Growth is essential for Middle Eastern organizations-governments, private sector, and all the rest. I think both governments and private sectors are bound to focus on it, given the needs that exist in the region. If a company wants to keep its relevance in the market, it needs to be contributing to-and capturing-a fair share of the growth. So if a company wants to continue to be a relevant player in the region, it needs to ensure that it gets its fair share of that growth.įrom my perspective, I believe that growth is the only way out from the current moment that Middle Eastern economies are facing, given the leadership of each country, their vision, and the imperatives that they have from an energy- and economic-transition and job-creation perspective. Kishan Shirish: I think that most players in the region are bound to focus on growth because the whole economy is geared toward growth. McKinsey: What makes growth so critical for companies in Middle East, and why should they double down on growth? There seems to be a collective will in this region to use this time to, as I said, not only catch up but actually leap. I’m also talking about a time where there is an appreciation of the will power it takes to get to these growth results. Here I’m not only talking about what the central governments are doing, but about what organizations are increasingly doing. However, if we look at the tailwinds, we believe it is the time that, if a country has a bold ambition, then very well-articulated plans are executable at all levels. The region is still forming its own capabilities and there is a bit of a gap between capabilities and aligning that to the growth agenda. Countries in the Middle East can use this period to catch up and, in fact, even leapfrog. It’s a region that at the end of the day-like any part of the world-is facing its own headwinds and tailwinds.īut it’s also a time where the region is able to seize this moment and embrace growth. But when it comes to the Middle East region, I am happy to report that, particularly in the Gulf (and to some extent in the Middle East overall), the mood is more positive. Mazen Najjar: At this stage it’s pretty obvious that the mood is somber around the world and that we are heading toward uncertain times. Do you think this is the same for companies in the Middle East? They stressed that rigorously focusing on activating growth pathways and executing with excellence can help companies achieve profitable, sustainable growth in these uncertain times.Īn edited version of the conversation follows. Mazen Ramsay Najjar, and Kishan Shirish, to get their views on how companies in the Middle East can take advantage of the timely jolts to create new growth opportunities. In this interview, we chatted to McKinsey leaders, Abdellah Iftahy, Dr. Research shows that companies that set strategies to consider all available growth pathways are 97 percent more likely to outstrip their peers in growing profits.īut to thrive in this era, companies should devise structural solutions that not only manage costs but also choose to grow in a way that builds resilience and drive long-term value creation. Savvy leaders, however, view these disruptions as growth opportunities. The pressures of the recent global crisis, evolving demographics, high interest rates, and the cost of capital that hit the world in early 2023 have forced global businesses to adapt-including those in the Middle East region.
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