DUBAI — The Pearl Initiative, the business-led non-profit organization promoting a culture of corporate transparency and accountability in the Gulf region, recently collaborated with Dubai Business Women Council (DBWC) on a two-day workshop to build MSMEs’ practical competencies in governance best practices. The workshop targeted 30 Dubai-based MSMEs and was held at the Dubai Chamber of Commerce and Industry.

The workshop comes in the wake of a workshop rolled out earlier this year in Oman, by the Pearl Initiative in collaboration with the International Finance Corporation (IFC), where Omani MSMEs were trained to apply best practices in corporate governance to boost their market competitiveness.

The purpose of the workshop was to practically demonstrate and explain the long-term benefits of good corporate governance practices to participants, and to have them engage with effective ways and tools with which to apply governance for improved business outcomes.

Attendees who completed the workshop received a Continued Professional Development (CPD) certification which is globally recognized and will add value to their business engagement activities over the course of their careers.

After receiving an introduction to corporate governance principles, stakeholder management, corporate culture and workforce diversity, attendees engaged in activities and exercises which demonstrated how they can successfully apply governance principles for sustained business success. The role of governance practices in building internal structures and secure stakeholder confidence was also highlighted.

Yasmine Omari, Executive Director at the Pearl Initiative, said: “Through this corporate governance training series, we are addressing a growing developmental need of MSMEs identified in the Gulf Region. This alone justifies the premise for our workshop series – the application of corporate governance principles has a proven ability to enhance business outcomes and competitiveness. Through this workshop series, we want to change the region’s perception about governance not being commonly thought of as beneficial for MSMEs, as highlighted in our 2017 report.”

In turn, Nadine Halabi, Business Development Manager, Dubai Business Women Council (DBWC), said: “This workshop is one of the most important training programs we provide to our members of MSMEs business owners, because it aims at enhancing awareness about governance and its significance in achieving the sustainable growth of companies and their operations.”

She added: “Governance is an integral part of the efforts made to instil confidence within companies, their clients, and their social environment. We, at the DBWC, are keen on strengthening our members’ competitiveness, and providing them the training requirements to always be in the lead.”

“Therefore, our collaboration with the Pearl Initiative in organizing this workshop is in line with these objectives to enhance our members’ performance and competitiveness in order to introduce them to the latest global practices in corporate governance and its applications at all levels,” Halabi noted.

Founded in 2010, the Pearl Initiative is a Gulf business–led non-profit organization promoting a corporate culture of accountability and transparency as key drivers of competitiveness and sustainable economic growth across the Gulf Region. The organization develops programs and publishes regional research reports and case studies to promote the implementation of higher standards of corporate governance amongst business and student communities across the Gulf region. — SG