and the subsequent expansion of short open enrollment programs. The industry's exclusive professional association, The International University Consortium for Executive Education, also came into existence during this period. UNICON began sponsoring a tradeshow in the 1970s for companies interested in learning about university-based executive education and an annual conference for members. UNICON has since grown into a consortium of nearly 100 universities with executive education programs around the globe. It sponsors three annual conferences that allow members to share best practices, conducts research into topics of concern and provides benchmarking data for members. Executive education further developed in the 1980s and 1990s as the increasing pace and scope of global business demanded higher levels of education among employees. The dot-com boom further changed the scope of the business landscape by favouring employees and organizations that were quick to adapt to change. As longstanding business concepts became obsolete, continual training was necessary – but earning a degree was not. In a 1999 survey of 63 programs, the University of Michigan Business School topped the list. By the next survey in 2001, the number of programs had doubled to 121, with a doubling of revenues to $800M. Shortly after the survey, Executive education growth was dramatically impacted by travel restrictions and the economic impact of the September 11 attacks. Current situation The participation of many of the most prestigious universities around the world has enhanced the value of university-based executive education. Ongoing business challenges and opportunities – a dynamic economy, developing technologies, new business models and globalization – has made the emphasis on learning new concepts throughout ones career a necessity. Despite the growing popularity of university-based executive education around the world, the global economic recession has slowed the industry's growth during the past few years. According to a 2011 study conducted by the Manchester Business School in partnership with Dubai International Academic City and Dubai Knowledge Village, the global economic downturn has had a negative impact on learning and development spending within the Middle East. More than half the respondents noted that spending on executive education had been “significantly” affected, while other organizations agreed that spending had been “somewhat” affected. A return to higher participation appears to be coming as the economy shows more signs of improvement. A substantial portion of the organizations surveyed by Manchester Business School said they anticipate executive education spending to moderately increase during the next three