Author: OBG Admin

Emmanuel Macron-President of France

Evolving strategies: GCC countries adapt to the challenges and opportunities presented by rapidly advancing technologies

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  The Fourth Industrial Revolution (4IR) will pave the way for technology that has the power to greatly transform economies and societies worldwide. These technologies, which include artificial intelligence (AI), blockchain, big data tools, the internet of things (IoT) and robotics, can improve overall quality of life and increase the efficiency of governments and businesses. However, the technologies can also be disruptive, requiring recalibrations of the workforce and changes to existing regulations. One mounting concern is the loss of jobs to automation. According to US

David Gledhill-CEO-Port of Salalah

Smart solutions: Rapidly evolving technology presents opportunities to improve patient care and overcome challenges

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  Across the Gulf public health authorities and private institutions are investing in smart technologies to improve patient care. Data collection, sharing and analysis, DNA-driven research on precision medicine, and distance consultation and diagnostics are already being implemented in some areas of the GCC. The region’s hydrocarbons wealth is also being used to support the latest research and the commercial development of solutions for both medical professionals and patients. Meanwhile, the Covid-19 pandemic will be a major factor in budgetary considerations in the short term,

Pham Hong Hai-CEO-HSBC Vietnam

The place to meet: A pipeline of major international events shines a spotlight on the Kingdom’s regional leadership and diversifying economy

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  In November 2020 Riyadh is set to host the 15th annual G20 Leaders’ Summit, bringing together the leaders of some of the world’s largest economies. Although the summit will span a period of just two days, more than 150 separate meetings, exhibitions and events are being organised around it, and are expected to be a major boon for the local economy. According to Riyadh-based investment and asset management company Jadwa Investment, the G20 summit is expected to add 0.2% to the country’s non-oil, private

Mohammed El Etreby-Chairman-Banque Misr

Privatisation push: Dedicated framework supports a more cooperative approach between the government and investors

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  While Saudi Arabia’s deep reserves have helped it mitigate the negative effects of the recent lowoil-price environment, the link between fiscal performance and global energy prices has long been acknowledged as a challenge to stability. Ramping up private sector investment, both local and foreign, is therefore a key pillar of the Kingdom’s Vision 2030 development strategy. Under this roadmap, Saudi Arabia aims to establish an environment where domestic and global investors can effectively direct capital towards large-scale development projects. The government also intends to

Peter Wong-Deputy Chairman and Chief Executive-HSBC

Regional leader: The Kingdom is set to play a key role in strengthening global cooperation and coordination

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  The biannual meetings of the G20, of which Saudi Arabia is a member, have become major events in the global economic calendar. What started in 1999 as an informal gathering of central bankers and finance ministers has become the principal forum by which the world’s leading economies have sought to prevent worldwide economic crises. Its work following the 2007-08 global financial crisis, which included the establishment of a new Financial Stability Board to drive regulatory reform across G20 jurisdictions, raised the profile of the

Daniel Asare-Kyei-CEO-Esoko; Curtis Vanderpuije-CEO-ExpressPay; and Daniel Marfo-General Manager-Zipline Ghana

Improved inflows: New initiatives are enhancing the appeal of the Kingdom to international investors

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  The effort to enhance the Kingdom’s competitiveness as a destination for foreign direct investment (FDI) is taking place across a wide front. However, three initiatives in particular have caught the attention of the global investment community during 2019. Increased Visibility In October 2019 Saudi Arabia staged its third large-scale global investment conference. Established in 2017, the Future Investment Initiative is an annual gathering of global leaders, investors and innovators. The 2018 event resulted in more than 25 deals with a combined value of around $56bn, according to Khalid Al Falih, then-minister of energy, industry and mineral resources, and current minister of investment. The 2019

Éric N’guessan-Managing Partner-EY Côte d’Ivoire

Worldwide ambitions: The Kingdom has been rapidly increasing its business footprint overseas through a variety of investments

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  Saudi Arabia has been dramatically increasing the volume of investment outside of its borders in line with economic development goals. The Kingdom’s investments abroad have increased almost threefold in recent years, rising from $7.3bn in 2017 to $21.2bn in 2018, according to the “World Investment Report 2019”, published by the UN Conference on Trade and Development. These funds have been concentrated in technology, finance and infrastructure-related activities, and included a $1bn outlay by the country’s sovereign wealth fund, the Public Investment Fund (PIF), in

Chaim Zach-Managing Director and CEO-Agric International Technology and Trade; Kabiru Rabiu-Group Executive Director-BUA Group; and Aliyu Abbati Abdulhameed-Managing Director

Local talent: The Kingdom is investing in financial education and training to increase the number of Saudis in high-ranking positions

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  In recent years the government has sought to increase the number of nationals in the workforce through Saudiisation policies, which mandate that companies have a certain percentage of Saudi citizens in each position. However, the policy has presented significant challenges for many sectors that still rely heavily on expatriate labour. Since 2011 the government has used the Nitaqat scheme to incentivise and penalise companies based on the number of Saudi employees. The system applies quotas for different economic sectors and effectively made some industries

Sheikh Ahmad Duaij Jaber Al Sabah-Chairman-Commercial Bank of Kuwait

Appetite for wellness: Rising visitor numbers offer an avenue to promote medical tourism and encourage the development of healthier cities

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  Leveraging the large number of pilgrims who visit the holy cities of Makkah and Medina to boost broader tourism activity is an important goal for the Kingdom, and one area that could benefit substantially from this push is health care. The Kingdom’s increasing population, alongside enhanced transportation links with Makkah, Jeddah and major aviation centres, will contribute to demand for health care in Medina. Healthy City Medina is seeking the World Health Organisation (WHO) healthy city accreditation. According to the WHO, a healthy city

George Richani-CEO-Al Ahli Bank of Kuwait

Leader of the pack: The short-lived price war in early 2020 showcased the global significance of the Kingdom’s domestic oil policy

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  Crude oil remains Saudi Arabia’s biggest asset, and economies around the world are reliant on how the Kingdom responds to challenges. At 2019 production rates, Saudi Arabia’s known reserves are expected to last more than 50 years, and at the start of that year more than 80% of the oil produced by the state-owned energy company, Saudi Aramco, came from reservoirs that were less than 40% depleted. According to BP’s “Statistical Review of World Energy 2019” report, the cos reserves-to-production ratio in 2018 was