“King Abdullah has paid great attention to promoting and empowering the Shoura Council for which we are highly indebted,” said Abdullah Al-Asheikh, Shoura chairman, yesterday. The king, he said, will explain the Kingdom’s internal and external policies in his speech and unveil his economic, social and political reform plans.
Al-Asheikh, in a press statement, said he appreciated the role and the efforts of the king in supporting the Shoura, while underlining “the important role being played by the Shoura Council as a legislative body.”
The Shoura takes decisions after elaborate discussions on issues and affairs that concern the country, he added.
King Abdullah will deliver his address this afternoon. The king’s speech will be preceded by an address by the Shoura chairman, who will briefly outline the past achievements of the council.
The Shoura is an appointed body that advises the Saudi government on important issues and enacts legislation. Formed in 1993 by a royal decree, the Shoura Council consists of 150 members appointed by the king for four-year terms.
Members according to their expertise are assigned to various committees that deal with human rights, education, culture, information, health, foreign affairs, security, administration, Islamic affairs, economy and finance.
Multinationals (MNCs) in emerging markets, previously little-known outside their own countries or regions despite their colossal size, are now challenging the mega corporations of the West. They are seen as becoming global champions in many industries. Attributing the growth to the confidence and scale of MNCs in emerging markets, the study says that ten largest emerging market companies had combined revenues of $ 1 trillion in 2008 – more than the GDPs of Australia or The Netherlands.
Other trends include the rise of sovereign wealth funds, private equity and hedge funds as the new power brokers. Their combined assets quadrupled between 2000 and 2007 to reach $ 11.5 trillion. However, in the short-term, hedge funds and private equity firms will be under pressure.
“We expect private equity and sovereign wealth funds to first stabilize after dealing with the immediate impact of the credit crisis and then to take bold positions in various industries and economies with a long term view. The funds that overcome the current challenges of economic uncertainty and its impact on their holdings and develop a clear strategy for putting money to work in difficult credit conditions will have bird’s eye view of the emerging macroeconomic landscape.”
