Pvt firms vital to speed up economic recovery: QICCA
QICCA webinar aims to raise corporate awareness of firms that supports economic growth
ARAB economies attach special importance to companies of the private sector as they play a pivotal role in advancing economic growth, Qatar International Center for Conciliation and Arbitration (QICCA) Board Member for International Relations Sheikh Dr Thani bin Ali Al Thani has said.
Speaking during a webinar entitled Business Recovery & Resilience for Qatari Enterprises’ held by QICCA in cooperation with Badael Business Solutions on Tuesday, Sheikh Thani said that the speed of economic recovery depends mainly on the ability of companies to resume their usual activities and to establish programmes to enhance productivity and promote competitiveness and involve them in the development plans of the state.
Companies and business institutions faced a sharp decline in revenues and activities during the crisis of COVID-19 pandemic, he said adding out that this prompted governments to take measures to help companies overcome the negative impacts of the crisis.
“In view of the interest of countries to monitor the activity of emerging companies as a key driver of sustainable economic diversification, many companies sought to survive during the crisis by providing fast e-commerce solutions or setting up quick communication platforms with their customers, but some of them stumbled as a result of changing circumstances and inability to fulfill of their obligations,” he said.
Highlighting the legal challenges facing companies, Sheikh Thani stressed that the pandemic has caused great difficulties for companies to implement their contractual obligations as a case of force majeure or an emergency.
To solve these legal difficulties, he said, it is necessary to establish mechanisms that allow contractors to negotiate and review contract terms or suspend the implementation of obligations for a specific period.
Badeal for Business Solutions Executive Director Ahmed Alfaqeeh said that the webinar is an extension of the guideline that was launched in October 2020, which dealt with the most important issues related to recovery and resilience of businesses.
Alfaqeeh noted that the webinar aims to raise corporate awareness of companies that may contribute to recovery, stability, and sustainability of businesses.
Alfaqeeh also noted that Badael in cooperation with QICCA would introduce the Business Resilience Index’ to concerned entities in the state, affirming that it would be beneficial for all institutions, especially SMEs.
The panelists included Minas Khatchadourian, Legal Counsel of the Qatar International Center for Conciliation and Arbitration (QICCA), who outlined avoiding commercial disputes by using alternative means, while Khalid Al-Mana, executive director of business finance of at Qatar Development Bank (QDB), delivered a presentation on Current Business Models and the Future of SMEs’.
Gamar Leadership Group CEO and Teacher of Adaptive Leadership at Harvard Adel Gamar explored the role of adaptive leadership and capacity building in business recovery and resilience.
Fahad Al Zumai, associate professor at College of Law, Kuwait University and adviser to the World Bank, spoke about laws resulting from COVID-19 regulation and its impact on Kuwaiti companies, while Abdullah Al Suwaidi, associate professor at College of Business and Economics, Qatar University and an expert in operations management and supply chain, highlighted the strategic transformation for the supply chain management.
Pemandu Associates Managing Directors and Partner Larvin Rengasamy spoke about managing business during and after the crisis.
Badael in cooperation with QICCA would introduce the ‘Business Resilience Index’ to concerned entities in the state that would be beneficial for all institutions