Author: Ramy Jallad, Group CEO, RAKEZ Published by: Logistics Middle East When running a business, it's always time to take stock. Planning ahead is not an annual ritual – it's an ongoing process of insight, vision and innovation. Although to some extent it’s influenced by factors beyond your control, shaped by the global and local economy, success is primarily a reflection of good management. A leader has many options, and choosing where and when to act is the key. For example, you can target new customers and expand existing markets. You can also hire and train – managers and staff are the fuel in a company's engine room, and a successful business needs top talent just as an artisan needs the best tools. Some firms regain their mojo by rebranding or by launching sister companies. Rebranding is not just about a new logo and a lick of paint – it's about how you market the company, refresh your website, engage on social media, and position your services and products. It's also about how you invest in and use the latest tech. ` Keeping a business fit and lean also means taking a break and getting away from it all every now and then. If your hiring and training programme has given the company the foundation of expertise it needs, you can step away and refuel with confidence. Putting 'vacation' on the year's to-do list is a must, and surely the least challenging of your business targets for the next quarter. Having a clear understanding of the key milestones – short-, medium- and long-term – and how the corporate landscape in the UAE is evolving is also crucial for business leaders looking to capture emerging opportunities and translate them into future success. Business growth in the UAE For businesses based in the UAE, the foundations for growth are sound. The momentum seen in 2023 is continuing in 2024, with The World Bank revising its GDP growth forecast for the country upward to 3.7%. This positive outlook is supported by strong growth in both the oil and non-oil sectors, including key areas like travel and tourism, aviation, hospitality, real estate, trade, and logistics. Underpinned by strong government strategies, these sectors have significantly contributed to the country's economic growth and helped set the stage for sustained, long-term economic success. We're in a transformative time across all industries, with digital revolutionising pretty much everything. It's essential for business leaders in the UAE to align their strategies with the evolving tech landscape. There will continue to be significant growth in areas such as AI, digital transformation, sustainability and ESG, which are reshaping the corporate landscape and opening new avenues for business expansion. Leadership agenda: prioritising growth in times of change Artificial Intelligence (AI) AI is emerging as a pivotal element of the UAE's economic and social transformation. The country is a regional leader in AI investment in the Middle East and Africa, and AI's contribution to the national GDP is expected to reach nearly 14% by 2030. The UAE AI Strategy 2031 is a driving force behind this progress, aiming to revolutionise sectors such as healthcare, transportation, education, environment and energy through AI integration. This strategy is not just about technology implementation – it's about enhancing service delivery, boosting efficiency, and spurring innovation across these critical sectors. For business leaders, this means integrating AI into strategic planning is more important than ever. Start by identifying areas within your operations where AI can drive the most significant improvements. This could involve using AI for predictive maintenance in manufacturing, enhancing customer service with AI-powered chatbots in retail, or implementing AI-based diagnostic tools in healthcare. It's also crucial to invest in upskilling your workforce to work alongside AI technologies and to collaborate with AI experts and partners who can provide the necessary guidance and technology solutions. Cloud computing and cybersecurity In the wake of the COVID-19 pandemic, the surge in remote operations has underscored the importance of integrating cloud computing and cybersecurity for businesses. This transition to digital platforms has expanded potential attack surfaces, significantly increasing cyber threats and data security challenges. The Middle East, specifically the UAE, witnessed a dramatic rise in cyberattacks, with ransomware attacks increasing by 57% in early 2021 compared to the previous year, and overall cyberattacks in the UAE rising by 71% in 2021. This increasing vulnerability in the digital space calls for a strategic approach to cloud security. Adopting hybrid and multi-cloud platforms is a step forward, providing much-needed flexibility in data management and infrastructure scalability. These platforms allow businesses to choose between on-premise, off-premise, public, or private cloud options, catering to diverse operational needs while optimising cost efficiency. With the UAE Cloud Security Market projected to grow at a CAGR of around 13.26% between 2022 and 2027, integrating robust cloud security solutions into your business strategy is imperative. The focus should be on leveraging these developments to protect your digital assets and ensure business continuity. Investing in advanced cloud security solutions, staying abreast of the latest cybersecurity trends and fostering a culture of cyber awareness are key steps in safeguarding your business in an increasingly digital economy. Sustainability and ESG ESG (Environmental, Social, and Governance) practices are another area garnering significant attention and investment. With increasing global and regional focus on sustainable practices, ESG is becoming a key driver of strategic decision-making and long-term planning for businesses. Business leaders in the UAE must deepen their engagement with sustainability and ESG practices for long-term success and alignment with global sustainability trends. With the UAE having recently hosted COP28, the region's businesses are under the spotlight, so now is the time to reinforce your commitment to sustainable development. For business leaders, this means taking actionable steps towards integrating ESG practices more thoroughly into business models. This involves not just adopting sustainable practices but also ensuring transparency in reporting and adherence to evolving regulatory standards. The implementation of guidelines by various authorities in many emirates has been instrumental in this shift, encouraging more companies to disclose their ESG performance. The key to effective ESG practice lies in developing and executing a strategic plan that is aspirational and anchored in economic or national targets. This approach involves translating high-level sustainability goals into actionable steps that are embedded in the daily workflow of businesses. It's about ensuring that ESG is not just a separate entity but a fundamental part of business processes. Creating an ESG risk register is critical to identify, monitor, and manage potential ESG-related risks. Engaging with a diverse range of stakeholders – from internal teams to suppliers, customers, and ecosystem enablers – is also paramount. It's not just about communication; it's about fostering collaborative relationships that drive sustainable outcomes. Changing workforce dynamics The changing global work landscape, accelerated by the global pandemic, has introduced new norms in how and where work is conducted. A shift towards more flexible, hybrid work models and the prioritisation of employees' mental and physical health are now key factors in workforce management in the region and an important part of remaining competitive and relevant in the UAE labour market. With 18% of UAE business leaders identifying talent attraction and retention as a key concern and a recent PwC Middle East Emiratisation Survey revealing that 20% of Emiratis in the private sector are less satisfied with their compensation and benefits packages than those in the public sector, focusing on employee well-being and adapting workplace policies are becoming increasingly important. The integration of flexible work arrangements is one move that is gaining traction. By offering a blend of remote and in-office work, companies can cater to diverse employee needs and preferences, enhancing job satisfaction and productivity. Adopting digital collaboration tools is also essential in this new work model, ensuring seamless communication and efficiency, regardless of physical location. In parallel, there is a growing emphasis on employee well-being. Mental and physical health are now at the forefront of corporate responsibility. Recognising that a healthy workforce is a productive one, businesses are implementing innovative benefits like 'Self-Love Days' and initiatives focused on mindfulness and work-life balance. For business leaders, the message is clear: the future of work requires agility and a people-first approach. Prioritising flexible work policies and employee well-being is not just about staying current with trends but is a strategic move that builds a resilient, innovative and dedicated team. The ability to adapt to these evolving workforce dynamics will be a crucial differentiator in the competitive business landscape of the UAE. Leading change and shaping the UAE's future Adapting to evolving global trends – from sustainable operations and digital transformation to the new workplace norms – is imperative for continued success. Whether you're launching a startup or breathing life into a longstanding business, you'll need to take a strategic approach that blends adaptability with foresight, ensuring your company keeps pace with the constantly evolving business landscape and leverages the latest tech and inhouse expertise to create new opportunities for success. By embracing change and leveraging digital tools, businesses in the UAE can meet their targets and contribute to a thriving and sustainable future.
Author: Ramy Jallad, Group CEO, RAKEZ Published by: Logistics Middle East
When running a business, it's always time to take stock. Planning ahead is not an annual ritual – it's an ongoing process of insight, vision and innovation.
Although to some extent it’s influenced by factors beyond your control, shaped by the global and local economy, success is primarily a reflection of good management. A leader has many options, and choosing where and when to act is the key. For example, you can target new customers and expand existing markets. You can also hire and train – managers and staff are the fuel in a company's engine room, and a successful business needs top talent just as an artisan needs the best tools.
Some firms regain their mojo by rebranding or by launching sister companies. Rebranding is not just about a new logo and a lick of paint – it's about how you market the company, refresh your website, engage on social media, and position your services and products. It's also about how you invest in and use the latest tech.
Keeping a business fit and lean also means taking a break and getting away from it all every now and then. If your hiring and training programme has given the company the foundation of expertise it needs, you can step away and refuel with confidence. Putting 'vacation' on the year's to-do list is a must, and surely the least challenging of your business targets for the next quarter.
Having a clear understanding of the key milestones – short-, medium- and long-term – and how the corporate landscape in the UAE is evolving is also crucial for business leaders looking to capture emerging opportunities and translate them into future success.
For businesses based in the UAE, the foundations for growth are sound. The momentum seen in 2023 is continuing in 2024, with The World Bank revising its GDP growth forecast for the country upward to 3.7%.
This positive outlook is supported by strong growth in both the oil and non-oil sectors, including key areas like travel and tourism, aviation, hospitality, real estate, trade, and logistics. Underpinned by strong government strategies, these sectors have significantly contributed to the country's economic growth and helped set the stage for sustained, long-term economic success.
We're in a transformative time across all industries, with digital revolutionising pretty much everything. It's essential for business leaders in the UAE to align their strategies with the evolving tech landscape. There will continue to be significant growth in areas such as AI, digital transformation, sustainability and ESG, which are reshaping the corporate landscape and opening new avenues for business expansion.
AI is emerging as a pivotal element of the UAE's economic and social transformation. The country is a regional leader in AI investment in the Middle East and Africa, and AI's contribution to the national GDP is expected to reach nearly 14% by 2030.
The UAE AI Strategy 2031 is a driving force behind this progress, aiming to revolutionise sectors such as healthcare, transportation, education, environment and energy through AI integration. This strategy is not just about technology implementation – it's about enhancing service delivery, boosting efficiency, and spurring innovation across these critical sectors.
For business leaders, this means integrating AI into strategic planning is more important than ever. Start by identifying areas within your operations where AI can drive the most significant improvements. This could involve using AI for predictive maintenance in manufacturing, enhancing customer service with AI-powered chatbots in retail, or implementing AI-based diagnostic tools in healthcare. It's also crucial to invest in upskilling your workforce to work alongside AI technologies and to collaborate with AI experts and partners who can provide the necessary guidance and technology solutions.
In the wake of the COVID-19 pandemic, the surge in remote operations has underscored the importance of integrating cloud computing and cybersecurity for businesses. This transition to digital platforms has expanded potential attack surfaces, significantly increasing cyber threats and data security challenges. The Middle East, specifically the UAE, witnessed a dramatic rise in cyberattacks, with ransomware attacks increasing by 57% in early 2021 compared to the previous year, and overall cyberattacks in the UAE rising by 71% in 2021.
This increasing vulnerability in the digital space calls for a strategic approach to cloud security. Adopting hybrid and multi-cloud platforms is a step forward, providing much-needed flexibility in data management and infrastructure scalability. These platforms allow businesses to choose between on-premise, off-premise, public, or private cloud options, catering to diverse operational needs while optimising cost efficiency.
With the UAE Cloud Security Market projected to grow at a CAGR of around 13.26% between 2022 and 2027, integrating robust cloud security solutions into your business strategy is imperative.
The focus should be on leveraging these developments to protect your digital assets and ensure business continuity. Investing in advanced cloud security solutions, staying abreast of the latest cybersecurity trends and fostering a culture of cyber awareness are key steps in safeguarding your business in an increasingly digital economy.
ESG (Environmental, Social, and Governance) practices are another area garnering significant attention and investment. With increasing global and regional focus on sustainable practices, ESG is becoming a key driver of strategic decision-making and long-term planning for businesses. Business leaders in the UAE must deepen their engagement with sustainability and ESG practices for long-term success and alignment with global sustainability trends.
With the UAE having recently hosted COP28, the region's businesses are under the spotlight, so now is the time to reinforce your commitment to sustainable development. For business leaders, this means taking actionable steps towards integrating ESG practices more thoroughly into business models. This involves not just adopting sustainable practices but also ensuring transparency in reporting and adherence to evolving regulatory standards. The implementation of guidelines by various authorities in many emirates has been instrumental in this shift, encouraging more companies to disclose their ESG performance.
The key to effective ESG practice lies in developing and executing a strategic plan that is aspirational and anchored in economic or national targets. This approach involves translating high-level sustainability goals into actionable steps that are embedded in the daily workflow of businesses. It's about ensuring that ESG is not just a separate entity but a fundamental part of business processes.
Creating an ESG risk register is critical to identify, monitor, and manage potential ESG-related risks. Engaging with a diverse range of stakeholders – from internal teams to suppliers, customers, and ecosystem enablers – is also paramount. It's not just about communication; it's about fostering collaborative relationships that drive sustainable outcomes.
The changing global work landscape, accelerated by the global pandemic, has introduced new norms in how and where work is conducted. A shift towards more flexible, hybrid work models and the prioritisation of employees' mental and physical health are now key factors in workforce management in the region and an important part of remaining competitive and relevant in the UAE labour market.
With 18% of UAE business leaders identifying talent attraction and retention as a key concern and a recent PwC Middle East Emiratisation Survey revealing that 20% of Emiratis in the private sector are less satisfied with their compensation and benefits packages than those in the public sector, focusing on employee well-being and adapting workplace policies are becoming increasingly important.
The integration of flexible work arrangements is one move that is gaining traction. By offering a blend of remote and in-office work, companies can cater to diverse employee needs and preferences, enhancing job satisfaction and productivity. Adopting digital collaboration tools is also essential in this new work model, ensuring seamless communication and efficiency, regardless of physical location.
In parallel, there is a growing emphasis on employee well-being. Mental and physical health are now at the forefront of corporate responsibility. Recognising that a healthy workforce is a productive one, businesses are implementing innovative benefits like 'Self-Love Days' and initiatives focused on mindfulness and work-life balance.
For business leaders, the message is clear: the future of work requires agility and a people-first approach. Prioritising flexible work policies and employee well-being is not just about staying current with trends but is a strategic move that builds a resilient, innovative and dedicated team. The ability to adapt to these evolving workforce dynamics will be a crucial differentiator in the competitive business landscape of the UAE.
Adapting to evolving global trends – from sustainable operations and digital transformation to the new workplace norms – is imperative for continued success. Whether you're launching a startup or breathing life into a longstanding business, you'll need to take a strategic approach that blends adaptability with foresight, ensuring your company keeps pace with the constantly evolving business landscape and leverages the latest tech and inhouse expertise to create new opportunities for success. By embracing change and leveraging digital tools, businesses in the UAE can meet their targets and contribute to a thriving and sustainable future.
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