RIYADH — The GCC Board of Directors Institute (GCC BDI) signed a Memorandum of Understanding (MoU) with Alfaisal University, the Kingdom’s first private non-profit university, with the aim of enhancing corporate governance in Saudi Arabia by blending academic rigor with best business practices.

The agreement sought to promote initiatives such as the KSA Corporate Governance Index, which is published by the Corporate Governance Center at Alfaisal University College of Business, facilitate the sharing of information and knowledge, create increased research capacities, provide thought-leadership and guidance, participate in industry events and seek mutually beneficial opportunities for development.

Dr. Bajis Dodin, dean and professor of operations management and management science at Alfaisal University, said: “The signing of this agreement with GCC BDI marks an important milestone. Saudi Arabia’s latest economic reforms require educational institutions to completely rethink their strategies. Grooming local talent to become board members that make decisions based on strong corporate governance principles is a long-term strategy to boost the competitiveness and attractiveness of Saudi Arabia as a business hub and investment destination.”

Jane Valls, executive director of GCC BDI, said: “We are pleased to sign this MoU with Alfaisal University, which similar to our own organization, is a non-profit and has a strong reputation for research facilities. Together, we look forward to identifying new ways to collaborate in achieving board effectiveness, and to adopting world-class corporate governance standards in Saudi Arabia, the cornerstone of any good business.”

One goal of Saudi Arabia’s ambitious Saudi Vision 2030 is to diversify its economy and develop industry sectors including healthcare, infrastructure and tourism through foreign direct investment. A vital prerequisite for this is fostering a business culture of transparency and accountability. The drive for improved performance measurement reflects the country’s desire to attract global partners and cement best practices across a spectrum of local public and private entities.

Increasingly, Saudi Arabia’s strategies have begun showing results. As per the latest 2017 Corruption Perception Index (CPI) launched by Transparency International, Saudi Arabia’s ranking continued to improve, moving up five places from the previous year’s rank of 62. — SG

Saudi Arabia’

s latest economic reforms require educational institutions to completely rethink their strategies.

Dr. Bajis Dodin

Professor of management science, Alfaisal University

Partnership aims to enhance corporate governance practices