Following a period of growth, globally and locally, Gulf Cooperation Council (GCC) companies must now focus on capabilities if they want to maintain their growth and improve their positioning. Failure to adopt this new focus will put them at risk of falling into growth traps.
The countries of the Gulf Cooperation Council recognize the urgent need to diversify their economies away from dependence on oil and gas. As diversification is complex, they should keep in mind three key principles: upgrading local enterprises to be world-class, leapfrogging to advanced digitization, and building a skilled labor force.
The continuing success of digitization initiatives in the Middle East brings with it an added and growing exposure to the risk of cyber-attacks, whether from other states or criminals. Countries need a strategic response that mobilizes stakeholders and builds preventive and reactive cyber-security capabilities.
The United Arab Emirates needs a coherent energy-efficiency strategy. This should include a tailored regulatory framework; a communications and information initiatives to persuade residents, builders, and other stakeholders to reduce their energy consumption; and research and development to ensure that the UAE is capitalizing on emerging technology to boost efficiency.