Author: OBG Admin

Daniel Asare-Kyei-CEO-Esoko; Curtis Vanderpuije-CEO-ExpressPay; and Daniel Marfo-General Manager-Zipline Ghana

Ensuring access: Making better use of ICT resources will be a key part of the education strategy going forward

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As part of a wide-ranging effort to prepare young Nigerians for the digital economy, expanding the use of ICT throughout the education system was a key component of the 10-year Strategic Education Plan (SEP), launched in 2007 by the Federal Ministry of Education. The SEP has laid out a number of technology-related objectives for the sector, including the achievement of 100% computer literacy among secondary and tertiary students, as well as teachers at all levels. Through the use of e-learning platforms, ICT is also being

Recent reforms: Changes to tax regulations raise the level of enforcement

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Nigeria undertook a rebasing exercise of its GDP in 2014. This brings into sharper focus the very low taxrevenue-to-GDP ratio, which is now about 8% and a much lower ratio of 4% for non-oil taxes. There is pressure on the government to improve the ratio, but in reality this is not a quick fix. It will require a broad-based approach to address the complexity of tax administration, the ambiguities in the tax laws and the slow pace of tax dispute resolution. Below are some recent changes in the tax environment which will likely have a significant impact for businesses operating in the country. The Pension

Nhon Luc Ly-CEO-AIA Myanmar; Son Nguyen-Country President-Chubb Life Insurance Myanmar; Daw Zarchi Tin-CEO

Infrastructure build out through 2022 to boost capacity and access

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Qatar is investing significantly in health care infrastructure in the next decade, as it looks to build one of the world’s best health systems. In the 2014/15 budget, allocations to the sector increased by 12% year-on-year to QR15.7bn ($4.3bn). The number of health care facilities will more than double by 2022, with a focus on primary care centres and specialist hospitals. These capital-intensive investments are among the biggest projects being executed in the state. PLANNING AHEAD: In 2013 the Supreme Council of Health (SCH) completed Qatar’s first health facility master plan, outlining health care infrastructure requirements and implementation needs for the coming 20 years. The

All aboard: Rail links will help connect the peninsula economically and socially

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With just four years to go until the target date for the opening of a rail network carrying passengers and freight around the six countries of the GCC, its member states are looking forward to the economic and strategic benefits that this new connectivity will bring, but they also face some more immediate practical challenges in the short term. BY THE NUMBERS: The GCC countries are united by language, religion, culture and geography and have all been able to use revenue from hydrocarbons to attract foreign labour. However, Saudi Arabia is by a considerable margin the largest economy in the six-country confederation. According to the

Emmanuel Macron-President of France

A full plate: The need to feed a growing population is creating demand for innovative and sustainable technologies

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While its hydrocarbons resources provide Saudi Arabia and its citizens with prosperity and the prospect of continued economic growth, its climate and hydrology mean the Kingdom cannot hope to sustain its growing population with food grown within its borders. Attempts to do so have to be offset against considerable environmental risks. GRAIN DRAIN: Faced with concerns about a possible US-led grain embargo against OPEC in the 1970s, Saudi Arabia set about growing wheat in the desert with ingenuity and irrigation. However, the costs, both environmental

Iyad Malas-CEO-Majid Al Futtaim Holding

Bright ideas: New programmes seek to facilitate and utilise the potential of young Saudi nationals

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Central to the Kingdom’s goals to diversify its economy and to transition from an investment-driven model to an innovation-driven approach to business by 2020 are its plans for its growing population of young people. The government envisages highly educated young Saudis pursuing private sector careers in Jeddah, Riyadh or one of the four economic cities that are being built in Rabigh, Hail, Medina and Jizan. The government also acknowledges that to nurture Saudi businesses built on innovation, it must help to create a new generation of entrepreneurs. OPPORTUNITY ENTREPRENEURS: According to the International Finance Corporation, 1.8m small and medium-sized entrepreneurs constitute 90% of Saudi Arabia’s

Mark Geilenkirchen-CEO-Port of Sohar

Complementary investments: Defence offset programmes bolster the economy and boost employment and training prospects

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Saudi Arabia was declared the world’s fourth-largest defence spender after the US, China and Russia in the International Institute for Strategic Studies (IISS) 2014 “Military Balance” report. It estimated the Kingdom’s defence budget for 2013 was $59.6bn, putting it ahead of the UK, France, Japan and Germany. According to the Saudi Arabian Monetary Agency, the 2013 budget for defence and security was SR251.3bn, ($67bn), equivalent to 8% of GDP and accounting for 30.6% of the total budget for the Kingdom. The total proportion of the

Abdulaziz bin Nasser Al Khalifa-CEO-Qatar Development Bank (QDB)

International partner: The country benefits from healthy trade ties with leading players

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In January 2014 China’s government officials declared that in 2013 its annual trade in goods passed the $4trn mark, knocking the US off the top spot in international trade, and this shift in the axis of commerce is reflected in Saudi Arabia’s own trade relations. However, although the dramatic growth of China and other Asian economies has altered the balance, the Kingdom’s trade ties with Western Europe and the US remain strong. From Riyadh, the flying time to Beijing or Washington is roughly the same at just over 12 hours, and while Delhi is just four hours away, London, Frankfurt and Brussels only take a

Ahmed Zaki Abdeen-Chairman-New Administrative Capital for Urban Development

Starting small: Given the large number of local SMEs, opening up financing and opportunities is key

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In an economy dominated by hydrocarbons, there is no doubt that the big business in Saudi Arabia is oil, but the Kingdom is also home to 1.8m small and medium-sized enterprises (SMEs), according to the International Finance Corporation (IFC). The role of SMEs in promoting diversification, innovation and employment is recognised globally, and efforts to enhance the sector are common throughout GCC member countries, where the reliance on hydrocarbons has mitigated the need for SMEs in the past. As has been done elsewhere in the Gulf, the sector was specifically highlighted in the Kingdom’s 2010-14 development plan as a driver of economic diversification. Saudi Arabia

Brahim Djamel Kassali-President-Algerian Union of Insurance and Reinsurance Companies (UAR)

Thinking ahead: Government spending must take into account numerous short- and long-term factors

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With a balanced budget for 2014, Saudi Arabia plans to spend everything it expects to earn. However, the biggest influence on revenue is the price that the Saudi Arabian Oil Company is able to charge for a barrel of its oil, meaning there is a significant margin for error in fiscal planning. In 2013 the government earned more and spent more than it had planned. The SR855bn ($228bn) it plans to spend in 2014 is 4% higher than the SR820bn ($219bn) it budgeted for 2013, and in line with the IMF’s GDP growth prediction of 4.4% for 2014. Yet planned expenditure is 7.5% less than