Hawkamah and Institute of International Finance Launch Corporate Governance Survey of GCC Countries
Hawkamah and Institute of International Finance Launch Corporate Governance Survey of GCC Countries
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Hawkamah, the Institute for Corporate Governance, and the Institute of International Finance (IIF), a global association of financial institutions, today announced the launch of the first-ever corporate governance survey of the GCC countries. Announced during the formal signing of a Memorandum of Understanding between Hawkamah and IIF, the survey will cover all of the GCC countries.  The joint mission will meet with regulators, Central Bank authorities, and market practitioners and will produce a report to offer practical guidelines for securities regulators, stock exchange authorities, boards of directors and companies’ management to advance corporate governance in the region. The MoU with Hawkamah, a subsidiary of Dubai International Financial Centre, aims to propagate corporate sector reforms and improve corporate governance in the MENA region. It outlines four main objectives:

  • Improve the corporate governance practices of private and public sector entities, including listed companies, banks and financial institutions, family-controlled enterprises (FCEs), small and medium enterprises (SMEs) and State-controlled enterprises (SCEs). This is aimed at improving their access to affordable credit and capital, increasing their decision-making capacity, operational efficiency and enhancing their reputation.
  • Help develop corporate governance frameworks in accord with best practice for the public and the private sectors in order to promote open and transparent markets and a fair, rule-based and enforceable corporate governance regime.
  • Co-operate on institution-building, a critical component of sound financial markets, in keeping with good corporate governance practices.
  • Cooperate on promoting corporate sector reform in the banking and financial industry in the MENA region and beyond.

Dr Omar Bin Sulaiman, Governor of DIFC, commented: “The Institute of International Finance is a respected association comprising financial institutions from around the world. The DIFC aims to promote regional co-operation and economic integration and, the IIF, with its immense experience, is the ideal partner with which we can achieve our objective. “This MoU will be a major contributor to the improvement of corporate governance practices in the region.  By promoting a higher standard of financial reporting, accounting and regulation, the corporate sector in the GCC can ensure sustained regional economic growth and the attraction of foreign direct investment and trade. Dr Nasser Saidi, Executive Director of Hawkamah, commented: “One of the key objectives of Hawkamah is to facilitate institution building in the MENA region and implement sustainable Corporate Governance strategies. The corporate governance assessment mission with IIF will allow Hawkamah to create a benchmark on the corporate governance legal and regulatory framework in the GCC countries, and will signal to the world that the region is seriously looking at improving corporate governance as key to expanding and modernizing the Arab market.” The Institute of International Finance is the world’s only global association of financial institutions with over 350 member organizations from over 60 countries. Members include most of the world’s largest commercial banks and investment banks, as well as a growing number of insurance companies and investment management firms. A number of multinational corporations, trading companies, export credit agencies, and multilateral agencies are associate members of the Institute.


  • I want to thank  Hawkamah team for the rich and useful Board Secretaries workshop. The speakers were amazing and very experienced

    Sandra Corm - Group Company Secretary - Mohamed & Obaid Almulla

  • ‘’There was no doubt that once we communicate with Hawkamah for a workshop, we were sure that we will achieve our goals and get an added value. And thats what happened; we got a lot of positive feedback from participants which confirms the success of the company secretary 2 days workshop which took place in Manama – Bahrain as well as the fruitful feedback on the knowledgeable and insightful trainers and experts. We would be more than happy to have such cooperations in the future since we consider Hawkamah our patterner in success’’

    Faisal Al-Modlij - GM, Corporate Affairs and Governance - Sipchem KSA

  • "We extend our thanks and appreciation to Hawkamah institute for its cooperation and the effectiveness of the Director Development Program"

    Saeed Al Kaabi - Abu Dhabi Monitoring and Controlling Centre(ADMCC)

  • "The Director Development Program was very rich in useful information and added a lot to us, and the trainers’ experience, skills and capabilities had positive impact on delivering the information to us in a direct and clear manner"

    Hamad Al - Tamimi - Osool Asset Management

  • The corporate Governance in all type of entities adds morality and ensures implementation of the best practices to fulfill the responsibilities of those entities and to ensure the rights of all parties involved, especially those who have no authority to participate in the decision-making cycle.

    Hawkamah institute contributed to enrich the knowledge of these responsibilities and the role of governance for the success of institutional work in accordance with principles that establish values and ethics.

    Ajman Municipality

  • '‘Excellent, well delivered, informative program presented by well-seasoned trainers. The training program has helped transform and empower the Board’s vision and focus our minds on the relevant issues at hand. We sincerely thank you for the training sessions which helped broaden our perspective and decision making processes. We strongly recommend this training to elevate directors to the next level".

    Bank of Maldives

  • "I would like to thank Hawkamah for the ESG Reporting training , I found the two days ESG Reporting training very informative and helpful and I have definitely received some tools that I will use in my work"

    Rania Zaatari - Head of Makassed Communal Healthcare Bureau

  • "The DDP provides a solid foundation of corporate governance for existing and aspiring directors."

    David Haglund - Senior Executive Director and Portfolio Manager of the Templeton Frontier and MENA Market strategies

  • “Thank you so much for sharing such insightful webinar. It was great and valuable to all participate”

    Shady Rashed - Senior Economic Researcher at The Ministry of International Cooperation of Egypt

  • “Good session and very well organized on the webinar about How to buffer and lessen the impact of the novel Covid – 19, to maintain business sustainability with Hawkamah - AUB / Makhzoumi” 

    Bilal Hamade - Executive Advisor

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