profile forum talk about Middle East without talking about peace? Al-Diwany said: “Yes, of course.” He expects Hamas to be on the agenda along with Iraq and Iran. “There are still some big questions regarding global policy vis-à-vis a lot of these issues, and we will definitely be taking stock of what has happened with Arab democracy and the rise of Islamist parties in the past few months.” If that be the case, then the next three days promise to hold a lot of leads and news stories for journalists covering the forum.
Founded by Swiss entrepreneur Klaus Schwab in the early 1970s, the World Economic Forum has been known in the past for its annual meetings in Davos, Switzerland, where it hosts leaders of the world’s most powerful governments, corporations and businesspeople.
The forum is an event where the world’s most powerful and richest people want to see and be seen with. “This is a great opportunity for us to connect with each other. We call it networking. We discuss ideas, we discuss deals. We brainstorm, we do business,” said a high-profile French delegate moments after arriving here from Paris via Cairo.
Egypt’s Minister of Trade and Industry Rashid Muhammad Rashid said the forum was an important milestone for Egypt. “The decision to bring the forum to Sharm El-Sheikh,” he said, “sends a clear signal that Egypt is open for business. We are serious about reform. We are determined to engage as an equal and active partner with our global peers.”
