Yesterday's announcement by the Dubai International Financial Centre (DIFC) that the first Institute for Corporate Governance is being established in the MENA region heralds a new era in the way local companies and government-owned enterprises will be required to operate. All companies, including family-owned businesses and small and medium-sized enterprises (SMEs), will have to adopt improved corporate governance practices.
Known as Hawkama, which means "governance" in Arabic, the Institute is being set up by a group of international institutions, including the Organisation for Economic Cooperation and Development (OECD), UAE Ministry of Finance and Industry, Centre for International Private Enterprise (CIPE), International Finance Corporation (IFC), the Union of Arab Banks (UAB), Dubai School of Government (DSG), Young Arab Leaders (YAL), and the Institute of Management Development (IMD) as well as the Dubai International Financial Centre (DIFC).
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