Dubai Declaration
Dubai Declaration
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Towards sound and efficient financial markets and banking systems In recent years, corporate governance has received international prominence in both the public and private sectors as investors, boards and governments come to terms with its impact on private sector valuations, capital markets and economies.

This prominence has risen from an increasingly complex global legal and regulatory environment, high-profile instances of corporate malfeasance, greater participation from foreign investors in developing markets and heightened investor awareness of the valuation risk associated with poor corporate governance practices.

Introducing good corporate governance is vital for financial and economic development in the Middle East. It will ensure the region can operate on a level playing field with other markets and attract foreign capital. Companies will benefit greatly by applying good corporate governance practices, such as defining board responsibilities, ensuring shareholders rights and providing financial disclosure. This commitment to transparency will attract more investor interest and provide greater choice in sources of capital.

Already, practical developments are taking place. The public sector is committing to improving corporate governance standards, while the presence of foreign capital and investment is raising expectations for overall standards.

The inaugural Hawkamah Conference, co-hosted by the OECD, focused on attaining a deeper insight into the key issues of corporate governance, its role in Islamic finance, the importance of information technology and the role of the media in improving corporate governance practice. The interactive sessions provided an opportunity for the participants to contribute to practical recommendations for improving regional corporate governance standards and help raise the profile of this important initiative.

The Dubai Declaration called for the development of the Task Force on Corporate Governance of Banks, Task Force on the Corporate Governance of State-Owned Enterprises, and the Insolvency Module to further consolidate governance reforms in the region. The Dubai Declaration is available in Arabic and English.

The conference was supported by international and regional institutions such as MENA OECD Working Group on Corporate Governance, International Finance Corporation, Global Corporate Governance Forum Center for International Private Enterprise, Union of Arab Banks, ISACA-UAE, INSOL, Institute for International Finance, Egyptian Banking Institute, Egyptian Institute of Directors, and Financial Services Volunteer Corps.

Hawkamah would like to thank its corporate sponsors for helping make this event happen:


  • The technical knowledge, insights, case studies and learning provided by the ‘Director Development Program’ are very useful and effective in framing the strategic planning, implementation and delivery phases of growth plans in the difficult economic and geo-political times that we are operating in.

    Hisham Dimashki – CEO - BAP LLC – (associated with GM Trading Companies - Washington DC)

  • The certified Board Secretaries Workshop provided by Hawkamah and Dubai Financial Market is an essential course for learning corporate governance, scope and responsibilities of the board secretary and understanding the governance and disclosure requirements of the Dubai Financial Market and the Securities and Commodities Authority. It is a practical course which combined recent best practices and key learning lessons. I would highly recommend it for people involved in corporate governance and in particular in a listed company.

    Omran Al Zamani - Senior Legal Counsel - Dana Gas PJSC

  • Great program! Very well done and very useful information delivered in an excellent manner. The workshop was very inspirational, energizing, bringing lots of ideas, with both substantial and in-depth knowledge together with case studies. Well-balanced composition of participants, which contributed to interesting and focused discussions and exchanges. I would highly recommend it to anyone that is interested in improving their proficiency and core competencies.

    Hassan Murad Agha - Group Head of Compliance & Internal Control - Gulf General Investment Co. (PSC)

  • All companies should promote their boards, executive managers or staffs who have board responsibilities for subsidiary companies to attend corporate governance training. Hawkamah provides the ability for people and companies in the GCC to upskill in the area of corporate governance and directorship through a comprehensive programme teaching international best practice which has been tailored to regional specific governance issues.

    Alastair Mulligan - VP Asset Management - National Central Cooling Company PJSC (TABREED)

  • I am truly honored to attain this certification and I recommend the Compliance Heads of all DFM listed companies to participate and achieve this certification.

    Nabeel Mirza - Senior Director & MLRO - Compliance - GFH Financial Group B.S.C.

  • The workshop has added a level of professionalism to my practice. It addressed and discussed  the right concepts to promote better governance and effective support for business in line with rules and procedures.

    Osama Issaq Al Haj - Head of Legal & Board Secretary - Dubai Islamic Bank

  • A very interesting and informative course which has helped me to adapt my Board Secretary knowledge further to my role as Company Secretary.

    Hamad Al Hosani - Group Company Secretary - Emirates NDB Bank

  • Anyone who wants to enter the world of boards and governance; this is your passport.

    Jehad A. Kazim - Director - Legal Services Dubai Chamber

  • The Directors Development Program was one of the most beneficial programs I attend during my career life. The strength of the program comes from the way it was structured as each part covered very important aspects of the required management role.

    Nada Ishaq Abdul Karim - Manager - The Secretary of The Board of Directors - Bahrain Islamic Bank BSC

  • The DDP offered by the Hawkamah Institute is an excellent course to prepare directors to understand and fulfil their obligations properly as members of the board. I have benefitted immensely from this program and have started to implement some of the best practices taught on the boards that I am involved in.

    Amir Arab - Director - Havenvest Private Equity Middle East Limited

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