As we’ve seen elsewhere in the world, economic considerations will contribute substantially to the path of progress, and will lay the foundations for large-scale job creation and to make the GCC a global competitor. This will necessitate building economies less dependent on oil-related industries and government employment, and the development of industries for the future.We believe that one of the keystones of economic independence is entrepreneurship. In industrialized countries, 70 percent of all jobs are created in the private sector, and most of these jobs are generated by fast-growth companies that each year expands employment and wealth at many times the national rates of GDP growth.What’s more, further benefits arise from the contagiousness of entrepreneurial success. Statistics show that employees of fast-growth companies have a high propensity to leave and set up their own fast-growth enterprises. The importance of encouraging and promoting entrepreneurial endeavor is already widely recognized, and resources are available throughout the GCC that can advise and support individuals in the building of successful enterprises. So there are an increasing number of entrepreneurial and high-growth companies in the region. But virtually all of them are operating out of public view, and we think it’s important to highlight and encourage these success stories.Success in our business of private equity comes from identifying high-growth and high potential companies, and the entrepreneurial management teams behind them, and making them larger. To date, we have found most opportunities in the mature markets of the US, Europe and Asia. And there are many other investment firms like Arcapita, all of whom are investing in promising companies and working to make them more successful. The economies where these companies are found are recipients of the global investment stream, as well as valuable expertise, and the other advantages that the attentions of global private equity investment can bring.Much has been written about the vitality of entrepreneurial spirit in the US, and it is often cited as one of the magic constituents of the US economy. I don’t believe that there is necessarily any particular magic about US entrepreneurs — I think the magic lies in the visibility of the entrepreneurs, their ability to attract investment and their ability to attract the brightest and most ambitious graduates.That’s why Arcapita, working in partnership with AllWorld Network, an international (US-based) organization that promotes global entrepreneurship, is supporting a program to bring regional and international attention to the vibrant, indigenous cluster of emerging growth companies in the GCC. The program is called the GCC Fast Growth 100 (GCC 100), and as well as providing further support for successful growth entrepreneurs; it will generate increased visibility to attract the capital and expertise to help their enterprises scale up. As they scale up, further opportunities will be created.The GCC Fast Growth 100 will find fast-growing companies, some of them only a few years old, and rank them based on revenue growth. Not only will the top companies become part of the GCC 100, but they will also qualify for the region-wide Arabia 500. Scheduled for October, the GCC 100 celebration will bring together owners and executives of the region’s fastest growing companies, firms with proven records of success and exciting growth possibilities. Among these companies will be found the tigers that will give birth to new business models and pave the way for new industries.As Harvard Business School Professor Michael Porter, co-founder of AllWorld Network and internationally recognized authority on business competitiveness, said: “The GCC fast growth companies, led by dynamic men and women, represent the leading edge of a new approach to the region’s competitiveness.”To transform the GCC’s hydrocarbon economies into the dynamic economies that offer opportunities to a diverse population, we must foster an environment that encourages, celebrates and rewards entrepreneurship. Arcapita and AllWorld Network are committed to that objective.— Atif Abdulmalik is chief executive officer of Arcapita, Bahrain.