A panel of three Middle Eastern CEOs discussed the opportunities and challenges of doing business in the Middle East at the Kennedy School last night before dozens of entrepreneurs from the Arab world as part of a week-long AllWorld Summit.

The conference organizer, AllWorld Network, chose delegates, whom it considered some of the most promising entrepreneurs from their respective nations. AllWorld Network, which was co-founded by University Professor Michael E. Porter, is a non profit that aims to promote growth in economically developing areas.

At the event, entitled “Expanding the Global Economy: The High-Intensity Entrepreneur,” AllWorld co-founder Anne S. Habiby announced the development of the “Arabia Fast Growth 500,” a new list of fast-growing entrepreneurs in the Middle East that she said will influence regional governments to further accommodate commerce.

Habiby discussed the ability of such lists to be a “force for social and economic change” and told the story of a woman who received a standing ovation after winning the top slot in the Saudi 100, a surprise considering the prevailing attitude toward women in that country.

Delegates from Saudi Arabia, Jordan, Lebanon, South Africa, India, and Pakistan attended the panel and cheered for their countries as they were called off by Habiby.

The delegates also recounted tales of a fast-paced and cutthroat scavenger hunt that they participated in yesterday before the panel.

Panel member Dr. Amin Amin said that the Middle East is the “right place at the right time” for business right now, and that typically restrictive governments are beginning to understand that they need to open accessibility to everyone in the private sector.

Panelist Najat Rizk, who runs a Lebanese film and television production company, spoke of the challenges that entrepreneurs face in the Middle East, but also of the vast potential for innovation.

“We have to be creative in our management, in our strategy, in our production, in our marketing,” Rizk said, since there is no real system of rules or policies in place in the region.

Finally, prominent Saudi Arabian technology executive Khalid Sulieman outlined the 10 largest drawbacks to conducting business in the Middle East, including deficiencies in intellectual property laws, labor resources, and the supremacy of political connections.

However, Sulieman said, much of the Middle East is a “virgin market” with huge growth potential.

“Come to Saudi Arabia, it’s a lot of fun,” Sulieman said.