Corruption and bribery cost the world economy more than US$ 3.6trillion annually, UN report
The active implementation of corporate anti-corruption initiatives is crucial in boosting investor confidence and investment flows across the region, according to Badr Jafar, Founder of the Pearl Initiative, the business-led non-profit organisation promoting a culture of corporate transparency and accountability in the Gulf region.
Speaking at an opening panel discussion in Riyadh titled ‘Building Blocks of a Culture of Integrity’, Badr Jafar cited a recent UN report revealing how corruption and bribery is costing the world’s economy more than US$ 3.6trillion annually.
The panel was part of an event titled ‘Promoting Integrity and Transparency for Growth’, organized and hosted by SABIC, the largest public company in the Middle East and one of the largest petrochemical manufacturing companies in the world.
The event took place at SABIC’s headquarters in Riyadh, KSA. Other panel speakers included Abdullah AlQahtani, Head of Laws and Regulation Development, the National Anti-Corruption Commission (Nazaha); Dr Isabel Cane, OECD Trust in Business Initiative; and Nancy Higgins, Chief Ethics and Compliance Officer Bechtel Group.
Addressing business leaders, international organisations and government representatives at the event, Badr Jafar also highlighted the role of civil society in advancing governance and standardised integrity practices to drive competitiveness across the Gulf region.
“Corruption impedes private sector growth, and consequently harms socio-economic development,” Badr Jafar commented, pointing out that the average score for MENA countries in the Transparency International’s Corruption Perception Index stands at 39 out of 100.
“Setting solid foundations for transparency and accountability will automatically counter corruptive practices. This is essential as the Gulf region finds itself at a crossroads in terms of employment levels, skillset development, and economic diversification,” he concluded.
Founded in 2010, Pearl Initiative is a Gulf business–led non-profit organisation promoting a corporate culture of accountability and transparency as a driver of competitiveness and sustainable economic growth across the Gulf region of the Middle East.
