World Economic Forum on Middle East opens in Jordan Friday

May 14, 2009, 14:56 GMT

Amman - The World Economic Forum (WEF) opens a conference on the Middle East in Jordan on Friday that is expected to see the participation of about 1,300 political, business and civil society leaders from 80 countries.

Jordan's King Abdullah II is to open the three-day gathering that will take place on the eastern shore of the Dead Sea, with the theme: 'Implications of the Global Economic Crisis for the Middle East: Home-grown Strategies for Success.'

'The Middle East's aspirations for prosperity will be challenged as it attempts to restore its own growth while navigating a complex geopolitical landscape,' according to the WEF.

The conference is to consider the impact on the Middle East of the global financial crisis and the deepening recession, given the large- scale erosion of the region's assets value due to the highly volatile energy markets.

'The summit will focus on sharing knowledge and innovation across themes ranging from financial market architecture and climate change to emerging market infrastructure', the WEF said.

Prominent analysts have estimated the losses incurred by Arab sovereign funds and stock markets, particularly in the oil-rich Gulf region due to the global economic downturn, at more than one trillion dollars.

The role that Arab surplus petrodollars could play in the international economic recovery has been the subject of discussion within and beyond the region.

The fifth WEF on the Middle East will for the first time bring together leading scientists from the region and the world to engage decision-makers in a dialogue on a forward-looking agenda for science and research in the Middle East, according to organizers.

Leading energy strategists and their counterparts in government and academia would also address 'the future of the industry in the light of the energy price volatility.'

'They will also focus on energy security, the business case for scaling up alternative energies and energy-water linkages,' it added.