The following were elected to the Board of WAA for the next year.

We had 15 attendees from:

Sunil AbeyRatna
Chair, WAA Region
Abeyratna & Co.
Sri Lanka
E.mail: enomal@sltnet.lk

WORLD ECONOMIC FORUM SUMMIT IN DUBAI – 2008

By Mago J.B. Singh, Just and Fair Consultants

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

The World Economic Forum Summit, recently concluded in Dubai, provided a platform to share ideas and collaboratively address some of the key issues on the Global Agenda. More than 700 of the most knowledgeable people conducted the biggest-ever brainstorming on the Global Agenda.

The timing of this Summit was particularly relevant in the present financial and economic crisis the world is experiencing. The impact of the financial crisis is being felt in the real economy and there is a significant risk of a global recession that will affect many sectors, asset classes and regions in tandem.

The Summit discussed various key issues like Finance, Economic Development, Environment, Global Governance, Society and Values, Technology etc.

The Summit concluded that the current financial crisis is a failure of corporate governance. In particular, risk management failed at every level. The flood of governance scandals has weakened markets, and ended trust, threatening a protectionist and regulatory backlash.

The governments will have to act as owners and regulators and will have three important tasks.

• Determine appropriate government interventions to prevent further financial contagion and to mitigate recession.
• Deploy capital effectively to support critical areas of the economy.
• Communicate their actions to a skeptical public.

Despite the negativity of today's situation, we can learn a positive lesson from it. People are decision makers and they can write their own history.

We should never forget that the economy and global stability go hand in hand to building the future.

As to the future of governments, democracy around the world is in danger. A serious crisis is in the making, due to four changes.

1. Collapse: basic democratic institutions are at risk and in danger of falling in part due to the economic crisis in poor countries;
2. Capture by interest groups, the military, organized crime etc.;
3. Competition: there are fairly stable authoritarian regimes making the case that democracy is an unnecessary luxury or is inferior;
4. Constraints: the current economic crisis shows that national governments and domestic regulation are inadequate to deal with the challenges of global economy. There is also a danger of protectionism and isolationism that could further undermine democratic institutions. Corruption continues to be prevalent.

To quote His Highness Shaikh Mohammed Bin Rashid Al Maktoum, Vice President of UAE and Ruler of Dubai, who spoke at the Summit, “Despite the negativity of today's situation, we can learn a positive lesson from it. People are decision makers and they can write their own history.

We should never forget that the economy and global stability go hand in hand to building the future”.

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

UNITED ARAB EMIRATES
Al Maqtari Auditing
Contact: Mr. Ahmed M. Maqtari
Al Maqtari Auditing
Al Ain Ahlia Insurance Co. Bldg.
4 th Floor
Hamdan Street
Abu Dhabi
U.A.E.
Tel: (+971 2) 626 86 36
Fax (+971 2) 626 91 10
e-mail: maqtari@emirates.net.ae

Just and Fair Consultants
Contact: Mago JB Singh
Suite #3, Oud Metha Building
Street #8, Community 319
Oud Metha Area, Dubai
[PO Box 124600] U.A.E.
Tel: (+971 4) 335 42 33
Fax: (+971 4) 335 17 11
e-mail: mago@jfcintl.com
URL: www.jfcgroup.com