High-level US-Arab Global Summit 2012 Summary
C3 Summit 2012 By the Numbers
A first‐year conference
Two days (Thursday, September 13th & Friday, September 14th)
Two Venues (The Museum of Natural History & The Union League Club)
400 registered attendees (titles are all executive management, i.e., Chairmen, CEO's, CFO's, COO's, Presidents, Managing Directors, Ambassadors, Ministers of Government)
One sitting Premier
One former U.S. President (President Clinton has never before committed to a "first‐year" conference)
300 domestic/international corporations, organizations
10 Arab countries (a "first" for multiple Arab nation participation at a conference)
82 "A" list speakers (titles read like a "Who's Who " of business)
14 major sponsors
15 / 50 minute panels with content rich topics (see below Summit Summary)
Unique visitors (since launch of Website on April 1st, 2012 – Sept 19th, 2012) = 8,165
Total "hits" (since launch of Website on April 1st, 2012 – Sept 19th, 2012) = 1,227,090
On C3 Summit
"This is a vision whose time has not only come but was long overdue" – Bermuda Premier Paula Cox.
Major discussions built on the fact that an economy and trade based only on
hydrocarbons is not sustainable. The tenant of relationship between the US and the
Arab World has been based on oil and its derivatives thus far, and with unavoidable
depletion of hydrocarbons in the future, the Arab world needs to build a sustainable
economy away from oil and natural resources. Arab world needs to focus on harnessing
human capital and building a knowledge economy. In essence, transforming from
"hydro Carbon to skill". As Premier Paula Cox puts, "narrowly focused development is
dangerous for economic development".
On Inbound/Outbound investments
Investment in talent is critical and, for that, "knowledge exchange" between the two
regions will be crucial.
Up to 10% of economy in the Arab region is fueled by Foreign Direct Investment. Both
US and the Middle East have a large diaspora of each other's region which has to be
Iraq is one of the fasted growing countries according to International Finance
Saudi Arabia's Evolving Role
Today, Saudi Arabia is one of the fastest developing countries in the world and was
recently ranked by the IMF as a top 10 high‐growth economy in 2012
Saudi Arabia's expanding economy is part of a continuing national strategy built on
targeted investments, regulatory reforms and their accession to the World Trade
Organization in 2005
Saudi Arabia's private sector now accounts for 48 percent of the Kingdom's gross
domestic product and encourages foreign investment. This trend has been increasing in
the last several years.
The IMF also ranks Saudi Arabia 12th out of 181 countries in ease of doing.
Additionally, diversifying of export away from just oil is taking place, however, not at an
Positive on the fact that if Bermuda is co‐organizing a conference that vows to build
bridges between US and the Middle East, there is definitely hope for collaboration,
building community and for commerce.
Talked about how cosmopolitan the world has become and why that is how future will
be. The representation of C3 Conference by diverse audience from all over the world is
a representation of the fact that it's a multi‐polar world that we live in.
Islamic Finance growing tremendously year after year, estimated to be ~ $1 trillion in
Shari'ah compatible asset under management. Islamic local banks, Islamic banking
window in traditional banks and Shari'ah bonds such as Sukuk has fueled the double
Contrary to popular belief about Islamic Finance not being commerce friendly, Shari'ah
Financing is actually very business friendly. There are sectors that Islamic Finance will
not touch, but, as a whole the modus operandi and Riba (interest) free financing model
actually parallels the demand of today's fast companies and entrepreneurs.
Digital Media/Games/Movies/Social Network
Need to understand and adopt why the world is fascinated by the liberalization of
media and social networking. If you have not adopted yet, then you are already far
Performance of product and services are not based on how companies can make customers believe in their product and services, but, in actual delivery of services/products. Customers share how they feel about certain products, directly affecting subsequent purchases and selection by customers.
Open subscription vs. control circulation. How to use social media for targeted marketing.
"Visibility is a cheap resource which is being under‐utilized"
Renewal energy needs to be sustainable by itself. It needs to compete against
hydrocarbons without subsidy and other external help to really make and impact. While
it is moving towards correct direction, it is still expensive.
The concern on Methane hasn't been addressed by the energy community as much as it
is needed. Methane is worse than carbon, but relatively, low amount of research has
taken place in this area.
Entrepreneurship & Job Creation
It is natural for everyone, irrespective of border to value individuality and freedom and
as such the wave of entrepreneurship has escalated in the last several years.
Small and Medium Enterprises contribute to the greatest job creation throughout the
Here in the US and in the Arab world, we are faced by lack of jobs and the only way to
solve this through fostering and empowering of entrepreneurs. According to IMF, the
Arab world will need to create 100 million new jobs by 2020 to keep up with the growth
need for the sector.
Entrepreneurs create jobs, mobilizing and inspiring human capital that would otherwise
take up bricks and burn tires on the street, in effect creating enormous economic
losses. This is equally true for Western world (as seen in Europe and Occupy Wall Street
moment) as it is in the Middle East. Hence, investment in human capital,
entrepreneurship, innovation and consequently in job creation is critical.