14 ARAB NEWS Tuesday, June 30, 2020 Corporate PRESS RELEASES FROM THE WORLD OF BUSINESS AND COMMERCE Corporate Briefs THE BEST OF THE REST Saudi Arabia is a very important market for us and we have full confidence in the economic scenario and future prospects in the Kingdom, thanks to the wise leadership of the rulers and their proactive initiatives. Yusuf Ali M.A. Chairman of LuLu Group Yusuf Ali M.A., chairman of Lulu Group, said: “Saudi Arabia is a very important market for us and we have full confidence in the economic scenario and future prospects in the Kingdom, thanks to the wise leadership of the rulers and their proactive initiatives. “Our main focus will be to take the world-class shopping experience nearer to residents not only in big cities but also in Tier-2 cities such as Hail, Al-Ahsa, Al-Kharj, GLOBAL RESEARCH New center at Cambridge dedicated to philanthropy, including in KSA The new Center for Strategic Philanthropy has been established at the University of Cambridge Judge Business School, dedicated to examining strategic philanthropy within and from the world’s highest-growth markets, including the Middle East, developing Asia, and Africa. Through a combination of rigorous research, executive education and the convening of diverse stakeholders, the center aims to become the leading hub of actionable knowledge to catalyze even greater philanthropic impact from the world’s fastest-growing regions. The center will also work with relevant institutions and practitioners in these regions in order to encourage collaboration and the sharing of knowledge and insights. The center, whose founding patron is Emirati businessman Badr Jafar, is being launched in the midst of a fourth wave of globalization that is resulting in a reallocation of economic power southward and eastward. In 2019, the top 30 fastestgrowing economies in the world were all in emerging markets. It is estimated that many trillions of dollars will be passed on from one generation to the next in these regions over the next 10 years, with close to $2 trillion in wealth transfer by 2030 within Asia alone. Saudi Arabia already has a proud tradition of giving. According to the Harvard Kennedy School’s Hauser Institute, nearly three quarters of the Middle East’s philanthropic foundations are concentrated in Saudi Arabia. Jafar said: “Transparency, technology and evolving attitudes toward wealth are reshaping donors’ approaches to giving worldwide. We will likely fail to address the myriad of challenges on the global agenda over the next decade with-
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