The Time is Now for GCC Business Transformation

Innovation, growth and transformation are more than mere words, these concepts represent a way of living and working. We innovate, we grow and along the way, we transform into better people.

The same concepts apply to organizations. For the past 17 years, I have assisted businesses around the world with their transformation efforts, and I don’t just mean implementing the latest ERP system. The true essence of transformation is to replace one thing with another to affect a positive change and transform loyal followers into insightful leaders.

In the Arabian Gulf, the time is ripe for this type of transformation. Now that the pillars of the global economy have succumbed they have left a level playing field for the survivors.

As Daniel Franklin, editor of The Economist, predicts, “In the emerging world, growth will be less spectacular than before, but in many countries it will – with luck – remain relatively robust.”

I agree with Franklin – now is the time for developing nations to grab their share of the global economy – but it shouldn’t be left to luck and business as usual. Instead, we need to take advantage of the rest of the world’s slowdown in production, R&D and investment, and speed up our adoption of best practices and innovation. We also need to apply strategic cost-cutting plans and lean out operations, eliminating redundancy without impacting customers’ loyalty or our vision of the future.

The sovereign leaders here have already led extensive growth in infrastructure and industry, with the goal of transforming their nations into centers of global excellence. Today, we are surrounded by the hallmarks of excellence and innovation: SABIC’s Innovative Plastics
division, Qatar Airlines and TechnoPark-Dubai, to name a few. That’s the good news. The bad news? Stock market disasters. Falling oil prices. The bursting of the real estate bubble.

But beyond this dismal outlook we find that we are all part of a global economy. And as a part of this community we need continue to develop the innovative spirit of the GCC and transform it from an enigmatic muse into a benchmark for strategic innovation, which can make predictable and sustainable growth a reality.

I think that this is an exciting time to live and work in the GCC and truly believe that the future of global business will continue to emerge here in the coming years. I am also pleased to be part of the Dubai International Financial Center, and feel privileged to offer my organization’s services to the region. I look forward to assisting with your organization’s transformation, in pursuit of continued excellence.