NEW YORK, Wednesday, October 27th 2010 [ME NewsWire]:
(BUSINESS WIRE)-- Energy security is a key risk to the economic growth of the Middle East and North Africa, according to a new study from the World Economic Forum in collaboration with Oliver Wyman. The Middle East and North Africa at Risk 2010, a report presented today at a World Economic Forum on the Middle East and North Africa in Marrakech, reveals that growth trends across the region are placing rising and competing demands on energy, water and infrastructure. Together these risks have the potential to impede economic progress as well as exacerbate the danger of critical failures in essential services.
“Energy security is an increasingly urgent risk despite extensive fossil fuel reserves in some MENA countries,” says Hans-Kristian Bryn, a partner in the corporate risk division of Oliver Wyman and the author of the portion of the report concerning energy security. “The region’s highly energy intensive growth model is heightening the impact of resource depletion, limited conversion capacities and unbalanced regional distribution of fossil fuels.”
The new report:
- Describes how energy security, water scarcity, and underinvestment in infrastructure are mutually reinforcing chronic risks driven by the MENA region’s underlying growth trends.
- Argues that more integrated energy and water management strategies within and between MENA countries are absolutely critical, given the limited resources which must be shared across sectors and geographic boundaries.
- Identifies the tremendous opportunities in managing these risks at the regional level, including valuable investment prospects, lowering transaction costs for both businesses and governments, and catalyzing deeper cooperation amongst stakeholders across countries and sectors.
- Recommends the formation of regionally-focused institutions aimed at increasing system resilience to mitigate risks and grasp opportunities.
About Oliver Wyman
Oliver Wyman's Corporate Risk consulting practice works closely with leading organizations to effectively manage risk, enabling them to make risk-adjusted strategy, investment, and capital allocation decisions that improve performance and optimize value creation.
With more than 2,900 professionals in over 40 cities around the globe, Oliver Wyman is an international management consulting firm that combines deep industry knowledge with specialized expertise in strategy, operations, risk management, organizational transformation, and leadership development. The firm helps clients optimize their businesses, improve their operations and risk profile, and accelerate their organizational performance to seize the most attractive opportunities. Oliver Wyman is part of Marsh & McLennan Companies (NYSE: MMC). For more information, visit www.oliverwyman.com.
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