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Salem al Ismaily shares his thoughts on the World Economic Forum 2007

“The two big themes at Davos this year were global warming and the emergence of new economic powers," says Salem al Ismaily, CEO, Omani Centre for Investment Promotion and Export Development (OCIPED). Ismaily was part of a high profile delegation which represented the sultanate at the World Economic Forum in Davos this year.

The big picture
On the issue of global warming it was a divi-ded house – there was a set of thinkers and scientists who argued that global change in weather conditions is the result of the emission of greenhouse gases like carbon dioxide which lead to ozone depletion. The surprise at the forum was a presentation by a group of scientists who argued that the depletion of the ozone layer in the southern hemisphere was a cyclical phenomenon. This leads to the melting of ice and the extinction of life after which life begins once more. According to them, historically this has happened five times and we are presently in the sixth phase of global warming.

Like last year, BRIC (Brazil, Russia, India and China) economies and their growing econo-mic strength continued to hold centre stage. The big debate was whether a shift in economic power would lead to a change in the political balance of power. For example, Japan was an economic power in the 1980s but this never translated into any significant political clout. The emergence of new economic powers has also meant a greater demand for global talent. A number of chief executives discussed the issue of talent management. As the world gets smaller, the biggest challenge is going to be a company's ability to attract and retain local talent.

MENA countries
A special session on MENA countries discussed various possibilities in the GCC countries. The world scenario series on 'The Gulf Cooperation Council (GCC) countries and the World: Scenarios to 2025' discussed three possibilities and their impact on the GCC countries. Scenario one: Oasis - good economic growth supported by robust oil prices but regional stability and overregulation continue to be concern areas. Scenario two: Sandstorm - regional instability and depressed oil prices leads to a collapse of reforms. Scenario three: The Fertile Gulf - regional stability, greater demand for energy and an empowered population make the region a hub of innovation and rapid growth. It is entirely up to the leaders in the region to choose the course that they want to pursue.

Is Davos a mere talk show?
No, the conference brings together CEOs from the 1000 largest companies in the world. So it is a great networking opportunity. There are at least 50 heads of states in any given year and finally there are people from the best universities and centres of learning. Participating in the forum gives one a flavour of the prevailing economic intelligence and the big trends in business. One learns a thing or two from everyone one meets.