< Previous20 AB Leaders – December 2023 SUSTAINABILIT Y Turning browsing into buying How can Shoppertainment accelerate shopping discovery during Mega Sales? device they want. While the various options have created new challenges by fragmenting the marketplace, it has also created new ‘shoppertainment’ opportunities. Put simply, ‘shoppertainment’ means creating an entertaining commerce experience that connects with consumers. The MENA region is no stranger to ‘Shoppertainment’, a popular trend in the region’s malls, especially in Dubai with retail events like the ‘Dubai Summer Surprises’ and ‘Dubai Shopping Festival’. As consumers spend more time on social media, it has become increasingly evident that social plat- forms such as TikTok and Instagram will play an even more crucial role in shaping the customer journey and influencing their decision-making BY TAAREK HINEDI, VICE PRESIDENT OF FEDEX EXPRESS MIDDLE EAST AND AFRICA OPERATIONS ECOMMERCE 80% of shoppers in the MENA region usually watch a video of the product they want to buy. Converting views. Hindedi discusses how brands must create engaging content in order to turn views into sales. In today’s digital era, where consumers in the Middle East and North Africa (MENA) region have embraced digital channels, it has become possible to turn viewers into buyers seamlessly. Consumers watch what they want, when they want, wherever they are, and on whatever arabianbusiness.com 21 ECOMMERCE 'Shoppertainment' means creating an entertaining commerce experience that connects with consumers. process. In fact, an Ipsos study commissioned by Google revealed that 80 percent of participating shoppers in the MENA region usually watch a video related to the product they want to buy. The study also shows that one-third of surveyed shoppers clas- sify video content as their favourite source of ideas, and two-thirds of them consider video content a way to help them identify what to buy. Considering that an average user scrolls through 90 metres of web content daily - the same height as the Statue of Liberty, engaging shopper- tainment experiences can make your brand stand out amidst the competi- tion. Retailers can attract consumers and steer them more seamlessly toward a purchase by using entertain- ing methods such as videos and gami- cation in their e-commerce strategy. Video content takes the lead Shoppertainment combines useful, entertaining, and educational content that’s highly tailored to the interests of a target audience, typically in a video or livestream format. The trick has always been how to convert those eyeballs into customers. For example, demo of make-up and beauty tips, or sharing home styling ideas – all while creating opportunities for viewers to shop for the items being used. Lever- aging content from knowledgeable, authentic video hosts and providing a deeply immersive shopping experi- ence is essential. This kind of shop- ping creates a sense of community among consumers who passionately follow a particular brand or in uencer they identify with. So, what are consumers respond- ing to, and how can e-tailers tap them? Maximise audience impact through authentic content creators The face of your shoppertainment content should reflect your brand personality to help you build a genuine connection with the brand. Content creators or in uencers can bridge the gap e ectively. Invest time to assess sales perfor- mance and demonstrate agility by also an excellent way to test video teasers. Brands that communicate with loyal customers using WhatsApp can also drop the latest content there. However, remember that one video cut might not work across all platforms. Some social platforms will succeed better with three-minute videos, whereas others will engage consumers better over 8-10 minutes. For your website, you can even consider a shoppable carousel of ultra-short and snappy videos. Navigating the Evolving Market Stay relevant through continuous optimisation and deliver content that connects. De ne the metric you want to monitor and leverage analytics data for improvement. Feedback is crucial, and when the customer experience is highly interactive through tools such as live feedback, chats, and polls, you will learn more about your customers’ preferences. As the region’s e-commerce market grows, ‘shoppertainment’ can create a sense of community among users, increasing brand loyalty. For SMEs and e-tailers across the region looking to accelerate their growth strategies and build engaged repeat customers, video- rst shoppertain- ment sales strategies offer many bene ts. As well as optimising your content and utilising the proper chan- nels, ensure that the nal stage of the customer experience – on-time deliv- ery – isn’t an afterthought. Taarek Hinedi. Vice President of Fedex Express Middle East and Africa Operations. modifying content basis audience engagement. Focusing on high-qual- ity authentic content without striving for perfect, time-consuming videos is essential. Prioritise regular, consist- ent output to build a loyal following over a period of time. Valuable content, like storytelling-based how-to videos, is more engaging when compared to sales pitches. Not one size ts all In addition to A/B testing content creators and the types of products showcased, it is essential to compare between platforms and online marketplaces, too. Your audience composition will di er from channel to channel depending on the product category. These days, e-commerce merchants are seeking a robust omnichannel sales strategy to tap multiple opportunities for consumer engagement. Depending on which channels are most popular with your customers and their geographical location, test delivery across Instagram, YouTube, and Facebook, as well as on your website. Build up where you have an existing following. Newsletters are 22 AB Leaders – December 2023 SUSTAINABILIT Y How hype culture can in uence the design industry Amidst the current environment surrounding hype culture, there's a crucial need to shift focus from the blind pursuit of trends to fostering a more intentional approach to sustainable development stream attention. The fear of falling behind has become a paralysing force, pushing individuals to dive headfirst into every new trend or technology that emerges. This over- whelming race to maintain relevance often leads to burnout, missed opportunities for genuine innova- tion, and a lack of understanding about the true potential of these technologies. Amidst the current environment surrounding hype culture, there's a crucial need to shift focus from the blind pursuit of trends to fostering a more intentional approach to sustainable development. While the allure of new technologies is undeni- able, it's essential to recognise that true progress takes time. Generative AI, for example, traces its roots back to the 1960s when it emerged as ground-breaking technology in the form of chatbots. Although the evolu- tion of this technology over the decades has been gradual, rapid BY NOURHAN WAHDAN, CO-FOUNDER & CREATIVE DIRECTOR, PEW. DESIGN BUREAU FASHION 2023 saw the tech landscape experience a seismic shift. Worth the hype? Wahdan discusses how the 'Hype Culture' has woven its way into the fabric of society. In today's rapidly evolving tech- nological landscape, the perva- sive phenomenon known as "Hype Culture" has woven itself into the fabric of society. It's a culture driven by the constant chase of the next big thing, leaving both creatives and developers striving for main-arabianbusiness.com 23 FASHION The overwhelming race to maintain relevance often leads to burnout and missed opportunities. advancements in the modern age are enabling a deeper understanding of its capabilities and limitations. In 2023, the tech landscape expe- rienced a seismic shift. The term "AI" claimed the spotlight, dethroning the previously-revered "Metaverse." This shift was marked by the very corpo- rations that once championed the Metaverse trend now stepping back. Microsoft's industrial metaverse team faced layo s, Disney shuttered its metaverse division, and Walmart abandoned its Roblox-based Metaverse projects. The aftermath of these decisions resulted in millions losing their jobs, underscoring the consequences of unchecked hype. In this era of neo-tech, as we nd ourselves straddling physical reali- ties and digital realms, it's imperative for creatives and developers to adopt a more holistic approach. While AI tools offer immense potential in enhancing brainstorming sessions and driving innovation, they are merely tools, not solutions in and of themselves. Additionally, cultural landscapes should be considered. Cultural landscapes are shaped by the intricate interplay between tech- nological advancements, societal norms, human values, and artistic expressions that shape the way we interact with and interpret technol- ogy. It is through those interactions that meaningful and impactful expe- riences can be designed. As we transition from pandem- ic-induced isolation to a world where being "extremely online" is the norm, it's time for creatives to step back and see the bigger picture. It's crucial to recognise that the transition back to physical workplaces does not univer- sally equate to a positive development. Recent statistics reveal a notable surge in workforce participation among vari- ous groups, including mothers, fathers, and disabled individuals, in compari- son to the pre-pandemic era. This notable increase in workforce engage- ment signifies a significant shift in societal dynamics. Mothers and fathers, for instance, have had to adapt to remote and exible work arrange- ing the con nes of prevailing trends and public preferences. Marcel Duchamp, a prominent gure in the 20th-century Dada movement, recognised the peril of succumbing to trends, understanding that they often revolve around the subjective notion of "beauty" dictated by the prevailing public taste. In an interview with Katherine Kuh, Duchamp stated, "I consider taste – whether regarded as good or bad – the greatest adversary of art." Thus, it becomes evident that crea- tors today should take Duchamp's cautionary advice to heart, resisting the allure of trendiness and instead, reflecting on the societal implica- tions of their work. Delving into an understanding of a culture's values, aspirations, and challenges provides the foundation for crafting solutions that resonate on a profound level. This comprehension serves as the guiding force behind innovation, steering it towards a purposeful and meaningful direction. Unchecked hype has often steered creatives in the wrong direction. Throughout the history of creative pursuits, many artists and innova- tors, including Marcel Duchamp, got caught up in trends shaped by what the general public considered "beau- tiful." Duchamp, who was dedicated to challenging traditional ideas of beauty and common taste, serves as a prime example of the ongoing battle against the pull of trendiness. Hype culture, with its ever-chang- ing trends and fast-paced narratives, can indeed be overwhelming and debilitating. However, we have the power to reclaim our creative bureau by embracing a more considered and culturally aware approach. The allure of new tech must be balanced with an understanding of its true potential and limitations. We must prioritise thoughtfulness over rapid adoption, and cultural relevancy over the empty pursuit of trends. By doing so, we can harness the tools at our disposal to create innovations that not only shape the tech landscape but also contribute positively to the world at large. Nourhan Wahdan. Co-Founder & Creative Director, PEW. ments, allowing them to balance their professional responsibilities with caregiving duties more effectively. Likewise, disabled individuals have found greater access to employment opportunities thanks to remote work options and increased recognition of their valuable contributions to the workforce. This transformation under- scores the need for continued support and exibility in work arrangements to accommodate the diverse needs and circumstances of individuals. While returning to physical o ces may o er unique benefits, we must remain mindful of the valuable progress made in terms of workforce inclusion and diversity during the pandemic and strive to maintain and expand upon these positive changes. In today's creative landscape, the importance of cultural context cannot be overstated, as exempli ed by the sagacious words of Marcel Duchamp: "Taste is a bad habit. Beware of its danger." Creators have long grappled with the challenge of remaining relevant while transcend-24 AB Leaders – December 2023 SUSTAINABILIT Y What can Formula1 teach us about balancing regulation and innovation? There’s a lot to learn from one of the world’s fastest sports The Role of Regulation Formula 1 is a sport that is known for its technological innovations. Every year, teams invest millions of dollars in developing new technologies and strategies that may give them a competitive edge, which—in motor- sport—could be just hundredths of a second on a timed lap. However, in recent years, the sport's governing body (the FIA) has introduced a number of new regulations aimed at improving safety, limiting environmental impact, and reducing costs to ensure the competition becomes a more open and level playing eld. These regulations have been met with mixed reactions from teams and fans, with some argu- ing that they stifle innovation and others seeing them as a necessary step to ensure the longevity of the sport. In the world of information secu- rity, regulations play a similar role— and receive similar pushback. Govern- ments and regulatory bodies around the world continue to introduce and BY NEIL THACKER, CISO – EMEA AT NETSKOPE LEADERSHIP Regulations. Government bodies continue to introduce and update measures aimed at improving security and protecting privacy. Innovation and regulation are two important factors that have a signi cant impact on the growth of any industry, including information security. The question of whether regulation inhibits or inspires inno- vation is a contentious one, and there are compelling arguments on both sides With the Abu Dhabi Grand Prix in the rear view mirror, let’s explore this question, using the example of Formula 1 motorsport and its new regulations as an analogy for under- standing the relationship between innovation and regulation in informa- tion security.arabianbusiness.com 25 LEADERSHIP Innovation and regulation are two important factors that have a signi cant impact on the growth of any industry. update a range of measures aimed at improving security and protecting citi- zens’ privacy. These measures include data protection laws, industry-speci c standards, and cybersecurity direc- tives. However, just like in Formula 1, there are debates about whether these measures are helping or hindering innovation in the industry. Barrier to Entry One of the criticisms of regulation in information security is that it creates a barrier to entry for smaller compa- nies or startups, who may not have the resources to comply with complex regulatory frameworks. This can limit competition and make it more di - cult for innovative new ideas to gain traction. Additionally, regulations can be slow to change, which means that they may not keep up with the pace of technological innovation (just look at the pace of AI innovation so far in 2023, and then consider how little is currently in place around the world to e ectively regulate it). There is a compelling argument to be made that information security regulations provide a baseline standard, and a clear set of guidelines that all companies can follow, which can help them to develop secure and priva- cy-conscious products and services. And rather than limiting innovation, this safety net actually builds consumer trust and encourages wider adoption of new technologies. New regulations in Formula 1 are a good example of how this balance can be achieved. This month the F1 season kicked o with the usual high-budget, big-personality drama in Bahrain. In recent years, new regulations have brought viewers exciting new develop- ments, such as the introduction of hybrid power units, the use of simpli- ed aerodynamic packages, spending caps, new weekend race formats, and restrictions on testing. All of these have been designed to ensure that the sport remains competitive and entertaining for its fans. Some teams have thrived in the new regulations, and are seeing greater results than ever before. In information security, regula- tions play out in the same way, inspir- ing many and infuriating others. They provide a framework for innovation while still protecting citizens' privacy and security. For example, regulations that require companies to implement strong data protection measures can inspire innovation in the development of new technologies using data inspection, encryption, analysis, and machine learning. So where do I land on the question of regulation and innovation? It’s a complex one. But, the example of Formula 1 motorsport shows that it is possible to strike a balance between the two. Regulations can provide a frame- work for innovation, protecting the things we value (whether that’s driver safety or data privacy) without stopping us being able to think creatively in the way we solve challenges. As we continue to face new and evolving cyber threats, it's important to ensure that innovation is encouraged, while at the same time keeping consumers' safety and security at the forefront of our minds. Neil Thacker. CISO - EMEA at Netskope. Using the Formula 1 analogy, it's easy to see how regulations can be seen as a hindrance to innovation. If teams are restricted by regulations, they may be less likely to take risks and invest in new technologies. This could result in a less exciting sport, with less innova- tion and fewer breakthroughs. Some even complain that the new sport regulations run counter to the whole point of the competition—why would you impose rules that e ectively slow down cars in a motorsport series people watch speci cally because it’s considered the fastest and the best? On the other hand, navigating such chal- lenges and restrictions is at the very heart of what inspires innovation. A ne balance So, what is the right approach when it comes to regulation and innovation in information security? The devil is probably in the details. Regulations are generally a method of capturing a society's values, and imposing the protection of those values. The key is to strike a balance that encourages clever thinking and improvements while also—in the case of information security—protecting consumers and ensuring that the industry as a whole is moving in a positive direction.26 AB Leaders – December 2023 SUSTAINABILIT Y Culture is the key to Saudi Arabia’s Vision 2030 tourism goals The rich culture of Saudi Arabia is being brought into the world’s view by a range of high-pro le projects But now that the buzz of the conference has passed, let us attempt to look at the country’s progress onto the global business stage with some perspective. I will focus speci cally on the tourism sector, re ecting my work as Vice President of Culture at the Royal Commission for AlUla (RCU), which is regenerating AlUla County as a leading heritage destination. We are seven years into FII and seven years from 2030. At this midpoint the tourism projects result- ing from Vision 2030 are acquiring a new maturity. Hotels are opening, airports are breaking out the water cannons to welcome new routes, and visitors are arriving in rising numbers to experience Saudi Arabia. Across the country, but perhaps especially in north-west Arabia, the transforma- tion is in full swing. What is at the heart of this transformation? The answer is culture. BY JASON HARBOROW, VP OF CULTURE OF THE ROYAL COMMISSION FOR ALULA TO U R I S M 58% increase in international arrivals during the rst seven months of 2023. Combining cultures. Harborow discusses how visitors are drawn by the unique combination of ancient and modern culture. By any measure the recent Future Investment Initiative (FII) conference in Riyadh was a success. It attracted 6,000 guests from 90 countries and was the scene of $17.9 billion in investment announcements.arabianbusiness.com 27 TO U R I S M The rich culture of Saudi Arabia is being brought into the world's view by a range of high pro le projects. The rich culture of Saudi Arabia is being brought into the world’s view by a range of high-pro le projects, from Diriyah Gate to the Aseer mountains and from the Red Sea coast to the living museum that is AlUla. This is a change from prior decades, and the world’s travellers are responding. According to the latest edition of the UNWTO’s World Tourism Barom- eter, Saudi Arabia has shown “extraor- dinary results” with international arrivals during the rst seven months of 2023 up 58 percent from pre-Covid levels -- one of the top ve rebound rates worldwide. AlUla is part of the trend. Our visitor numbers are projected to rise 35 percent in 2023 from 185,000 in 2022, with a visi- tor mix that is 75 percent domestic and 25 percent international. Nationally and in AlUla too, the visi- tors are drawn by a mix of ancient and modern culture. Indicative of what is happening across the country, AlUla’s calendar of cultural events over the past year has included: an exhibit of Andy Warhol’s paintings and prints, which received over 15,000 visitors including the actor Will Smith; the showing of the rst-ever facial reconstruction of a Nabataean woman, our beloved Hinat; a festivals schedule that now runs year-round; and 17 concerts during our 2022-23 season by such artists as Mariah Carey, Alicia Keys, John Legend and Mohammad Abdo. The power of culture is appreciated at the highest levels. HH Badr bin Abdullah bin Farhan Al Saud, Saudi Minister of Culture and Governor of RCU, has noted that Saudi Arabia initi- ated the cultural track within the G20 agenda and convened the first-ever Cultural Ministerial Meeting during the Kingdom’s G20 presidency in 2020 because of “our belief in the potential of the cultural sector.” One of the important things about culture as a driver is that as culture regenerates, it creates the conditions for economic and social regeneration. RCU’s announcements at FII exem- pli ed this duality – with culture at the head and the long tail of social and Technical University of Munich, with an array of green terraces. We believe the campus will become a new highlight of AlUla’s architecture. With culture as a magnet, AlUla is growing and changing. As the RCU CEO, Amr AlMadani, has observed, growth brings new challenges for the commu- nity. RCU is o setting the challenges in several ways, for example by increasing the supply of a ordable housing. But the big-picture solution is to comprehen- sively regenerate the local economy so that residents can find upskilling, education and employment opportuni- ties. These enable them to be included in the community’s growth. Many of our announcements at FII, while not about the culture sector directly, are intended to ensure that AlUla’s culture-driven regeneration is inclusive and can continue to create jobs (so far the AlUla project has gener- ated 1,610 jobs in the tourism sector and more than 2,100 in non-tourism). Not everyone is going to be working as curators or scriptwriters so we need to create bene ts and opportunities for the people who will operate the modern, well-planned community in which those curators and scriptwriters reside. For example, digital transformation – an area where we announced agree- ments with STC, Artefact, 3DS and Thales during FII – opens up new career paths and improves quality of life. We’re reliev- ing pressure on housing supply with plans to build 800-plus units in the new Sidrat AlUla neighbourhood; these plans were detailed during FII. And the addition of a second terminal at AlUla’s airport, also announced during FII, means we will have the capacity to greet more and more visi- tors drawn by our culture. Knitting this together will be our experiential tram. Its 22.4km battery-powered route will connect AlUla’s core cultural-heritage districts. The trams’ design is inspired by the historic Hijaz railway. The trains and systems are being sourced from Alstom. One of the goals of Vision 2030 is to triple tourism’s share of the economy to 10 percent. Thanks to the appeal of Saudi culture that goal is well on its way to being met. Jason Harborow. VP of Culture of The Royal Commission for AlUla. economic infrastructure keeping pace. Our big news was Film AlUla’s $350-million agreement with Holly- wood’s Stampede Ventures to bring 10 productions to AlUla over the next three years. Stampede is led by Greg Silverman, formerly worldwide head of lm at Warner Bros. This collabora- tion is closely aligned to the realisation of the Kingdom’s Vision 2030 goals to diversify the economy and foster cultural development. As the trade paper Variety noted, “The ground-breaking agreement with Stampede marks the rst deal of this scale between Hollywood and Saudi since the kingdom lifted its ban on cinema in late 2017.” Because culture must renew itself, RCU is also working to create new cultural landmarks at AlUla. This is why at FII we announced the appointment of Pritzker Prize-winning architect Francis Kéré to design the Oasis Agri- culture Campus, in AlUla’s Cultural Oasis. Kéré is known for making inno- vative use of local materials with aston- ishing results. His commissions have included the Centre for Earth Architec- ture in Mali; the Xylem park visitors’ centre in Montana, made from sustain- able pinewood; and the TUM Tower at 28 AB Leaders – December 2023 SUSTAINABILIT Y Succession planning is not a sprint, it's a marathon UAE family businesses have a unique opportunity to capitalise on their cultural heritage and create lasting value for themselves and their communities economies. This unequivocally demonstrates the signi cant nan- cial in uence of family enterprises within a region, and this is particu- larly pronounced in the GCC, where family businesses are the backbone of the economy. A recent report by Arabian Busi- ness on family-owned businesses in the Middle East underlined the impact of family businesses on the Gulf econ- omy. The report positioned culture as the driver behind the traditional commercial success of the region's family-owned businesses, with the authors noting that familial relation- ships and trust provide a solid foun- dation for the growth and continuity of family-owned companies. While these values remain funda- mental to corporate strategies, the operating environment has shifted in unprecedented ways in recent years. Only a proper succession plan can guarantee a smooth transition to the next generation and avoid the "third generation curse", where only a few family businesses survive into the third generation. Indeed, in a survey by PwC, only 33 percent of family businesses in the region have a robust, documented, and communi- cated succession plan, compared to 55 percent globally. The consequences of this gap can be disastrous, as family businesses in the UAE contrib- ute 60 percent of the country's gross domestic product (GDP) and 80 percent of the workforce. This is why initiatives like the Dubai Family Business Management programme, championed by Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, are imperative, as they aim to empower the next generation of family business leaders. This initi- ative aligns with Dubai's Economic Agenda and further establishes the city as a global business hub. While initiatives like these have been implemented, there is still no magic bullet that can ensure a smooth transition; however, in our experi- ence, there are a few principles that have proved e ective. The first step is to start early. BY MOHAMMAD A. BAKER, DEPUTY CHAIRMAN & CEO, GMG FA MILY BUSINESS 33% Numbers of family businesses in the region have a robust, documented, and communicated succession plan, compared to 55 percent globally The 2023 EY and University of St. Gallen Family Business Index reported a remarkable 10 percent surge in revenue for global family businesses, collectively amassing an impressive $8.02 tril- lion, outpacing the growth rates of both advanced and emerging market arabianbusiness.com 29 FA MILY BUSINESS Family business owners should implement the plan gradually and systematically, ensuring a smooth handover of ownership and management Succession planning is not a sprint, it's a marathon. It is a continuous process that begins well before the new generation takes the helm. For instance, I rst started working in our family business, GMG, in 2010, I spent the rst six years immersing myself in every aspect of the busi- ness. This helped me immensely when I took over the reins from my father, Abdul Aziz Baker. Therefore, family business owners should initi- ate the dialogue with their potential successors and other stakeholders as soon as possible and involve them in the decision-making process. Second, succession planning must be aligned with the company's vision and values, which should be clearly de ned and communicated. Family business owners should artic- ulate their goals and expectations for the future of the business, as well as their personal aspirations and legacy. My father was tenacious and ambi- tious; he never took 'no' for an answer and taught me very early on that GMG would grow through its partners' success. These values remain an intrinsic part of our DNA even today. Third, succession planning should be based on a realistic assess- ment of the capabilities and readi- ness of the potential successors, as well as of the current state and needs of the business. Owners should eval- uate their heirs' skills, experience, personality, and motivation and identify any gaps or areas for improvement. Sometimes, this involves looking beyond the family toward professional advisors, such as managers' lawyers, accountants, or consultants, to provide objective and impartial guidance from experts who understand their speci c context and challenges. They should also leverage best practices and benchmarks from other successful family businesses in the region or globally. Finally, owners should develop a clear strategic plan and execute it. Succession planning should result in a clear and detailed strategy that outlines the roles and responsibilities of the successors, as well as the time- This sets up these enterprises for even greater success. When my father asked me to take over as the CEO, I accepted the role, but on one condi- tion – the board does not talk to me for one year, and I can do whatever I want. This was the best decision both I and GMG ever made. In my rst year as CEO, I started laying the founda- tion for our bold ambitions and aggressive global growth strategy. The UAE government is keen to strengthen the country's family business structure. The UAE passed the Federal Decree Law on family businesses last year to provide guidelines to ensure their sustainability and help diversify their activities in various business sectors, especially in the new economy field. Earlier, the government launched Thabat Venture Builder. This programme aims to double family-owned businesses' contribution to the nation's gross domestic product to $320 billion by 2032 and help them become more innovative and adopt new technologies. UAE family businesses have a unique opportunity to capitalise on their cultural heritage and create lasting value for themselves and their communities. By adopting proper succession planning practices, they can ensure that their businesses remain relevant and resilient for generations to come. line and milestones for the transition. Family business owners should implement the plan gradually and systematically, ensuring a smooth handover of ownership and manage- ment. They should also monitor and evaluate the progress and perfor- mance of the successors, providing feedback and support along the way. The good news is that the new generation of Gulf business leaders are even more attuned to the evolving business landscape. For instance, in the Middle East, the younger gener- ation of family business leaders are among the most involved, knowl- edgeable, and motivated when it comes to discussing environmental, social, and governance ( ESG) concerns, a national priority for many GCC countries, including the UAE. According to a PwC report, 58 percent of Middle Eastern young executives in family rms feel their family business can set the standard for sustainable business.Next >