The first wave of corporate governance awareness occurred in the Middle East and North Africa (MENA) about a decade ago. It was propelled by a few specific trends. One of them was the drive to attract foreign investment, particularly by countries with no petrochemical resources, which required substantial funds to develop their infrastructure. Another was the development of the financial sector in the region, increasingly expected to provide efficient intermediation between corporates on the one hand, and investors or banks on the other. The shift towards market-based economic organisation in some countries of the region, such as Egypt or Syria, has only accentuated this trend.
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