 Let me give a warm welcome. Good morning to our distinguished panelists, guests, and of course, Her Majesty Queen Rania. We are here at this plenary to advance what has been a vigorous debate about the youth bulge for the past decade into concrete ideas for action. So we'd like to walk out of this discussion in the next 90 minutes with some real concrete ideas and practical examples from our panelists of what has worked in the region. There has been, if I can be candid this morning, a tendency to discuss solutions in the theoretical and not the practical. In a sense, it's created a distance between thought leaders here in venues such as the World Economic Forum and those who are talking about this morning, those are very isolated in society, the regions and the world's youth. It's not just a challenge in the region, but most acute in the Middle East. In the reporting for my two CNN programs, Global Exchange and Marketplace Middle East, we're homing in on the youth bulge in the region. And I've decided to describe it as the next perfect storm. We're in the midst of record birth rates that is often overlooked when having this discussion. We're coming out, of course, the Arab Spring, triggered in part by a lack of opportunity, where expectations remain very, very high, but are rapidly being deflated, which is the danger. There's a civil war in Syria that continues to spill into countries large and small. Of course, we know the refugee crisis here in Syria, the challenge as well in Lebanon, and in part for Turkey, although it's a much larger economy, but with huge strains on government and resources. As His Majesty King Abdullah rightly underlined in his opening remarks, the region needs to double up action to deliver results. You have seen the numbers, but it's worth noting as we set the context of our discussion this morning, the International Labor Organization report out this month suggested the region is home to the worst youth unemployment in the world at 28.3 percent. And despite, and this is an unusual trend from previous economic cycles, despite a global economic recovery, will continue to rise through 2018 to 30 percent. That's very alarming in a global economic recovery that we cannot create enough jobs to bring down the unemployment rate. But what are the urgent near-term solutions? This is what I'd like to try to home in this morning. Interim policies that will move the needle in the race to tackle this arc of unemployment. We speak of the arc of unemployment from the Mediterranean coming down into North Africa and looping up all the way into South Asia. Even the fast-growing emerging markets, for example, in India, are having a huge problem creating enough jobs to tackle the next generation. In that sort of context, we're delighted to welcome Her Majesty Queen Rania of Jordan, a member of the World Economic Foundation board and one who's worked tirelessly to introduce programs here for long-term solutions to create jobs in Jordan. Let's give her a nice warm welcome to come on stage. Thank you, John. And so, to summarize where we are in the Arab world, millions of people need millions of jobs. Generally, the people with the best education can't find the jobs they want. And the people with the least education find most jobs, albeit low-quality ones. The majority of private sector employers are dissatisfied with graduate skills. And the majority of graduates are dissatisfied with the skills they've got. Too often, the teachers who educate our young people don't have the right skills or tools to do so. And the education young people receive is all but obsolete. Why am I beginning my remarks to you today with a conclusion? Because when it comes to the topic of employment in the Arab world, we've been saying the same things, pointing out the same facts, quoting the same reports and drawing the same conclusions for years and years and years. In fact, my remarks at this forum exactly two years ago are as valid today as they were then. Nothing has changed. Well, that's not exactly true. Some things have changed. We've watched investments in the wrong kind of education falter all over the Arab world. We've seen the ill effects of increasing poverty in many countries in the MENA region. We've witnessed frustrations boil over as young people grow disillusioned. And yet, isn't it ironic that throughout the various seasons of Arab unrest, the debate on education has received so little airtime? It seems to have slipped from our regional consciousness and our national priorities. And isn't it ironic how most of us in the Arab world want to carry the latest phones, own the trendiest gadgets, stay ahead of the curve on social media networks, while our schools and what we learn in them lag conspicuously behind? Why is that? The answer differs from country to country, from shortage of resources and political instability, to languishing bureaucracies and apathy. The reasons differ, but the answer is the same. There can be no excuses anymore. We must do better. Our children deserve it. Our young people demand it. And our region depends on it. A new vision for Arab employment isn't about piecemeal approaches or incremental change. Those luxuries are not available to us anymore. A new vision for Arab employment requires a regional renaissance. We can do it with more innovation, openness and flexibility, and new partnerships. But it can't be done without political will. And that doesn't come just from the top. It flows from top to bottom, from left and right and tuned from every point in between. That's what a real renaissance is. That's what the right kind of renaissance delivers. True change that lasts for all seasons. It starts with governments and the private sector forging closer ties and ministers of education, labour and finance, finding synergies with CEOs and employers to create tangible relationships between schools, skills and the marketplace. In an ideal world, schools would feed employers with bright and hungry young minds, while employers would partner with schools to inspire entrepreneurship and innovation, from which they would ultimately benefit. But our Arab world is not an ideal world. In the last year, heavyweights such as the World Bank, the International Labour Organization, the ILO, the Organization for Economic Cooperation and Development, the OECD, and McKinsey & Co. have suggested that we must redesign the value chain of skills in our region. The value chain of skills. Right now, too many of our students graduate without literacy and numeracy skills, and without soft skills like critical thinking, creativity, teamwork and communication. Too often, confined to the classroom, we deprive them of the opportunity to learn life lessons through school exchanges, community projects, sports championships and internships. By focusing on the traditional teacher-student relationship, we rob our students of the chance to explore self-learning, learning from peers and e-learning. And we don't tap the rich resources on our doorsteps. CEOs, community leaders, entrepreneurs, artists, doctors or athletes. Perspectives and life lessons that inspire young minds. If they're not learning these skills in schools, they're not going to use them in the marketplace. In his book, Creating Innovators, The Making of Young People Who Will Change the World, Tony Wagner, an education specialist from Harvard, argues that because knowledge is so readily available nowadays on the Internet, what you know matters less than what you can do with what you know. That's to say, preparing children just to be college-ready with a handful of exam results could actually limit them. Preparing them to be innovation-ready, on the other hand, with exam results, soft skills and transferable experiences, opens up endless possibilities for personal and professional success. That's the key to remaining relevant and employable in a fast-paced, competitive world. Since I started with the conclusion, I think it is only appropriate that I conclude with an introduction. An introduction to the Arab world we want. An Arab world where entrepreneurs teach and our teachers innovate. Where students learn in the playground and dream in the classroom. Where young people start-up companies fail, get inspired by their failure and create bigger and better ones. Where the next big thing was developed by the kid next door. Where there is a revolution every day in streets and squares across the Arab world. A revolution of ideas and innovations. Ladies and gentlemen, it is time to meet the new Arab world. Thank you all very much. Your Majesty, thanks very much for setting the tone for our discussion. We have ample time because of the importance of the issue. We've got a full hour. I just want to remind those in the audience and those who are watching on the streaming broadcast here that we've set up a Twitter address, a Facebook question platform and board, which we've received questions already, and an email address as well. Feel free to have those coming in. I've got an iPad here and I'll be peppering those in after the first couple of rounds of questions. Of course, it wouldn't be in the World Economic Forum spirit if we didn't open the floor to questions. I see a number of familiar faces, a number of chief executives that I'd like to call upon as well who've done their best to create jobs, but I want to discuss concretely again the gap that we have today between what's needed in this expanding economy. This again is not in a contracting economy and this market. Your Majesty referred to it there as a changing Arab region. The magic is going to be when we can create a market the same size and population as America, better than 300 million people, to act like a single market and we have cross-border trade and investment fostering as well. That trend, by the way, was emerging before the Arab Spring. It's time to reignite it, of course, to address this issue of youth. The panelists, you know, their names are on the board so I don't want to spend time doing that. I'd like to call on Majid Jaffer initially here. And only in my first question I want to take a look back because I know he's been working very tirelessly to bring this to the forefront as the next generation of business leaders in the region to put youth unemployment right at the front of the agenda here. I've been covering the issue for 10 years, going back to the Arab Business Council's very aggressive work in 2003 and remember attending a summit back in Bahrain on this very subject. What has not worked in the time that we've identified the fact that 100 million jobs need to be created in the next 20 years? So we're at the halfway point. You've done a lot of research on this. Have we benchmarked on that 100 million target, which now people suggest needs to be 85 million by the year 2020? Have we created the 15 million jobs or not? But as a society we benchmarking real production and real creation of jobs or have we just gone backward in the first 10 years of this conversation? Thanks, John. Well, I think we haven't done enough clearly. We're going to be at 500 million in this region by 2025 and you talked about the 85 million in the next 10 years. But as Her Majesty made clear the last couple of years and the transitions we've seen have actually made the problem worse. So what was a chronic problem that we've been talking about for the last decade in the region has now become an acute crisis. And as our friend, Mesut Ahmad of the IMF says, we've spent all the time in the last two years looking at the consequences of the so-called Arab Spring and nothing has been done about the underlying causes. And all the polls that have been run in the region with young people show that that is the number one issue, it's jobs. It was and is even more so the case today. In Egypt, actually, democracy was number nine on the list of priorities below the Palestinian-Israeli crisis. The latest poll that was done by Asda in Dubai that a good-paying job is the number one thing that young people in this region want. It is the dignity. It's not from just voting at a ballot box and all the debate has been about when is the next election going to come. So we have the global economic crisis. Our own issues couldn't come at a worse time. The US has its own fiscal issues, political issues, Europe's got its debt issues, and we still have raging conflict, of course. Let's not forget about that in Syria and instability in other places of the world. But we do still need to start looking at the underlying causes. Failure to employ our youth is not just lower growth today. It threatens our tomorrow. And in our region, I think we still do suffer from the main causes of the youth unemployment. The low growth, clogged labor markets, and a mismatch between education and work. Now, the high-level statistics, we keep hearing them. As Her Majesty said, we've been hearing them again and again. So forget about the high-level statistics. I can't imagine what 85 million people is. Let's make it personal. You're 23 years old. You're living in a crowded apartment with your parents and many siblings. You could be in Cairo, you could be in Sana'a, you could be here in Amman. You haven't done anything productively since you finished education about three or even four years ago. You've had the odd part-time job, and other than that, you surf the Internet. Try and feel that desperation. It's hard because I'll wager most of the people in this room when they were 23 years old had a bright future ahead of them and were excited about it. It's very hard to understand, but do try and empathize because we need to get, as you said, more granular and away from just the high-level numbers. Okay, good. Thank you very much. You raise a very interesting point here. One of the challenges, Tarek Yusuf, if I can call upon you, your group, Silitech, is actually created to identify opportunities to bring the youth into the workforce. That's the spirit of Silitech and its original design here. What's unusual about this region is that the more educated you are, the more likelihood it's going to be that you're going to be without a job, which seems extremely unusual. It points to the fact we've got a huge gap here between what's coming out of the pipeline in terms of those being educated and what's needed in production lines and software companies, financial institutions in the region. What's your experience? I know it was time at the Dubai School of Government that you did some work and now in Qatar on the same subject matter, but have we identified where that gap is and then restructuring labor practices to identify the training opportunities to put people back to work? John, I'm going to take a step back and maybe go back to what Her Majesty had suggested and what Majid has also alluded to. I think for about a decade now, we've known what the issues are. I don't think there's a debate around the issues, the underlying causes, the driving institutional structural constraints behind not just a transition from education to labor markets, but other transitions that are equally connected to it that are important, whether it's settling down, having a family, owning your own home, these are all dimensions of a larger problem that have to do with our youth being excluded from economic opportunities. So if we've known about the problem for about a decade and we have not really disagreed on the solutions or the modalities for how we approach them, I think the question we need to come back to posed by Her Majesty is, what has held us back? And what can we do now at this moment to achieve the sort of renaissance that we can all dream of, all hope for and perhaps work towards? I've made the transition from being in the classroom and being a researcher to being now on the ground and being in the field. And the last two years of experience in this regard have forced me to evolve rather quickly to update a lot of my assumptions and to upgrade my own thinking as to what are the problems when it comes to transitioning from thinking and analyzing to actually doing things on the ground. And in my view and very, very briefly, I think aside from whether government's already, whether we have grand projects for reform, which we do comprehensive approaches to fixing education and fixing labor laws, we have a lot of these visions outlined and a lot of these solutions articulated. I think our biggest challenge now is in approaching this moment in the region when policy makers are hesitant, countries are in flux, the region is unstable and getting traction on the ground with solutions while incremental can in fact bring about change, innovation and actual results that will affect young people. That's been the lesson for me in the last two years, thinking not about incrementalism as a substitute to big projects, but as an approach to fixing a very complex problem at a moment when the government is not ready, the private sector is still concerned and hesitant and the world at large is not paying attention. So perhaps as Her Majesty suggested and I very much agree and support everything she has argued for, incrementalism built around partnerships to focus on specific micro approaches to these problems, new experiments and models of change. We've done orbit in the organization I work for, what others are doing it and I think it's important that we emphasize that this is not an incrementalism as in the sense of atomism, that everyone is working on his own. There is a movement we're beginning to see in the region as a response to the gaps we're observing where people are working in partnerships, public, private sector, civil society and youth themselves to demonstrate how entrepreneurship works, how innovation works, how career counseling works, how SMEs, startups work, how incubators work. I think at this particular moment and for the next few years, this is the only space in which change can happen. The Arab Renaissance in my humble opinion at this moment starts on the micro level and then builds to where it affects the ideas, affects the policy approaches and affects ultimately how we collectively in this region approach a problem which quite frankly is gonna require everyone to chip in and contribute their fair share. Thank you. Before I move on to our two distinguished industrialists, I wanted to do a quick follow up here and I think where the danger is and Majesty brought this up and its conversations I've had with ministers in the last month on our program from Morocco to Indonesia, Egypt, yesterday with Jordan, Turkey. There is a willingness to want to take action. I haven't met a minister yet that says I don't want to reform my labor laws. I'm not open for foreign direct investment. You can't touch that sector. Ten years ago there was a very candid conversation this is untouchable. Where I think the risk is and I'd like to have you address this if you can quickly is that we had the conversation in Deauville in 2011 after the Arab Spring. We need to provide funding urgently. The GCC needs to step up. The G8 needs to step up. This has to happen urgently. Then we see the governments in flux as you noted here particularly in Egypt and Tunisia and Libya and all of a sudden foreign direct investment dries up. Nobody wants to take the big leap. Nobody wants to take the big punt to come in. Are we risking something really dangerously here that we go back very back in time into that Arab Spring dilemma because we haven't responded to the call where the youth is so frustrated that they just take to the streets and don't even give the new governments a chance. And there's a danger here that the G7 and the GCC are not playing the part to get that bridge financing in in time to address what is an urgent priority. John, you're gonna get me in trouble and I'm gonna resist the temptation to call things in how they are and how they're shaping up. I don't think it will be a surprise to suggest that the world at large including the GCC countries and many other neighbors to this region have largely failed the Arab Spring. I don't think they failed the Arab Spring when it comes to their intentions and their hopes and aspirations for Arab youth but for translating all of that goodwill into practical processes on the ground that have traction. But I think there is more to this John than just simply blaming the outside world or neighbors in the GCC or elsewhere. I think it's about the modalities of how you bring about change. Money alone is not sufficient to address problems that Her Majesty reminded us are institutional, are structural, they begin at home, they go to the classroom, they face you in labor markets and they affect you culturally and at the mindset level. Money alone is not gonna do it. Hence my emphasis earlier on partnerships to work on entry points that bring about change. You know, I know this might strike people as being very trivial but I was shocked as I started traveling the region outside of the confines of my own office where I was abroad and discovered that a very basic thing we take for granted elsewhere in the world, providing career counseling or labor market placement for our youth as they take the first step into labor markets is hardly provided anywhere in this region. Very few universities have made the effort, very few labor markets or ministries have provided the information centers that would allow for simple entry points to start to happen. That's not a problem of funding. That's a problem of someone proposing how to approach it, working with the relevant ministry, working with the private sector to bring about tangible change. In the last two years, in most places I have been to, I have not found the resistance or the apprehension or the hesitance on the part of policy makers when actual practical solutions were provided. I'll tell you what's not gonna work is to hear what was suggested yesterday was for governments to essentially lift their hands and somehow hand this over to actors who would come in from the private sector or civil society to fix this problem. This is not gonna work. This is gonna require all of us working together on smaller, micro, incremental, but aggregating all of this up, demonstrating to our very youth and others how to approach these problems, what works, and showing change at every step of a young man's or a young woman's transition from home into the labor market. Thank you very much. There's a lot of questions coming in on Twitter, Facebook, and on email, which I'll get to after I get to our distinguished industrialists. If I may, Muhammad Al-Madi, I think we should move to the concrete here, and I'm gonna invite Ms. Coleman to do the same. You are major industrialists, two world leaders in fact in your space in the petrochemicals and in the chemical industry. You sit at the center of what King Abdullah is trying to do in terms of transformative spending in a very large scale, $500 billion over five years to diversify the economy. With the King Abdullah University for Science and Technology, which has gotten off to the ground, focusing on graduates. Now, what has this meant for you in hiring at SABIC? Can you find the workers that you want as you expand? You just opened a new facility in Jubail. So have we gone from training people at home, identifying the right education for them, and plugging them right into the SABIC system? Are they still coming out with the wrong skills for what you need as now a global player in this space? Thank you, John. I would like just to digress a little bit and take some of the, answer some of the question you raised earlier. As long as you promise to come back to that question. Just quickly, and then I will come back to answer your question. In my opinion, we're not short of ideas. The ideas are coming from everywhere. Second, governments are sincere in their pledge to solve the unemployment issue. Private sector are sincere also. But the problem really in the execution. In my opinion, execution vehicle is not there. And the reason the execution is not there because there is no umbrella under which the execution will take place. And suggested umbrella and some of our discussion in the last two days was a partnership between youth, government, and the private sector. And then you need a champion to carry those into fulfillment. Right now, there is no head that will carry this execution. Countries rely on labor ministers. They are doing their best. They collect data. They issue guidelines. Sometimes people listen to them, sometimes not. And I don't think the labor mystery is a solution. Secondly, the labor laws are impediment to growing the jobs because in some countries, you have the labor law says you are hired for life. And we have seen the countries like the U.S. with their easy laws and regulations with the labor. They are free to hire and fire and get the best. And therefore, they will spend the time to recruit people. I guess if you solve those, the vehicle by which execution will take place, you will resolve a lot of the issue we are talking about. As far as my company is concerned, we are working with government to find the best models to execute employment in the service sector and employment in the manufacturing and employment through innovation and incubation. We started our first project with the Royal Commission of Jubea and Yemba, our chairman, Prince Saud. He gave us the facilities to train the people. The government from the labor ministry, they gave us the fund to give them two years of salary and we gave a promise that we will hire everybody we train. So far, we hired 1,000 people from contractors, not from our direct hire people from contractors. And we are using now about 7,000 contractors. So we will hire those 7,000 and the company will be completely Saudiized, not only the company, but also its service contractor. Manufacturing, we have created through our own innovation and through imported innovation from outside the country, different intermediate products to where we created again with our collaborator, the Royal Commission, we will be creating parks, called plug-and-play parks, the way the Royal Commission is gonna supply all the requirements of infrastructure and we will supply our own material. And then we will engage the outside world from different countries to bring technologies to take our material and take the existing infrastructure and build manufacturing facilities for our markets and for export in the region. And thirdly, we have good cooperation with universities. We are working with all universities in Saudi Arabia and especially King Abdullah University. And we are working with them in getting practical solutions. We, for example, we hired five assistant professors and got them to work on certain projects and those certain projects will see them in the incubation and it will be, it will hire the people that are required to run these projects and we are going to assist them with money and with the people to assist them in the marketing or project management and what have you. Lastly, we are sending people overseas, our 500 people we have so far and all over the world to get educated and we bring them back. So we have a pipeline of people who go and study in the prestigious university and come back and work for us. So I think through these programs, we are expecting to at least hire 80,000 people. Wow, interesting. Can we ask a very blunt question, good or bad idea of the Saudiization? Good or bad? Good or bad idea? It sets these quotas for local hires, whether they're ready or not. Sorry to put you on the spot, I'm just curious. Well, I'm not gonna see. We're going to do a similar process in the UAE and these programs stand phenomenal by the way. I've read a lot about it so nobody's gonna argue about what you're doing but it's been stamped with, it has to be Saudi hires. This is the quota for a company whether that person works or not and come hell or high water, that has to happen because of the pressures underway. Well, I mean. Is it a good idea to implement it so fast? There is pressure, of course, and they are going for quick wins. The quick wins is to go after certain category of people and say, you know, you have to be in this range or that range. And when they say it doesn't work, they adjust. So, but there's nothing better than really working together with government and the youth, in my opinion. Government can solve it alone. So you think the private partnership is actually working? Yes. Before I come to Ellen, I want to ask a question though. Why is the youth unemployment rate so high in Saudi Arabia? Just as an example, you're not alone in this space, but it's around 28%. For a government that's spending half a trillion dollars over a five year window. So are we just behind the curve and what you're doing now with companies like Saudi Aramco and the others that are coming into the market will help solve this problem? I'm trying to see if there's light at the end of the tunnel, Mohammed, and that's why I'm asking this question. Just behind the curve and this problem will make a big dent in that 85 million that Majeed was talking about? Well, like Her Majesty mentioned, it's education. There is mismatch between the job market requirement and what the universities provide. It's beginning to change. It's beginning to change. And we are hopeful that, but it's a slow change. It's gonna take maybe 10 years before we can adjust this mismatch. And secondly, there is an open flood gate of foreigners coming to the country and they are cheaper and they are very patient with their employer. And therefore, people don't look at this as very important to themself. So you need to keep that balance? So you need that balance to the mismatch and this foreign labor coming from outside to be adjusted to really solve the situation. Great, thanks very much. I mean, we've all watched the work of Sabek in the last five years and what it's developed, so I wanna come back to you on that. Ellen, I appreciate your patience. We wanted to listen to the local insight before we called upon you. And there's a lot of different roles you can play in this discussion, but from what you've heard so far and then the practices that you've experienced as a globalist candidly, but the US practices of training, what you're finding out of the university system now, do you have the same challenges with what you hire and then being ready to plug and play within the DuPont infrastructure? Is that a big challenge still? Yeah, you know, I think that when you look at education and I'm listening to the issues and in my meetings here, it's very similar to the same issues we face in the United States. You know, the unemployment numbers may be different. We topped out at about 12%. Now we're down to around seven and change percent unemployment in the US and it's worse for younger, lesser-trained individuals. And part of the issue is, I believe, there's a change has to occur, not only for the current generation of unemployed, but the problem's gonna persist unless we make fundamental changes in education starting at the very earliest stages and really introducing the world our children are growing up in is different than the curriculum that they are getting in schools today, especially around science. And they are not prepared in terms of the changes in the workplace that have occurred in the last 10 years. For instance, the soft skills that our Majesty spoke about, teamwork, collaboration, or critical skills for us when we hire. And we tend to be training in the soft skills a lot more so than we anticipated. We expect that the education system to keep up. It has not. We talk very clearly, we feel we're the customer of the universities and the countries we operate in and we speak very clearly about what we need in that product, not only from a education curriculum knowledge standpoint, but from the behaviors that are critical for these kids to be successful in a company. It's understanding different cultures. It's understanding how to work together across boundaries because work is done at the boundaries these days. It's not done in stovepipes. And so the education system from the very earliest stages has to change so that the 10 years from now or 15 years from now you're getting kids that are much better prepared, but there have to be programs in the interim that so you don't have a lost generation or two. We're reaching out to community colleges as a system in the U.S. that takes a lot of the young that aren't really qualified for four year education and they teach them in more vocational type of skills. We've had to partner with them to get operators and technicians for our plants and for our laboratories because we can't find them. We had a plant in Texas that had 22 openings. We had 900 people apply and 16 had the skills. And so when we saw that, that was five years ago, we had to start working with the colleges locally to even get the training done at that level. Wow, you have to be very active with this. Let's take your experience around the world running the global corporation. What is working today? Now we've talked about the German vocational system working very well. We've seen systems within the Nordic countries actually taking two years personalized training, matching the individual to a job that's potentially in the marketplace. These are two examples of things that work. Singapore is fabled for its training systems and matching what's needed in the system to what the demands are for companies around the world. Some of the training programs, for example, you've seen in the States. What do you like about the two tiered system of high-end engineering and science and the right vocational training for those who are not gonna go on to university? That's a choice. You know, I do think it is in segmentation and some of the best programs I've seen have really started working with kids about the age of 14 to really understand what their strengths are, what their development gaps are, and really starting to talk to them at that point in time about what they wanna do as they complete their education and get in the workforce. And it's not that they're pegging them for a certain slot, but they are starting to get the individuals, the kids themselves, to think about it at that age. So often, that's not introduced until they're 18 or 19 years old, and they've lost an opportunity maybe to get skills or take certain classes or do certain extracurricular activities or internships that might really give them the ability to understand the world and what they need to do to be relevant to it and be able to be employable. And so some of those best programs start with the kids at 14. Okay, I wanna go back to an idea that's put out of history books for a moment here and the big Marshall Fund effort that took place after World War II and this marshaling of resources to tackle a problem of rebuilding of Europe. So let's be blunt, I would say after the Arab Spring, this is almost the same requirement. And we're looking for the right vehicle in which to do this. So we've talked about a lot of different vehicles. The European Bank for Reconstruction Development is going into North Africa right now to kinda redefine its role. The Arab Monetary Fund discuss Africa Development Bank has discussed the World Bank. Why create another institution? We have the International Monetary Fund there. Why don't they work in partnership, set up operations in North Africa to tackle this problem. So but gee, I know you've discussed the Arab Stabilization Plan that's starting to take shape here at the World Economic Forum. We've heard the pledges from Deville. We don't need to recreate the wheel, but what are the best vehicles to say we can put funding in here, take the ideas that Mohammed and Ellen put on the table. Tarek says he's got this with Silitec and set up a structure that's extremely efficient to identify growth areas and the best USP for a country. What's Morocco good at? What's Tunisia good at? What's Libya good at? What's Egypt good at? Apply that funding in a very direct way so we can move forward out of the theoretical into the practical. Thanks, John. Well, looking back at the historical example you gave, the US did what it did in post-war Europe with a political objective, which was to stop the spread of communism. Likewise here in this region, regardless of what people think about Islamist politics or democracy or the changes that are taking place, everybody can agree that extremism and instability are a common enemy and that the youth unemployment crisis is a major driver of that. Now, through the Arab Stabilization Plan, what we've been trying to do is focus on the infrastructure space, which is one of the key themes of this summit as well. This region, according to the World Bank, needs $75 to $100 billion a year of infrastructure spending. We're way below where we should be. If I can ask you here, which sectors specifically, we're talking about roads, trains, sewage systems. I mean, it's transportation, it's energy as well. It's telecoms. I mean, it's infrastructure in the widest sense, even as far as health and education, but more on the physical, not on the government services side. I mean, it's 5% of government spending in this region goes on infrastructure compared to 15% in China. And infrastructure, hearing from the IFC yesterday, infrastructure spending in China is the biggest driver behind their growth. They have a fearless government that just invests regardless of what's going on in the rest of the world. And this is why we haven't seen another Tiananmen Square in my view and unfortunately why we're going to see many more Tahir squares. Now, looking at the possible impact, again, based on World Bank figures, every billion dollars could create 100,000 jobs, particularly in the oil importing countries. So just $100 billion, which is not a large amount, given the financial assets in the region, close to $2 trillion already and at least as much again in the private sector. We could create 10 million jobs in this region and that would be a game changer. I mean, looking at all that's required to do, trying to break it down, there's the short-term immediate fiscal support and you've had the IMF loan discussions with Egypt and other countries and certain GCC countries trying to help and you need to shore up without supporting the currencies, all bets are off. And you've got the longer-term generational type reforms that are needed, which we've been talking about for the decade or so in SMEs and education from KG all the way up, legal reforms, et cetera. But in the middle, in this three- to eight-year period, we've got to make the transition in a stable manner and the first thing to do is addressing inclusive job-creating growth. And in our view, the infrastructure investment is a major way to do that. We have the capital in the region and the know-how is available in the West, not the capital today. There must be a way of marrying the two and enabling that. Terrik, what would you think would be a good institutional structure to make that work? We, I guess it was suggested, but I don't think we need another institution. Have we identified the correct institution in your view? I have nothing against thinking big and imagining a 2000th, you know, circa 2013 Arab Marshall plan. I just don't think the way it has been at least proposed, the parameters around the role of the outside world, the condition of countries in our region, I'm not convinced that this vehicle will be able to address all the objectives that have been outlined for it to achieve. I could see it filling some very important financing gaps in the realm of infrastructure. I could see it providing important funding for countries that need to build up certain underlying physical spaces, whether it's infrastructure or some aspects of the services. But I think we have to still think through the financing issues. Who pays for it? How is this gonna be managed? We have to be cognizant of the fact that the Arab world is not the Arab world it was just a few years ago. We have at least two Arab worlds at the moment. They don't see eye to eye on most issues. They've not yet come to terms with the transformative events that have taken place that remains immense suspicion between policymakers across the divide on who has which intentions, who's trying to do what, what took place in World War II, took place against a particular context, a particular convention of wisdom, a particular mindset. More importantly, going beyond thinking about infrastructure, I don't think any amount of money per se is gonna solve structural and situational problems that have to do with youth employment that start at home or in school or in financial markets or in access to housing. These are issues that require laws, regulations, teachers, mentors, entrepreneurs. I'd rather spend $5 million, which we did last year, on creating 5,000 small micro enterprises across the region. We could have put a lot more money into micro finance for youth. It turns out the bottleneck wasn't really in financing. It was in getting the institutions in the region that would like to lend to youth to be ready, technically, investing in their staff, designing products, putting in checks and balances, safety nets, training them. You can't have a banking institution in country X, and there is a country X, whose average staff age is 42, deal with youth who come through the door and want to, in fact, have access to financing. It doesn't work. You can work on the institutions on non-financial aspects and, in my view, respond to the grassroots nature of the change taking place in the region. This is about people's empowerment. This is about individual realization of their goals. This is not about Europe, the U.S., or outside actors, however good their intentions may be, coming and designing a vision for how economic transformation is gonna happen. I don't think it's gonna happen, and I'm not sure it's the right way to go. Okay, Mohamed, you get your hand up here, and then we'll go to the floor into our questions, please. I am also the same opinion like you, that this Marshall Plan is really, just people talk about Marshall Plan for the sake of Marshall Plan. Look at the Arab world. They are dividing two categories, people, countries that are rich, countries that are poor, the rich countries. They have money, but they have unemployment. So what does Marshall Plan, if you make somebody rich, does he gonna solve his employment? No, because we have good example. The second, those poor countries, they import majority of their labor from outside, and they have jobs for them. So the problem really, you have to tackle the cultural dimension of the labor force. People don't accept jobs. They want the jobs that will give them higher money and stability, and it's not gonna happen. They have to accept certain jobs, category that fits their situation, and therefore I think the countries have to work very hard on how to change the perception of the, of their youth so that they can accept the existing jobs, and then you can later transform the Arab world into exchange of resources here and there to improve their situation. So I think, my opinion, the people themselves need to change themself, and how do you change it? Government have to find, you know, probably draft them in the military for six months, before they go to the job market, or do something like that. So for training, even in cultural training? Yeah, give them resilience, give them, have to be modest, have to work, have to, you know, take the ladder step by step until they reach what they want. Interesting, good. Ellen, you had your comment here. Just another point I wanted to bring up was the role of research. You know, many governments consider investment in research to be an extravagance, and I spend a lot of time lobbying in my own country for the continued investment in the US government into research and development. That's because research is a driver of economic growth and is a driver of business and of employment. And if you think about this region, in the world, on average, 1.7% of GDP is spent on research. In this region, it's 0.2%. And when, you know, I'm in region, I'm meeting with partners and with customers, and a lot of it is about partnering to bring our science locally to help solve some of the issues, whether it's in agriculture or in food ingredients or in the industrial side. And I have seen how that investment in research translates not only into stronger universities and a stronger educational system, but then translates into sustainable job development. Because as that research is completed, as it translates into products production supply chains, it creates a virtuous cycle of growth. And I think that in addition to infrastructure, considering how research can help provide that stability over a longer period of time. Good. Very quickly, Mohamed. How much on, if you can move your microphone to you, what do you spend as a percentage of revenues on R&D, would you say, on an annualized basis? What sort of layout are you looking at? Well, we cannot compete with DuPont, for sure. How I can meet you. Looks like you're doing a pretty damn good job. From what I can see, I don't think you're lagging. You know, we started like a basic chemical company, so now we are going to more sophisticated products. So our spending is less than 1%. What are you at? We're at five. At five. So that's a good example, but you're not stopping at 1% I would take if I'm looking at what you're doing. We'll continue. Okay, I want to bring a question, some phenomenal questions coming in on the feeds here. Let me see if I can spotlight, kind of a little bit too old school, but I think I'll play the game a little bit. There we go. This is from Badria Hulia, and this is for Ellen. How are we going to empower young women so that they can claim working woman identity besides potential mom identity? I'm not sure which country that's from, but I'm sure it's a local tweet. Well, I mean, that's a global phenomena in terms of women. How do you balance the two, you have to. You balance, there is no balance in life, is there? Especially if you have three children, and that's which I have. But I tell you, my business, my company is a passion. My family's my passion as well, and so somehow you make it work out. I think more importantly, what I didn't realize is I, in the workforce, is what great role models, women are for our young women. They look to the engineers, my women engineers, or my women that are in finance. And they're great role models, and we spend time out in schools. I personally go out to some of the inner city schools and in the city where I live, and talk to 14 year olds around what they wanna do. And I think as a woman, as an engineer, and as the CEO of a company, I just really feel it's part of my role to help in that process of continuing that development of women. Candidate American question, were you ever called a geek when you were an engineer? Oh, totally. There weren't many women engineers when I graduated. I can tell you that. Can I step in on that, John? Because I think, you know, Ellen is an inspiring role model on a global level. But unfortunately in this region, we don't have that many. I can't think of one corporate CEO who's not in a family business who is a woman in this region, or even of a national company, a government company. And youth unemployment is over 40% on average for women in this region. So, a recent World Bank, very good World Bank report that just came out. I mean, there is improvement, but it's so slow as far as participation that they said it would take 150 years for the MENA region to catch up with global averages, not even Western or developed economies, just global averages of female participation in the workforce. And that's not just a good policy, that's a fundamental economic and social issue. If we're not educating and enabling proper participation of our female population, we are cursing the education of the next generation because they are the mothers. We will never make real inroads on birth rates, which are the main driver behind the youth quake that we're facing today in this region. And we're stunting our growth. This is a wake-up call. We've got to do more on female participation, and it does start culturally, but also on the policy side. Good. My time I spent in Saudi Arabia, thanks. I think we've answered that question, which is good. It's amazing. The women can't drive in Saudi Arabia, but they're really good at their jobs, all the ones I've interfaced with. So, step-by-step things have been opening up in the kingdom. Shikha Moses has been a phenomenal example in terms of setting up education. Qatar, we've seen the work of Her Majesty here in Jordan. Shikha Ludnall-Costome, who's attending here, all pretty good role models for what could be done in the region. Another question here that I'm gonna go to the floor. Let me see if I can call it up. A very excellent question. Let me see if I can bring in the spotlight if it's there. Could Arab youth unemployment be solved by economic integration and cross-border movement of labor between Arab countries? This is from Bashir Salatai. This is a subject we've talked about a lot. Potential market of 350 million consumers. Majeed said it's gonna grow to a half a billion in our near-term frame. Borders still exist, it seems like. Mohammad, do you would agree? We don't create, like an emerging market that other outside investors would like to come into. The GCC, for example, still barriers amongst the six countries. They're looking to expand or bring Jordan and Morocco, and there was a priority, it's disappeared. How about the broader MENA region itself? There's still barriers that exist. No, I agree, 100%. The rules, the borders is impediment to bringing Arab workforce, especially the talented ones, to exchange between the regions, and now they are importing labor from outside the Arab world. So I think by relaxing the movement of trade and then later stage the movement of labor force, I think it's going to have a very good contribution to solving this issue. Are they moving fast enough, though, or if I can be a candidate here, because I now live in the region, are the trading families in each one of these countries that I've talked about holding back an openness that should be taking place? It's almost a cartel-like structure that's still in place, but the large trading families controlling a disproportionate amount of an economy. It's now it's changing. For example, in the GCC countries, there is movement of trade, there is exchange of labor force between, so it is going to other GCC countries and working. So I think if it could have been in North Africa and here in this region, it will eventually come together. Okay. If we could turn the lights up, please. I mean, we have the wireless microphones. If I can see those microphones, please. And we'll move rather quickly. Dr. Olesis is in the first row and we have the lady there in the third row. If you can put your hand up again. We have another microphone, please. In that second row there. Perfect, we had a hand up here. Reem is here in the first row as well. If we have a third microphone, let's bring it to here. We can move it really quickly. Dr. Olesis, if you can direct it to those on the panel as well, it'd be appreciative. Sure, thank you, John. Muhammad Alissa, I'm a professor at the American University in Cairo. There is an exciting new development happening in education. The barriers to entry are being dropped. Initiatives such as edx.harvard and MIT are doing. A student at in Amman or Cairo can attend a Harvard class with the best professor. Is it time we stop pumping billions into a draconian failing education system and start what Tata exactly said, empowering the next step after the learning, as Her Majesty alluded, into actually applying. How can we do that? How can we do that on a micro level? How can we do that effectively? We're starting to take steps in that direction, Muhammad. I'm getting excited about the potential for education to be provided at a quality level through these so-called MOOCs, a lot of online education that's provided for free, on the same quality as you would get at the Western Institutions. But some work has to be done in adapting this to a region. In some cases, translation can be provided. In other cases, there are elements of guidance and counseling that has to be. This is one practical example of how you can work with the Ministry of Education or some schools to adapt such curriculum as an add-on to existing curriculum, with the goal ultimately of lowering all the spending that goes into wasteful education programs. But I think the lesson in what you've suggested is precisely what I was trying to allude to earlier. It is, when I mean thinking outside the box is not bringing the same old policies and somehow just adding incremental changes on how they're provided and hoping that, in fact, the results will somehow be amplified. It's about maybe improving existing processes but also thinking innovatively about how you can do the same thing and doing differently. Let me just highlight this with one concrete example. Again, because it uses technology. This was education. This is an example from the world of access to finance. We invested a year ago, also in a number of colleagues, into a peer-to-peer lending platform called Kiva. So there's a Kiva Arab World channel that provides micro loans to youth in the region. I thought this was a crazy idea when it was first presented to me. But it was youngsters who convinced me, ultimately, to invest some money in it. In a six-month period, this peer-to-peer platform on the web facilitated over $3.5 million of loans that were provided by over 65,000 individuals from around the world to Arab youth that created over 2,500 micro enterprises. You didn't need governments. You didn't need mass grant programs of funding. You didn't even need the outside world to step in and necessarily do any more than to cooperate with you in using technology, bringing new ideas to solve practical problems. This is the kind of innovation I think Her Majesty handed mind that is what you could do now and you could scale up results very, very quickly. I'm not very hopeful on a lot of the old ideas which essentially required governments to do everything or necessitated that governments would mandate and manage everything. Let me just forgive me, John, I'm abusing your niceties here. Majid highlighted the problems with the, not just the low levels of female labor force participation, but the declines that have happened in female labor force participation in the last decade. This was a big surprise for a lot of us who thought simply because women have become more educated, they will enter the labor force. Well, what are some of the practical constraints facing women in their entry into the labor force? I think we also know some of these constraints. They have to do with notions of appropriate work, notions of a safe working place, notions that revolve around segregation in the workplace. Who's working to actually practically solve these problems? How many companies have we seen in the region that have actually provided safe transportation from women from home to work to alleviate the social constraint which is driving a lot of the low levels of female labor force participation. And finally, Saudi Arabia, one of the most conservative countries when it comes to women's labor force empowerment indeed, but there is a movement now in Saudi Arabia to empower women to work from home. Movement that is getting support from government, from the Ministry of Labor, and from entrepreneurs. Maybe by restoring the dignity of work from home, we could also help empower our women as they face social constraints in entering the marketplace. This is the innovation that I think the Arab world needs now. Great. Not a lot of the old ideas. We've got a lot of good questions here on the floor on the iPads. I'm going to see if we can go through the questions on the floor quickly. Please identify yourself and direct the question. Mahal Fahum, Managing Director of Invest Suisse. There are a lot of initiatives that are available, but the problem is... Excuse me for a second. Invest Suisse, you said. Okay, good. Lots of initiatives worldwide, but the problem is that youth are not aware and they don't know about it. There are institutions that provide training, like Abdul Latif Jameel, like Sabik. There are institutions that provide coaching. There are institutions that provide lending and financing. The problem is, for example, youth do not have access. So to this information, and information is power. So what we need is a portal, a unified portal whereby youth, when they need coach, when they need to know about scholarships. For example, I want to pinpoint that Melinda and Bill Gates Foundation, they have a website whereby they offer mathematics and physics courses free of charge for students. So we can also do training. And the most important thing we want to show the Arab youth the role model, the success stories. So if we group all this in one portal, that would help a lot. And I would like to invite Her Majesty and the Office of Her Majesty to adopt such a portal, to be called like Arab employment opportunity portal where all the information needed be in this portal. For example, the global shaper. Nobody knows about, not all youth knows about the global shapers and about the initiatives. So this is... So we don't have to think big. We can think small and try to do things that we can implement, implement it simply and to start with a portal. Thank you. Very good idea here. Question, Rima Drum. We have a lot of hands up. If you can just a second, Rima, before you carry on. We have to see Cornelia Meyers' hands up there. If we can get a microphone into the middle of the backpack. This gentleman had his hand up here and I'll just hold offers because I don't know if I'll get the time. We have two microphones there. I don't see the microphones going there to that side, please quickly because we don't have that much time. Rima, thanks. Thank you. I really thank the participants for their input really magnificent. We have high unemployment in our region and most of this unemployment is within women and they considered like 20% of GDP input in our region on average. May I ask you gentlemen and the lady as well. I'm very proud to have her on this panel. Practically speaking, in your companies, how many women are there? How many women on your boards? And what are you doing about this? And let's be practical about this issue. Who wants to jump in? Majid, do you have women on your board yet? Yeah, I'm from the oil and gas sector. We're more male dominated than the military, I'm afraid. But we do have women in the company and actually on the down a gas on the board as well. And this is something that we do seek to adopt and implement at every possible level. Terrific, who else wants to jump in? I said that Shayka Moses has been setting an example in Qatar, that she filtered into Silitec and making sure you're doing the same. I think about 60% of our employees are women, 30% on the executive team. And our board is split 50-50 between women and men and it gives me great pleasure since you've asked the question. Thank you, you've asked the question. To recognize a sitting board member from Silitec who happens to be a very, very powerful woman in her own right and her voice and what she does in championing women. Her Highness Princess Amira Tawil, I recognize you, you're sitting there. Thank you for being in this session and thank you for being a member of our board and a very active one. Thank you. Mohamed? We have 30% if you count the North America, Europe and China. So I see you're setting a new benchmark for yourself. We say in television we would be sunk without the women because they're not black and white like the boys, they're much more creative, so I love my job but I really love having these very creative women around who make multitasking compared to the boys look very simple. We're not very good at multitasking. Ellen, outside of being the chairman and chief executive of DuPont, what have you done for us lately in terms of hiring women? Yeah, so we are a lot like Mohamed since we're a global company. We're a little over a third women, about a third of our board members are women. In the United States it's more heavily a female. Even in Europe we lag a little bit from a global perspective. In Asia is less and then in this area I'm very proud to say we do have, I think at last count it was close to 20% women but we work it at heart. It is, we have our core values as a company, we only have four, one safety, so you can imagine running hazardous operations like we do and others environmental stewardship, at highest ethical behavior and the fourth is respect for people and in that comes an inclusion that we want all of our people around the world to feel included in helping our company succeed and part of that inclusion very much is diversity whether it's cultural or gender or in whatever aspect you can measure that diversity. So it's a very active part of our process of hiring and of developing people. It took us a little bit of time in Abu Dhabi by the way but we set up an internship program and the amount of women that come into the internship program to work at CNN is extraordinary with very bright lights and ready to work and well trained out of the universities as well. So surprise to me when we came onto the ground how willing they would be to jump into the workforce and get into the creative industry and really open minded which has been incredibly and we're talking about the late teens that have jumped into the workforce. Can we have two microphones out? There was a gentleman there. Yeah, please, please, sir, that's you. Stand up. Yeah. Very quickly, please. The ride Mahasse from Gargour. There is a misinterpretation actually about the Marshall Plan. The Marshall Plan is not only the transfer of funds. It's definitely the transfer of principle associated. Human rights, women rights, transparency and allowing the youth the right to speak out and to dictate themselves the policy for their future. I was surprised a bit and negatively surprised by the notation that we would send them to military camps. That's not the spirit we want to have in the Middle East. We want definitely to close the gap between the rich and the poor so that we live in a region that is accepted by all religions as well as by globalization. Thank you. Thank you. Can I, John, can I just come in there? Very quickly, yeah, of course. On the military camps, although that is a Marshall Plan of a different spelling, but I actually do want to build on that because one thing Tarek raised, I heard in Dubai recently on the panel, not about military service, but some sort of civic service. I mean, there's a similar scheme in the U.S. which was revitalized after the economic crisis where there's a kind of national service across the region. It could be as short as six months, Mr. Muhammad mentioned yesterday, where they get the basic skills. It's too late to try and, you know, reforming of education will take a generation from KG up, but at least to help those get into the workplace, an online and technology and a portal could be a good facilitator, but the basic skills of how to apply for a job, how to be on the job, communication skills, the things which employers want because we have a lot of degrees in the region, not enough skills, employability is the thing we need to be targeting. So not military, for sure, we don't need more of that, but some sort of service program. I'd love Tarek to come in here on that. I agree fully with you. It turns out in fact that a lot of our countries have national service. It just happens to be a dead weight period in an individual's young life. You go and waste two years and get very little out of it. If you could modernize this national service to do precisely the things Majid had alerted us all to, teamwork, discipline, efficiency, communication skills, these are mandatory periods that a young person spends of his lifetime, which can in fact become a stepping stone into becoming a more employable individual. We're right up against our time here. I did have two microphones at Cornelia Meyer and Princess Mira as well, and then we'll have to call it a day. Please, there. Do we have the microphone? Thank you. Mina, I just said they're right behind you. Please, if you don't mind. Thanks. And we have a microphone here in the second row as well. Thanks. Sorry about that. Thank you very much. Thank you for an excellent panel. I'd like to go back to sort of the enabling infrastructure for creating employment, which is the legal infrastructure, creating the level playing field. And I think there is a lot that the local governments can do in terms of getting things going, such as good bankruptcy laws, so you can start the business, but you can also fail with grace without going to jail. That's very important because we need entrepreneurs if we want to employ all these people. I think that's a very crucial part. Great. Ellen, it would be good to get a very quick comment. As a foreign direct investor, I've always suggested this in our coverage that you look at probably five key things, right? Labor laws, the rule of law, an open press, democracy, the ability to vote, women's rights. Where does the legal framework land on that checklist for you before you allocate money to a country? It's very important because it actually translates into a lot of different effects in the country. For instance, corruption, things like that. So if you have a strong legal framework, a strong rule of law, where the rules are clear, it almost doesn't matter what the rules are, but it really matters that the rules are clear because then you can make your decisions on an informed basis, and that is absolutely critical to our decisions on investment. Great. I was wondering how we're gonna get through an hour of 15 minutes and now we're running out of time. There's always great questions here. President Meir, if you wanna interject, please. Thanks. I have a question, which is for Mohammed representing Sabik. In Saudi Arabia, women represent 85% of unemployment. Now Sabik hasn't opened doors for women yet to be employed in Saudi Arabia, whereby Aramco, a successful example of employing women, has done so. And my question is, why haven't you opened the door yet and why the delay? Thank you. First of all, it's not true that we have not opened the door. We hired more than 50 women so far in the process. Yes. Sorry, how many do you employ in the country? 50. No, but in total, I'm sorry, how many employees do you have in Saudi Arabia? Employees, we have about 20,000 Saudis. Okay. Yeah. You're coming. I know. You're coming. No, you have to start somewhere. No, just be candid. I'm not criticizing, I'm just asking. Listen, we have been slow for sure. And that was not really by design that we want to be against Sumeru. I think that we want to get the best practice done in Saudi Arabia because there are many mistakes that has happened. And it really gave bad names for the employees and for the employers. And now we are in a position really to get the best practice and do it in our company. You will see a big change. Thank you. Thanks. I can't take any more questions because we run up against time, but we had a lot of input coming from online. One of them I thought was a very interesting question says, why should we use public-private partnerships? It sounds very good in theory, but they don't work. Your two examples would PPPs work, right? You use them with education. You've used them clearly. You'd be a big supporter of a public-private partnership. You're doing them in Saudi Arabia. Yes. Is there a problem with them or do you think they work? No, there is no problem. It's working and we have good partnership with government and it's really, we are engaging them all the time and taking one project together. Ellen? Yeah, I think they're essential. I think they have to be set up with great clarity on what the goal is. And I think if you're aligned around what you're trying to get done, then they can be very successful. Good. There's a final question from Maneer Attalia and I won't put it up because we have tied on time. How can we solve decades-old problems with decades-old regimes? Well, I think in the last few years we've realized that some regimes don't last. There's a lot of regimes that have been there in place. Do they need to be responsible, held accountable is the big question. That's not a very simple question to Tarek Yusuf but I'm gonna use it as our final thought here. I think accountability in this sort of 21st century is not a question anymore, right? I don't think it's a question, John, and just go back to where we started off with Her Majesty's own remarks on notwithstanding the urgency, the consensus around the need for change. The Arab world over the last 15 years has wasted tremendous opportunities to bring about organic change, self-driven change, especially led by governments. I think from that perspective of policy and change, one could understand why the transformations in Egypt, Tunisia, Libya, and Yemen had to happen. They had to open up and create an opportunity for policy makers to in fact bring about change by forcing accountability, by forcing regime change in some cases, and by opening up the political space to greater contestation. I think that is the biggest message, perhaps from a policy perspective, emanating out of the Arab Spring one of accountability, transparency. Yes, it means a lot of chaos, a lot of confusion, a lot of muddling through in the short term, but it makes these regimes incredibly accountable to the public at every step of the way and maybe that is one important gain from the transformation that is engulfed some of these countries. Okay, thank you very much. I wanted to thank Ryan's Queen, Rania, who's as a member of the Foundation Board has put this and kept it on the agenda of the World Economic Forum. I'd like to think we're doing our part. In fact, at six o'clock tonight, we have a special report on the youth bulge and some of the challenges in the post-Arab Spring economies and managing change. It'll also be on Marketplace Middle East. That's our special coverage next weekend, Friday, Saturday, Sunday. On the very same subject, taking a lot of content from here. A great round of applause for the questions that came in, questions from the floor and the questions from our panel. Thanks very much. Can I say in my final thoughts here, a much more constructive discussion than we had two years ago. Much more practical. I see solutions coming forward. They're not theoretical. They're actually action-oriented, which is a real pleasure. Thanks again for your time.