Emirati Analyst Discusses Implications Of Transparency On Financial And Political Growth At Dubai School Of Government Lecture

Any specific process or an organisation is truly transparent only if the person to whom the information is accessible has the right to influence the outcome of such a process, according to Dr. Nasser bin Ghaith, celebrated Emirati financial analyst and lecturer of International Economic Law, La Sorbonne, Abu Dhabi.

Dr. bin Ghaith’s comments came during a talk titled ‘The Economics of Transparency’ held at the Dubai School of Government (DSG), a research and teaching institution focusing on public policy in the Arab world. Sponsored by Kanoo Group, the event was attended by student professionals and officials from the government and private sectors.

Speaking about the possible corrective path that economies could take at a thought-level to promote transparency, Dr. bin Ghaith said: “Belief and religion have a key role to play in changing people’s attitudes towards transparency. Belief is a strong sentiment, which can be a foundation for self-restraint and when self-restraint becomes a mainstream practice, there is peer-pressure to remain honest and veer towards better transparency.”

During his talk, Dr. bin Ghaith highlighted the economic implications of transparency in terms of its effects on important economic sectors (markets) and political institutions (governments). The lecture focused particularly on good governance, market efficiencies, smooth business cycles and the efficient allocation of resources, as well as the impact that transparency will have on each of these entities.

He mentioned that while there was no real incentive for companies to be transparent in their dealings, neither were there any serious legal consequences for defaulters who exploited the lack of transparency in the system for personal gains. He stressed upon the urgency of building an appropriate judiciary system that would have the capacity to deal with the complexities of corporate malpractices and large-scale financial crimes.

Dr. bin Ghaith commended the Dubai School of Government for holding discussions on topics that impact policy-formation, and added: “By opening up the discussions to members of the media, entrepreneurs and the public at large, this institute promotes a culture of debate, discussion and awareness, which are all key to the future of transparency. Policy formation in this direction can begin effectively through platforms that are honest and offer an unbiased perspective.”

Dr. Nasser bin Ghaith is an Emirati financial analyst specializing in economic trading blocs. Since 2006, he has served as the legal advisor for the UAE Armed Forces/Directorate of General Purchasing, responsible for negotiating contracts with major global defence firms such as Boeing, Lockheed Martin Aeronautics, and Northrop Grumman.

Dr. Tarek Yousef, Dean of Dubai School of Government, said: “We are honoured to have Dr. Nasser bin Ghaith speak at Dubai School of Government. His insights at today’s lecture have certainly helped us view the ‘need for transparency’ from an insider’s point of view. We will definitely be able to appreciate its implication on financial markets and governments, and it is certainly a fine balance.

“We hope that policy-makers who shape the future of trade, international relations and prosperity of nations are able to exercise their discretion while making decisions about the level of transparency in the interest of the government.”

Dr. bin Ghaith is currently a professor at the UAE Armed Forces Staff College, in addition to being a lecturer of Economics at the Sorbonne, Abu Dhabi.

Established in 2005 in cooperation with the Harvard Kennedy School, the Dubai School of Government is committed to the creation of knowledge and the dissemination of global best practices in the Arab world. The institution conducts various programmes that seek to enhance the region’s capacity for effective public policies.

For more details, visit www.dsg.ae or call 04 329 3290.
 

European Commission Commends Emirates’ Websites

The European Commission’s Director General for ‘Health and Consumers’ (DG SANCO), has confirmed that Emirates airline’s websites are fully compliant with all the requirements laid down in EU consumer legislation, and it further commended the airline for its commitment to consumer transparency.

In a statement, Commissioner Meglena Kuneva said: "I am delighted to confirm that contrary to some earlier reported indications, Emirates airline is fully in compliance with all the requirements laid down in EU consumer legislation that were monitored in the recent ’health check’ in relation to air ticket selling websites and therefore belongs to those companies that can serve as an example to be followed by others. I commend Emirates airline as a non-EU carrier for the observance of Community law and for the commitment to maintain these standards and to consumer protection in general demonstrated at a meeting held in Brussels on 17 June".

DG SANCO’s ‘health check’ investigation and report on airline websites published in May listed Emirates as being non-compliant. Subsequent discussions between the airline and DG SANCO confirmed that this was inaccurate.

Richard Vaughan, Emirates’ Divisional Senior Vice President, Commercial Operations Worldwide, said: “We have had a number of open and productive conversations with DG SANCO over the past weeks. Although we were disappointed with how the original investigations were conducted, we are pleased that this is now resolved, and that consumers can be absolutely satisfied that Emirates’ websites not only fully comply with EU regulations, but also demonstrate leadership in terms of transparency and inclusive pricing.

“As a responsible global airline, our commercial operations are guided by fair business practices and transparency for our customers. All Emirates’ fares include taxes and surcharges and no service fees apply when bookings are made and paid for online. We also provide a breakdown of the fare components both online and with Global Distribution Systems (GDS).”

Mr Vaughan added: "Emirates wants to see high, universal standards across our industry to ensure a level playing field for those airlines, like Emirates, who adhere to transparency and the highest possible standards versus some who continue to practice more opaque pricing and other less consumer-friendly techniques".

Drop In Property Prices Creates More Affordable Opportunities For Clients

In a follow up to a leasing price guide recently released, Landmark Advisory has issued a sales price guide for Dubai for clients to reference when looking at property in the market. As one of the leading real estate consultancy companies in the Middle East, Landmark Advisory is adamant on adding greater transparency in the UAE market as there are limited market players stepping forward with information for the public.

“We have witnessed a price drop in the market that while continuing is showing signs of stabilising in certain locations. Sales prices vary markedly between locations, and we are focusing on producing monthly reports to accurately portray the market and be as relevant as possible to our clients using our guides as a reference when purchasing a property” explained Charles Neil, CEO, Landmark Advisory.

According to Landmark Advisory, average prices one year ago declined 23% for a Springs townhouse from AED 1,100 ft2 to AED 851 ft2. For a medium-range quality one-bedroom Marina Apartment prices declined 32% in the past year from AED 1,696 ft2 to AED 1,172 ft2.

“Prices in our sales map are taken from actual transactional data sampled at the end of Q109 transactions. ” added Neil. “There has been a high demand for this information from our clients and investors, and we’re on track to frequently produce these maps to empower clients with the knowledge to make sound property decisions in this market.”

Landmark Advisory published leasing price maps in March to guide tenants on how to aggressively negotiate with landlords for fair market values. The leasing and sales maps are accessible on the Landmark Advisory website, www.landmark-advisory.com, as well as Landmark Properties website, www.landmark-dubai.com.