Technology, Talent and ESG are the top concerns for GCC leaders

27 October 2024 Consultancy-me.com

Business leaders in the GCC consider technology, talent, and ESG as their top concerns. That is according to a survey from Teneo of 480 decision makers in both the public and private sectors.

The survey canvassed leaders in the GCC on their top concerns past and present. One of the leading concerns was keeping up with technological advancement, and especially artificial intelligence (AI) and its little sister, generative AI (Gen AI).

In addition to that, the ability to attract skilled talent is near the top of the list of most important concerns, especially as organizations adopt new technologies that they need their teams to stay on top of. Organizations have also been taking ESG increasingly seriously, though there is notable disparity in the extent to which decision makers prioritize broad ESG principles within their organizations.

Technology

When it comes to tech adoption, 64% of decision makers said they prioritize embracing innovation, demonstrating a high level of optimism and a proactive approach toward cutting-edge technologies, including digital governance.

Technology, Talent and ESG are the top concerns for GCC leaders

Source: Teneo, Transformation in Numbers

AI is, in large part, at the forefront of this transformation. An overwhelming 82% of decision makers recognize that AI and tech regulation will positively impact operations within the GCC.

When it comes to adoption of AI, the UAE and Saudi Arabia are positioning themselves as AI powerhouses through substantial investments and global partnerships with tech giants like Microsoft and IBM.

“The region’s strategic investments and partnerships in AI signal a bold commitment to future-proofing their economies, despite daunting costs of implementation,” said Mark Weinberger, Senior Advisor at Teneo. “The opportunity at hand is to build supportive digital infrastructure to enable a true AI revolution in the Gulf.”

Talent

Only one-third of decision makers say they are ‘very well prepared’ to attract skilled talent domestically. Additionally, decision makers across all GCC countries ranked attracting skilled talent domestically within the top 10, with the UAE, Qatar, and Oman placing this issue amongst the top three.

The UAE has the largest share of leaders (32%) that said their organizations are ‘very well prepared’ to attract skilled talent domestically. Saudi Arabia was the second most confident, with Qatar and Oman having a much higher percentage of leader that said they are ‘not prepared’.

Technology, Talent and ESG are the top concerns for GCC leaders

Source: Teneo, Transformation in Numbers

Talent attraction and retention have long been challenges for GCC leaders. Regional organizations will need to continue to work on recruitment and retention strategies, especially as competition for skilled expat workers between countries like the UAE and Saudi Arabia grows.

ESG

The study uncovered a notable disparity across the GCC on the extent to which decision makers prioritize broad ESG principles within their organizations. Saudi Arabia and the UAE stand out, with 62% and 53% of leaders respectively, saying their organizations were prioritizing ESG.

Diversity and inclusion was the main subcategory of ESG that was seen as central to organizations’ growth strategy. That is not surprising, considering the push in the past few years in Saudi Arabia and the UAE to increase the inclusion of women in leadership roles.

Technology, Talent and ESG are the top concerns for GCC leaders

Source: Teneo, Transformation in Numbers

The other categories, like sustainability and corporate governance, were mostly considered important but “one of many factors” for GCC leaders. “Companies and public institutions must continue to shift their approach towards ESG commitments from mere box-ticking to embracing the intrinsic value they bring to business operations and performance, stated Gaby Sulzberger, a leader in Teneo’s ESG practice.

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