Episode 8 took us to Egypt, Jordan, Dubai – and Ghana.

In this months show we got more CEO's than you can shake a stick at. We hear from Royal Jordanian CEO Samer Majali, Scott Donnelly, President & CEO GE Aviation, Arif Naqvi, Founder and CEO of Abraaj Capital, Yasser Mallawany, Chief Executive Officer of EFG-Hermes, Gary Long, President & COO of Investcorp and Peter Barker-Homek, CEO of The Abu Dhabi National Energy Company – or Taqa.

We traveled to Sharm El-Sheikh for the World Economic Forum on the Middle East to look at the big issues facing the region… including threats to the economy, the high cost of oil and instability in the region.

Sovereign Wealth Funds and the global economy

Simon Hobbs went to Ghana to attend the United Nations full year review of trade and development. While there he caught up with Peter Barker-Homek, Chief Executive of The Abu Dhabi National Energy Company, or Taqa. The head of the state-controlled firm talked about the company’s aim to be a $60 billion global energy brand by 2012.

Mr Barker-Homek gave his view of the role SWFs play on the global economy. In the US and Europe, the massive government-controlled funds have at times inspired fear, but they have provided a lifeline in bailing out some of the world’s top banks hit by the sub-prime crisis.

Barker-Homek says he is a firm believer in transparency in the SWF arena: “There is nothing in our industry which is top secret, so as I say to policy makers you know where we get our money from, you know how we spend it, you know how treat your regulations – we honour them. We treat your employees well and we treat the communities in which we operate well.”

World Economic Forum on the Middle East

SWFs also dominated talk at the World Economic Forum on the Middle East in Sharm El-Sheikh. Energy also featured high as oil hit a new record above $130 a barrel as the forum got underway.

The threats to stability in the region were highlighted just days before the forum as Lebanon found itself on the brink of civil war.

The forum drew in more than 1000 world leaders -- including U.S. President George W Bush – in what could be his last visit to the Middle East as President.

Bush reaffirmed his determination to push for an independent Palestinian state by the end of the year. “I strongly support a two-state solution,” he said, “a democratic Palestine based on law and justice that will live in peace and security alongside a democratic Israel,” adding “And I firmly believe that with leadership and courage, we can reach that peace agreement this year.”

Egyptian President Hosni Mubarak opened the 3-day meeting. He called for a global effort to address the economic downturn. “The current international economic crisis introduces many problems where social and economic dimensions are intertwined, as well as other issues such as climate change, water, food and energy supplies, and standards of living,” he said. President Mubarak blamed biofuels for fuelling the rise in food prices.

Grappling with the High Cost of Oil

The team also traveled to Amman, Jordan to see how the national airline is shaping up one year after privatization.

The high cost of oil may be pressuring the global airline industry, but some Middle Eastern carriers are banking profits and expanding – including Royal Jordanian. The airline just reported a 19% jump in passenger numbers in April compared to a year earlier.

The International Air Transport Association (IATA) annual meeting in Dubai in June highlighted the tough times facing the world’s airlines… 24 airlines have gone bankrupt since late last year. And IATA forecasts a loss of more than $6 bn across the aviation industry this year if fuel prices stay at their current levels.

And G8 finance chiefs said runaway oil prices could imperil global economic growth. It urged oil producers to open up the taps and asked the International Monetary Fund to investigate wild market swings.

Park Hyatt Dubai Plays Host

We filmed the show in the grounds of the Park Hyatt in Dubai on a hot sunny day – averaging 47 degrees centigrade.

Enjoy the show!