New institute to promote best practices in Middle East

By Aroonim Bhuyan, IANS

Dubai : With a view to promote best quality practices in Middle East companies, the Dubai International Financial Centre (DIFC) Tuesday announced the establishment of an institute for company directors.

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Called Mudara – The Institute of Directors (IOD), the institute is an initiative by DIFC to promote excellence at the board level and facilitate professional development through education, networking and services to members.

“As the business landscape in the Middle East continues to develop at a rapid rate, it is important to develop professional and independent directors, and for existing directors to continue to improve their skills and performance,” DIFC governor Omar Bin Sulaiman said in a statement here.

“Mudara – The Institute of Directors will play a significant role in providing accredited education programmes for directors across the region, and guiding members to follow best international practices. IOD will build an exclusive base of board members in the region through its membership profile.”

The institute is planned to be a representative body for directors and professionals in leading corporations in good business principles and practices with membership drawn from private and public sector enterprises from across the Middle East and North Africa (MENA) region.

Headquartered at the DIFC, IOD is aiming to be the region’s leading international best practice professional membership organisation for directors, according to a DIFC statement.

It will allow senior directors of companies in the region to share their skills and knowledge with other members and with a wider group of young leaders in the region.

The new institute will also provide a range of services and relevant governance information to members through organised communications and activities such as dialogue, advocacy, conferences, seminars, courses and advisory services.

It is also planning a network of branches and partnerships with recognised affiliate organisations in the region.

With Khalid Al Sowaii as its executive director and William Foster as executive director of operations, the establishment of IOD at DIFC is aimed at boosting the general economic well being of this region.