How has CSR benefited or how it can benefit the Middle East ?
It is in the interests of local business to behave ethically, because that will inspire confidence and cooperation in securing the economic goals of the UAE and the region. The corporate responsibility agenda is part and parcel of taking Dubai where Dubai wants to go. Change is already occurring in the region. Employees of family owned enterprises are becoming increasingly aware of the need to reconcile family loyalties with loyalty to organisations and a different values system is emerging as these family owned entities increasingly seek foreign direct investment and look to realise the vision of doing business on an international scale. The increasing interest in IPOs is also an incentive and many of these traditionally family owned companies are acting increasingly like family owned equity funds, taking stakes in companies, developing them and selling them on. This process is aided by strong corporate governance, a key element of the corporate responsibility agenda.
