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Tarek Fadlallah is managing director and chief executive officer of Nomura Asset Management (Middle East) and a member of the Program on Economics and Energy Advisory Council. He has over 30 years of experience in the international capital markets, including 20 years focused on the Middle East.
There is a puzzle in the profits of Gulf Cooperation Council (GCC) firms, especially conglomerates. Even as the size of GCC economies has grown considerably in the last two decades, corporate profits have been flat. With a goal of economic diversification to expand private sector business and job opportunities for citizens, the imperative to create an environment for growth is acute for regional governments. Tarek Fadlallah, CEO of Nomura Asset Management Middle East and a member of the Program on Economics and Energy Advisory Council, lays out some of the challenges for Gulf economic diversification and improved corporate profitability.
