"I see the World Economic Forum on the Middle East as signalling to the world that the leaders from the region are ready to take their fate into their own hands." Klaus Schwab Founder and Executive Chairman, World Economic Forum

The World Economic Forum on the Middle East returned to its home in Jordan, where the meeting was first held four years ago. More than 1,200 business, government and civil society leaders from 56 countries convened by the shores of the Dead Sea to discuss how to turn the region's diversity - long a source of conflict and confusion - into a powerful advantage to achieve peace, stability and growth.

Jordan's King Abdullah Ibn Al Hussein called on participants to begin thinking about "the day after peace" when the Middle East will need to address such pressing issues as water management, infrastructure development and, most importantly, the creation of jobs for the 200 million people of the region who are under the age of 24. "I urge you to start the dialogue, a dialogue of action, that can inspire and lead our region forward," the King said. "I urge you to ask yourselves: what about the day after peace?"

Participants took His Majesty's profound challenge to heart. In sessions that focused on industries of the future - private equity, technology, Islamic finance, renewable energy - they discussed how the Middle East could diversify its economies and create newwealth-generating opportunities beyond oil. Participants also examined the social changes playing out in the region, particularly those driven by the burgeoning ranks of young people, the emergence of entrepreneurs and the empowerment of women.

By focusing on the future and the great potential of the days after peace, participants put the political issues - the lingering disputes and the seemingly intractable conflicts - in proper perspective. These still pose tremendous challenges of course but if there is the will and desire to achieve what all the people of the Middle East want, then they can be surmounted. Concluded Klaus Schwab, Founder and Executive Chairman of the World Economic Forum: "I see the World Economic Forum on the Middle East as signalling to the world that the leaders from the region are ready to take their fate into their own hands."

They must. While dialogue can take time, the region does not enjoy that luxury. The plain fact is that across the region, people are dying from needless violence, destruction and disease. Action is of the essence. As King Abdullah put it: "This is our year of opportunity - opportunity to end violence, opportunity to make peace, opportunity to build the regional economic powerhouse of tomorrow. The future begins here and now."

The theme of the 2007 World Economic Forum on the Middle East was "Putting Diversity to Work". Sessions and workshops were organized under three subthemes: Industries of the Future; Peace, Stability and International Relations; and "Society and Change".

Industries of the Future
The Middle East is at an inflection point as several business trends are reshaping the economies of the Middle East. These include the growth of the Internet, the expansion of private equity investment, and the emergence of entrepreneurs who are driving diversification away from oil.

•	The future of the Middle East will depend on its people not on its oil. The key to the region's success will be the creation of new jobs for the millions of young people entering the workforce. The region will need entrepreneurs and small companies to promote the growth of new, dynamic industries
•	Educational reforms are essential to programme in important socioeconomic change that reduces the dominance of governments and family-run conglomerates
•	The current oil boom, while generating spectacular wealth and swelling government coffers, is also fuelling the region's transformation. Investment is coming into the region, not flowing out of it as in the past
•	But many of the new jobs being created are lowskilled and labour-intensive, while too much new investment is going into real estate. The Arab world's commercial culture remains stunted, based for the most part on patronage rather than merit
•	The growth of information technology, private equity investment and Islamic finance could push economies in the Middle East to become more efficient and more equitable

Peace, Stability and International Relations

"I urge you to ask yourselves: what about the day after peace?" H.M. King Abdullah Ibn Al Hussein of the Hashemite Kingdom of Jordan

It is impossible to discuss the Middle East without addressing its thorny politics. The Arab-Israeli conflict, the infighting among Palestinians, the civil strife in Iraq and Lebanon, and other clashes in the region have bolstered perceptions that the Middle East is in turmoil.

•	The Arab League's reaffirmation of the Arab peace initiative in Riyadh, Saudi Arabia last March, signals a fresh attempt by Arab nations to offer a unified proposal for settling their conflict with Israel. An Israeli response could lead to progress in negotiations
•	The emergence of Iran as a more influential player in the region may usher in a call for a comprehensive security regime that reflects the new balance of power
•	The uncompromising political posture of paramilitary groups such as Hamas and Hezbollah pose enormous challenges to governments and peace negotiators on all sides of the Arab-Israeli conflict
•	Time is of the essence. If conflict continues, moderate voices will lose ground, allowing extremists to gain popular support
•	The Middle East must look beyond its conflicts and disputes and consider plans and ambitions for the crucial days after peace. The region must turn its diversity into an advantage and follow the path of success that many emerging nations in Asia have followed

Society and Change
Social change in the Middle East has often been undermined by fundamentalism and even extremism. To secure its future in the world of globalization, the region must progress towards more openness, tolerance and freedom.

•	The Middle East cannot become economically open while remaining socially closed. With a young population, economic inclusion and social empowerment of women, youth and those of diverse cultural backgrounds are critical goals
•	All societies in the region must set themselves free from dogma and religious radicalism
•	Businesses must play a more active role in defending pluralism
•	Business, government and civil society actors should make fuller use of the region's indigenous leadership to empower its women and its youth
•	Greater investment in education and initiatives to support youth are essential to create new opportunities and promote the social transformation of the region