Dubai, UAE, August 4, 2016:  The Arts, Sciences and Technology University in Lebanon (AUL) bestowed upon Dr. R. Seetharaman, Doha Bank CEO the ‘Doctor of Philosophy (Honorary)’ at their Annual Graduation Ceremony, which was held on 2nd August 2016 under the patronage and the presence of H.E. Engr. Gebran Bassil, Lebanese Minister of Foreign Affairs at AUL. 

Dr. Seetharaman has received this award, which is his 5th award for Doctorate, for his valuable contribution to Banking and Finance, from Dr. Adnan Hamzeh, President of AUL.

Commenting on the ‘Doctor of Philosophy (Honorary)’ received from AUL, Dr. Seetharaman said, 'It is a huge privilege to receive this ‘Doctor of Philosophy (Honorary)’ and I would like to thank the management of AUL for considering me for the doctorate title. I saw the spirit of innovation of AUL with a vision for quality in education when I visited the AUL campus. This is definitely going to help the student community and AUL as well. My best wishes to the AUL management in carrying out their mission of promoting excellence in education services.' 

At the event, Dr. Seetharaman further provided insights on global scenario. He said, “The Global economies witnessed monetary easing measures from Central Banks of Advanced Economies after the Global financial crisis. The Global Governance through G20 had initiated various reforms on the global financial architecture after the Global Financial crisis. In 2010 we saw the Euro crisis and the challenges from alignment of monetary and fiscal policies to the goals of employment and growth. After Global Financial Crisis the emerging economies were key drivers of growth as the advanced economies struggled to recover. However, concerns of slowdown in China and the low oil prices had creates concerns of global slowdown and fear of deflation. Except India other emerging economies struggle to revive their growth. As the concerns of low oil price and Chinese slowdown faded we came up with a surprise of Brexit vote in this summer. The IMF July 2016 outlook had revised global growth down to 3.1 per cent in 2016, mainly on account of Brexit concerns. The outlook has worsened for advanced economies to 1.8 per cent in 2016 while it remains for emerging market and developing economies at 4.1 per cent in 2016. The G20 members aim to address the potential economic and financial consequences stemming from the UK referendum. In an environment of anemic growth, the global economy faces pronounced risks, including a slowdown in major emerging markets, sharp changes in financial market sentiment, stagnation in advanced economies, struggle in revival of commodity prices, geopolitical risks in different parts of the world, and concerns about the effectiveness of monetary policy in spurring stronger growth.”

Dr. Seetharaman highlighted on GCC economies. He said, “The oil price had recovered from the yearly low in February 2016. In GCC, oil exporters are benefiting from the recent modest recovery in oil prices while continuing fiscal consolidation in response to lower oil revenues. GCC economies have come up with bond issues and other measures to manage their fiscal deficits this year and liquidity challenges still remain in GCC on account of low oil prices.”

Dr. Seetharaman gave insight on “Sustainable development”. He said “The world is home to 1.8 billion young people between the ages of 10 and 24 years, 9 in 10 of the world's young population live in less developed countries. Young people are the innovators, creators, builders and leaders of the future. The record 1.8 billion young people present an enormous opportunity to transform the future. Youth empowerment should contribute to sustainable development Sustainable development is the one that meets the needs of the present without compromising the ability of future generations to meet their own needs. Global citizenship is a valuable tool in building sustainable communities because it promotes Youth empowerment and gives people opportunities to address the environmental, social and economic challenges faced by society and explore the actions needed for sustainable development. An integrated approach can empower young people having formal education to continue global citizenship activities and demonstrate leadership in their communities by engaging others on a collective journey to a more sustainable future. Global citizens should work on transition towards green economies. Green economy is mainly based on sectors such as renewable energy, green buildings, clean transportation, water management, waste management and land management. Green economies are the solution for climate change and for sustainable global growth.”