Big-league consultancies selected as partners for KSA future investment event

06 August 2018

Saudi Arabia’s Public Investment Fund has named its six official knowledge partners for the second round of its Future Investment Initiative series of pioneering workshops, with BCG, McKinsey, Oliver Wyman, Deloitte, EY and PwC/Strategy& all getting the nod.

Set to take place in the capital over the 23rd -25th of October, the second Future Investment Initiative (FII) event will consist of a series of interactive workshops which bring together senior business leaders, government representatives and civil society for insights and discussion on opportunities surrounding a range of contemporary and transformative topics.

Hosted by Saudi Arabia’s Public Investment Fund (the sovereign wealth fund which is chaired by Saudi Crown Prince Mohammad bin Salman and will have over $400 billion in assets under management by 2020), the Future Investment Initiative cross-industry taskforces will be led by several of the consulting world’s biggest names; McKinsey & Company, Oliver Wyman, The Boston Consulting Group, Deloitte, Ernst & Young and PwC/Strategy &.

In addition to the official Knowledge Partners, the CEO of Roland Berger Charles-Edouard Bouée will attend the event as a featured guest speaker, joined by luminaries from a range of industry sectors, including the entrepreneurial founder and Chairman of Emaar Properties Mohamed Ali Alabbar, Dara Khosrowshahi, the CEO of Uber, and the President and CEO of Siemens AG, Joe Kaeser, among a host of other chief executives and board leaders from a number of the world’s largest financial institutions.

Big-league consultancies selected as knowledge partners for KSA future investment event

The selected Knowledge Partners will each lead a particular event taskforce, with topics to be explored including those such as ‘Cities’ (EY), ‘Connect’ (Oliver Wyman), ‘Media’ (BCG), ‘Money’ (McKinsey), ‘Culture’ (PwC/Strategy&), and ‘Ethics’ (Deloitte). With a view to opportunities for strategic investment and innovation, the ‘Connect’ topic for example, hosted by Oliver Wyman, will look into technology in the transportation sector, including the advent of autonomous vehicles and passenger drone technology.

Oliver Wyman’s Managing Partner and Geo Head for Middle Eest and Africa, Pedro Oliveira, said of the event; “The inaugural chapter of the FII in 2017 was phenomenal and Oliver Wyman is proud to be part of the second edition, this year. The forum has provided a platform for many actionable forward-thinking initiatives not just for the region, but globally. We look forward to discussing the digital evolution in the mobility sector as well the role of tourism in creating new investment opportunities and room for new creative concept deployment.”

Regional heads from each of the other selected partner consulting firms also spoke with the utmost respect and admiration for the Public Investment Fund event, unanimously praising the Future Investment Initiative platform for its innovative spirit and power to impact – while adding a note on their sense of gratification in being selected and their anticipation and roles for the event.

Selected comments

Abdulaziz Al-Sowailim, EY MENA Chairman and CEO: “Building on the immense success of the Future Investment Initiative last year, EY is very proud to take part in this year’s discourse as a Knowledge Partner. Through our sessions on smart cities and the future of entertainment we hope to drive the conversation around global investment in these key areas of growth.”

Tarek Elmasry, Managing Director of McKinsey & Company Middle East: “McKinsey is looking forward to sharing our perspectives from working with leading public, private and social sector institutions and our own research on emerging macroeconomic and investment trends during FII this year.”

Joerg Hildebrandt, Managing Partner at The Boston Consulting Group Middle East: “The Boston Consulting Group is pleased to collaborate with the Future Investment Initiative for the second year in a row… This year, we will be setting the agenda and creating discourse in the areas of Artificial Intelligence and Media that will be key catalysts in the economic transformation agenda.”

Hani Ashkar, Territory Senior Partner for PwC Middle East, said: “PwC / Strategy& Middle East is honored to be Knowledge Partners at the FII, where we will lead expert discussions on transformation in the healthcare industry and in arts and culture."

David Sproul, Senior Partner and Chief Executive, Deloitte North West Europe: “Deloitte… is delighted to be selected as a Knowledge Partner for the FII 2018. The platform provides a unique opportunity to share insight and experiences around some of the themes that will shape our lives for years to come.”

EY estimates $33 billion boon to UAE economy from Expo 2020 Dubai

16 April 2019

Professional services firm Ernst & Young has outlined the potential economic impact of Expo 2020 Dubai to the UAE economy, concluding a possible $33 billion windfall in gross value add and a near 50,000 full-time equivalent jobs per annum to 2031.

With the Expo 2020 Dubai global showcase now just around the corner – and expected to attract 25 million visits from across the world during its six month schedule from October next year – professional services firm Ernst & Young has released an economic impact report for the event, calculating a US$33 billion (AED122.6 billion) boost of gross value added (GVA) to the local economy from 2013–2031 along with contributing more than 900,000 ‘job years’.

“Expo 2020 Dubai is an exciting long-term investment for the UAE, and is expected to have a significant impact on the economy and how jobs are created directly and indirectly,” said EY MENA Transaction Advisory Services partner Matthew Benson, adding; “Dubai aims to use the event to further enhance its international profile and reputation. The event will celebrate innovation, promote progress and foster cooperation, and entertain global audiences.”

According to the report, the six months of the Expo – the first to be held in anywhere in the Middle East, Africa or South Asia in the event’s 168-year history – will contribute around 1.5 percent of the UAE annual forecast GDP, with the analysts taking in ‘direct’ increases in economic activity, ‘indirect’ benefits of increased supply chain demand, and ‘induced’ benefits from increased spending by employees of participating firms to arrive at its $33 billion figure.EY estimates $33 billion boon to UAE economy from Expo 2020 DubaiConsidering further the planning and legacy phases, EY has in addition estimated AED 4.7 billion in investment to small and medium enterprises (SMEs) during the pre-Expo phase, supporting approximately 12,600 job-years, with the Expo expected to support more than 900,00 full-time equivalent (FTE) job-years in total in the Emirates from 2013 to 2031 – equivalent to some 49,700 FTE jobs. Meanwhile, strong legacy planning will ensure the ongoing benefits.

“Over 80 percent of the Expo built environment is planned to be retained for District 2020, and eventually expand into a city covering more than four million square meters,” states the report, adding that District 2020 aims to support the UAE’s future vision as to sustainable economic development and an innovation-driven economy, with a supportive business environment for key growth industries such as logistics and transport, tourism, construction, real estate and education.

“Although the Expo event lasts less than a year, the positive economic impact continues far beyond the event,” said Jamie Torrens, EY MENA’s head of Economic Advisory in its transaction advisory service division. “Across the period of our study, spanning the Pre-Expo, During-Expo and Legacy phases between 2013 and 2031, Expo 2020 is expected to support billions of dirhams of Gross Value Added (GVA) and thousands of jobs in the UAE.”

As a breakdown, the three largest impact areas across the full study period will be events organisation & business services (contributing over half of the overall figure) followed by construction and then hospitality, while transport, storage & communications will be another significant contributor during the life of the Expo and its planning phase. Retail will also see a boost during the legacy period, with nearly 550,000 jobs years created in this period across sectors.

“This independent report demonstrates that Expo 2020 Dubai is a critical long-term investment,” said Expo 2020 Executive Director Najeeb Mohammed Al-Ali. “Not only will the event encourage millions around the world to visit the UAE in 2020, it will also stimulate travel and tourism and support economic diversification for years after the Expo, leaving a sustainable economic legacy that will help to ensure the UAE remains a leading destination for business, leisure and investment.”

Related: Accenture and SAP roll out next-generation technology for Dubai Expo