Louis Hakim is the Chief Executive Officer of Philips Middle East. Since joining Philips Electronics Middle East & Africa in 1998, Louis has held a number of management, marketing and communications positions. In February 2005, he became CEO of Philips Middle East, and in October 2007 he was appointed Vice President of Royal Philips Electronics. Hakim is also a board member of Young Arab Leaders (YAL).
E What originally brought you to YAL and what do you feel are the important needs of youth in the Arab world?
The mission of YAL — to promote leadership and entrepreneurship across the Arab world — was and still is very appealing to me. I believed, then and now, that there is tremendous untapped potential within the region, and I was interested in finding ways to unleash this potential and to personally give back to the community. This is something that is important for everybody to do, especially those of us in key positions.
E What are the issues confronting Arab youth in the world today?
The new generation in the Middle East is no different from young people in other parts of the world. Internet penetration rates in the Arab world are highest among people aged between 15 and 30 years old. Our youth are technology savvy, are up-to -date on the latest trends and interact with their peers around the world on a daily basis, often in real time.
But unlike in other parts of the world, the young population in the Arab world is growing, and growing fast. More than half of the Arab population is under 24 years of age. And, according to the World Bank, it is estimated that between 55 and 70 million jobs need to be created in the coming decade to absorb the influx of people into the workforce.
This is both a challenge and an opportunity; on the one hand, we have the fastest growing workforce of any region in the world, which can be a tremendous asset and catalyst for growth. However, the same youth, if not educated well and if not provided with the right opportunities for employment and growth, can become the biggest challenge.
Enabling these youth, with the right skills for the labor market, to sustain themselves is the most critical issue facing our youth and facing us. We, as YAL, are working together to channel the potential of our youth to create a better future for our region and the world at large.
E How have you been working to help YAL have the biggest impact on the region?
In February of this year, in partnership with the Mohamed bin Rashid Foundation, we launched the ‘Philips Innovation Program.’
The objective of this program is to promote the development of broader and deeper innovation capabilities throughout the Arab region, which would contribute to future sustainable economic growth and the creation of new employment opportunities. The program is a competition whereby entrepreneurs across the Arab world submit their business concepts to a panel of industry experts. The selected innovators will spend up to six months, all expenses paid, in one of the Philips hi-tech campuses in Europe to develop their concepts into a formal business plan. They will then have the opportunity to go back to their home country and present their business plan to venture capitalists with a view to transforming their idea into a real business, which must be located in the Arab world.
E How do you see YAL’s role in the future? What would you like to see the organization undertake in terms of programs or activities?
As an organization, YAL has the ability to be a tremendous catalyst for entrepreneurship and a center for education of our youth. By undertaking or sponsoring more of these types of programs, the member companies will become increasingly exposed to the potential of the next generation in the Arab world. And for our youth, these programs will accelerate their understanding of what the business world is really like and help them move beyond theoretical learning to practical experience.
