< Previous10 CEO MIDDLE EAST 15–30 APRIL 2024 here is a lot of naysaying when it comes to talking about the future. Plenty of doom and gloom. While there are of course a number of areas of very serious concern, in this article I want to paint a brighter picture. We are almost a quarter of the way through this century, and the advancements are coming at an incred- ible rate. All of which begs the question: Where will the world be 100 years from now? What will life be like in 2124? That’s a big enough topic for several books, so in this article I’ll focus on a few key areas and make some tentative predictions. I’ll look at economy and business, the places people will live, food production and The future holds promise for significant advancements in how we work, eat, create and collaborate WHAT WILL THE WORLD LOOK LIKE IN 100 YEARS AS TECHNOLOGY CONTINUES TO ADVANCE? Automation and artificial intelligence (AI) will transform traditional employment sectors, giving rise to new professions and industries BY HAMED AHLI, HEAD OF FREE ZONE AT MEYDAN FREE ZONE T OUTLOOKOUTLOOK 15–30 APRIL 2024 CEO MIDDLE EAST 11 Ahli anticipates a surge in green jobs in the wider GCC, particularly in the renewable energy sector distribution, space exploration, and the countries best placed to embrace this future. Let’s dive in. Economy and business It seems clear that the digital economy will continue to grow, with cryp- tocurrencies, blockchain, and NFTs becoming integral to our financial ecosystems. This transformation offers countries in the GCC region an op- portunity to become global leaders, en- hancing financial services and broad- ening financial inclusivity. We have already seen early adoption of these technologies, with GCC governments looking at ways to decentralise finance and actively seeking to draw crypto- currency enterprises to the region. In recent years, several regional sovereign wealth funds (SWFs) have also made bold moves in acquiring stakes in major global financial institu- tions. In 2022, out of approximately 60 major transactions, Gulf SWFs were responsible for 25, with many of them in banking and finance. With a growing financial sector continually disrupted by digitalisation, the GCC is in a strong position to become a major player in finance and fintech. As for the job market, my view is that it will be characterised by flex- ibility, innovation, and adaptability. In other words, what we are already see- ing today but to a much higher degree. Automation and artificial intelligence (AI) will transform traditional employ- ment sectors, giving rise to new pro- fessions and industries – some of which we can’t even imagine today. In the UAE and wider GCC, we can anticipate a surge in green jobs, particularly in the renewable energy and sustainability sectors, as countries transition to greener economies and move away from oil dependency. Whatever the outcome, let’s hope that technology democratises access to invest- ment and financial services and provides a more equitable distribution of wealth. Will your company be around in 100 years? You won’t be running it, but it’s an interesting thought for the entrepre- neur to ask whether their company is in it for the long haul. According to Fast Company, ‘Building a 100-year-old company is an everyday action.’ In other words, everything you do with your cur- rent business – innovating, building company culture, ensuring you always remain customer-focused – gives it the best chance of being around in 100 years. In this sense, looking back over the last 100 years of business can help inform us for the next 100. Numerous century-old companies remain influ- ential today: Ford, General Electric, AT&T – the list goes on. Coca-Cola, for example, was established in 1886 and continues to adapt, diversifying into new products, maintaining its status among the world’s top brands. JPMorgan Chase, also over a century old, is still a key player in finance, adapting to the evolving needs for financial transactions. “THE DIGITAL ECONOMY WILL CONTINUE TO GROW, WITH CRYPTOCURRENCIES, BLOCKCHAIN, AND NFTS BECOMING INTEGRAL TO OUR FINANCIAL ECOSYSTEMS”OUTLOOK 12 CEO MIDDLE EAST 15–30 APRIL 2024 Dubai aims to transform into the world’s smartest city, supported by initiatives such as Smart Dubai 2021, the Dubai Data Strategy, Dubai 10X and the Dubai Blockchain Strategy The places people will live According to one futurist, in 100 years the global population will stabilise at 11 billion, with 90 percent of people living in cities. To accommodate these kinds of numbers, city skylines may be vertiginous, up to 100 floors high. Or they may be extremely long – NEOM in Saudi Arabia is already giving us a futuristic vision, encompassing a vast area stretching from the country’s borders with Jordan and Egypt. Driven by its commitment to innovation, Dubai aims to transform into the globe’s smartest city, sup- ported by major initiatives such as Smart Dubai 2021, the Dubai Data Strategy, Dubai 10X, the Dubai Blockchain Strategy, and the Dubai Pulse Platform. To take it a few steps further, space colonisation could transition from theory to reality, and underwa- ter living could become more than a novelty. Regardless of the location, homes will likely be more adaptable, eco-friendly, and integrated with nature, reflecting a century of pro- gress in technology, environmental stewardship and urban planning. Food supplies and distribution Technological advancements will revolutionise our food systems, making them more resilient, sustainable and equitable. Precision agriculture, pow- ered by AI, IoT and robotics, will sig- nificantly increase yields while reduc- ing environmental footprints. Vertical farming, already taking root in urban centres worldwide, could become mainstream, ensuring fresh produce OUTLOOK 15–30 APRIL 2024 CEO MIDDLE EAST 13 and protein sources are available even in arid environments. These innova- tions will be particularly transformative in the GCC, enhancing food security and reducing reliance on imports. Meanwhile, drones and autono- mous vehicles – already being trialled in the UAE – will streamline food distribution, ensuring efficiency and reducing waste. Space exploration Space exploration used to be the sole concern of NASA and the Russian Space Agency. Things have changed dramatically, and this trend is likely to continue. While Elon Musk and Jeff Bezos are at the forefront of the private space exploration sector, several other players are now very much involved. In October 2021, the UAE Space Agency unveiled plans for an Emirati venture scheduled for 2028, designed to circle Venus and investigate the asteroid region separating Mars and Jupiter. The endeavour is intended to advance the UAE’s space engineering and exploration capabilities. The best countries in 100 years’ time It seems clear that the countries that will be in the best place in 100 years are those that plan. Muddling along with no clear direction is no longer an option. In the UAE, a glance at future plans – the UAE Centennial 2071 – helps us understand what life might be like even further in the future. Specific investments focusing on technol- ogy and AI will help provide future generations with the tools they need to continue to build the country’s future, whether that’s digital or physical infra- structure or sustainable development. So, in 100 years’ time, net zero will hopefully have been in place for at least 50 years. There will be huge changes in people’s way of life – the UAE aims to make itself a place where all essential services can be accessed on foot, and there is increased greenery cooling the The most successful countries will be those excelling in sustainable development, technological innovation and social equality. Strong governance, adaptive education systems and robust healthcare will be key, alongside main- taining peace, stability and a vibrant cultural heritage. Conclusion As technology continues to advance, we are likely to see a more intercon- nected and resilient world. The future holds promise for significant advance- ments in how we work, eat, create, and collaborate. With their visionary leadership and commitment to inno- vation, the UAE and wider GCC are well-positioned to lead these transfor- mations, setting a global benchmark for a future that is not only techno- logically advanced but also sustainable and inclusive. “THE FUTURE HOLDS PROMISE FOR SIGNIFICANT ADVANCEMENTS IN HOW WE WORK, EAT, CREATE, AND COLLABORATE” city, along with many vertical garden areas. The idea of desert greening is very much on the cards according to many futurists, transforming arid re- gions into green landscapes. This will also promote food security by making barren lands productive. Precision agriculture, powered by AI, IoT and robotics, will significantly increase yields while reducing environmental footprints14 CEO MIDDLE EAST 15–30 APRIL 2024 n today’s polarised climate, it’s not uncommon to see compa- nies wading into deep politi- cal waters. Sometimes, it’s the company as a whole taking a stand and making a formal statement; at other times, it’s remarks from an individual within the leadership team. The intervention may take the form of a marketing campaign, a piece of PR, or just a casual comment, and can range from subtle nods to overt endorsements or rejections of specific policies or ideologies. Why is this happening, and why is it increasing? In one report quoted in The Hill, “The most trusted institutions to which people now look are their discourse? As I’ll show in this article, the only way to create an effective strategy is to ensure that whether you speak up or stay quiet, your action aligns with your company’s values. When it works, it really works When companies successfully align their brand with social or political values, it can resonate profoundly with their customer base, enhancing brand loyalty and fostering a sense of com- munity and shared ideals. This positive reception can translate into increased consumer support and can be particu- larly impactful for businesses that oper- ate in industries where social responsi- bility is highly valued. The first step here is understanding your audience. Today’s consumers are increasingly looking for more than just a product or service – they seek a brand that reflects their values and beliefs. This is especially true among younger demo- graphics, who often favour companies with clear stances on social and environ- mental issues. The same goes for younger employees. In one report, over 60 percent of millennial workers said they preferred companies that take a stand on social issues, while half said they would leave a job if it didn’t align with their values. I believe any move into the politi- cal or social arena must start with an authentic and honest look at your com- pany’s values and beliefs. Not what you wish it held, but what it actually holds and how the public perceives it. A notable example of a company successfully doing this is Nike’s 2018 campaign featuring Colin Kaepernick. Kaepernick, a former NFL quarter- back, had gained national attention for kneeling during the national anthem to protest racial injustice and police brutal- ity in the US. By choosing Kaepernick as the face of their campaign, Nike made a bold statement in support of his activism, aligning the brand with the values of equality, courage, and social justice. Despite the initial backlash, When companies successfully align their brand with social or political values, it can resonate profoundly with their customer base SHOULD COMPANIES ENTER THE POLITICAL DEBATE? Thomas says any political stance taken by a company needs to be authentic and consistent with its brand values BY NEHA THOMAS, HEAD OF MARKETING AT CREATIVE ZONE I COMMENT employers.” In other words, it’s often companies that people – employees and customers alike – look to for a stance on an issue. But there’s a lot at stake: Reputational damage, boycotts, loss of customer trust and company morale are all factors to consider if it goes wrong. On the other hand, when a company comments on a political or social issue effectively, it can enhance brand loyalty, resonate with value-driven consum- ers, and differentiate itself in a crowded market. My view is that it can be as danger- ous to say something as it can be to stay quiet. So, what should businesses do when it comes to the political and social COMMENT 15–30 APRIL 2024 CEO MIDDLE EAST 15 including calls for boycotts and some customers destroying Nike products, the campaign ultimately proved to be a success. Nike saw a 31 percent in- crease in sales following the campaign’s launch, and the move was praised for its boldness and authenticity in standing by Kaepernick’s cause. When it all goes wrong Let’s now look at that same issue from another angle. Consider the league itself – the NFL – which found itself unprepared as Kaepernick’s kneel- ing protests unfolded. Lacking a clear response or standpoint, the league let then-President Trump dominate the discourse, which made the NFL appear directionless. In moving slowly and not speaking up, the NFL found that silence can also be damaging. So, misjudging your audience’s expectations can lead to alienation and backlash. When Budweiser attempted to show support for the transgender community last year, the campaign backfired. Critics accused Budweiser of exploiting a sensitive social issue for commercial gain, while supporters of the transgender community questioned the authenticity of the brand’s commit- ment. The campaign did measurable damage, with falling sales of Bud Light (24 percent) and Budweiser (9 percent) in the weeks following the debacle. In- terestingly, competitor Modelo Especial saw their sales rise during that period. Another giant, Starbucks, made a mistake with its 2015 ‘Race Together’ initiative. Intending to encourage conver- sations about race among customers and staff, the initiative was a disaster. Critics argued that it placed an unfair burden on employees, who were not trained to navi- gate such potentially sensitive and com- plex discussions. In addition, customers and commentators decried the campaign as tone-deaf and superficial. The Budweiser and Starbucks cases highlight the challenges of addressing complex political and social issues in a quality and price are still at the top of purchasing criteria, over half of the peo- ple surveyed said they were more loyal to brands that address social inequities. Your strategy will also depend on whether you’re a small business or a large corporation. Smaller companies are often closely tied to their communities and might find it easier to navigate these waters if their stances align closely with their customer base. In contrast, with their broader, more diverse customer bases, large corporations might find it more challenging to take a stance without alienating significant segments of their audience. I maintain that you must avoid to- ken gestures or superficial engagements at all costs. Any political stance taken by a company needs to be authentic and consistent with its brand values, otherwise consumers will see through it, potentially leading to accusations of bandwagoning or virtue signalling. Genuine commitment to a cause, dem- onstrated through consistent actions and corporate policies, is more likely to be received positively. Companies must also consider the long-term implications of their political stances. Once a position is taken, it can be challenging to backtrack without further reputational damage. Addition- ally, the political landscape can change rapidly, and today’s popular cause might become tomorrow’s contentious issue. The decision for a company to engage in political debates is a complex one, fraught with potential risks and rewards. It requires a nuanced under- standing of the company’s customer base, a clear alignment with the compa- ny’s values, and a thoughtful assessment of the long-term implications of taking a stand. While silence can be inter- preted as complacency or indifference, ill-considered engagement can lead to significant fallout. Ultimately, each company must carefully weigh these factors and decide whether the potential benefits outweigh the risks. “TODAY’S CONSUMERS SEEK A BRAND THAT REFLECTS THEIR VALUES AND BELIEFS” A genuine commitment to a cause, demonstrated through consistent actions and corporate policies, is more likely to be received positively way that resonates authentically with the public. The effects can last longer than the immediate bump or blip in sales. Back in 2017, YouGov found that 21 percent of consumers boycotted a brand after a scandal, and of those who boycotted, 61 percent never returned to the brand again. What does your audience expect? So, where do we go from here? If you’re feeling the pressure, you’re not alone. It’s coming from all sides, including inter- nally, with employees driving companies to take a political stance. The Harvard Business Review noted that with the current 24/7 news cycle plus the effects of social media, it’s becoming ever more difficult for companies to remain on the fence, because what your company says does influence consumer choice. A 2021 report by Deloitte noted that while 16 CEO MIDDLE EAST 15–30 APRIL 2024 he question of whether credit cards will ultimately replace open banking has generated significant discourse, resulting in a state of confusion and a lack of sufficient knowledge among consumers and businesses alike. The intricacies of these that open banking provides access to valuable customer data. Open bank- ing promotes innovation by allowing third-party developers to access this data and create personalised experiences for customers such as account aggregation apps and budgeting tools. Unlike cards, open banking charges a one-time integration fee and a fixed cost per transaction, which is preferred by merchants as it reduces their recur- ring fees. Additionally, open banking offers direct connectivity between merchants and consumers, eliminating the need for middlemen and interme- diaries. This direct connection ensures a seamless and efficient transaction process, benefiting both merchants and consumers, resulting in lower transac- tion costs. Besides, real-time transfers with open banking provide faster settle- ment and immediate access to funds for merchants, which is a key value add. In terms of security, open banking enforces strong customer authentication (SCA), a requirement mandated by EU Directive (PSD2) on payment service Open banking offers a range of advantages that makes it a viable alternative to using credit cards for financial transactions BATTLE FOR CONSUMER WALLETS: WILL OPEN BANKING REPLACE CREDIT CARDS? BY KAMRAN KHAN, AN EXPERIENCED BANKER AND FINTECH PROFESSIONAL T BANKING financial services are not widely under- stood, leading to uncertainty and a need for further education on the subject. Open banking offers a range of advantages that makes it a viable alter- native to using credit cards for financial transactions. One of the key benefits is Open banking offers direct connectivity between merchants and consumers, eliminating the need for middlemen and intermediariesBANKING 15–30 APRIL 2024 CEO MIDDLE EAST 17 providers to become open banking compliant. SCA is a form of multi- factor authentication, whereby extra steps are put in place to reduce fraud by way of confirming a user’s identity before allowing access to digital assets, reducing the risk of unauthorised access and minimising fraud. While open banking offers numer- ous advantages, it falls short of replacing credit cards. For instance, it lacks features like loyalty points, cashbacks, credit leg, which are highly valued by consumers especially in a country like UAE with 52 percent credit card population and 70 percent of them are online shoppers. Moreover, PCI DSS security compliance is very mature in card based transactions. Additionally, consumer protections such as chargebacks are not available in open banking compared to card trans- actions. Exchange rates can also pose challenges, requiring strong treasury and exchange support. Furthermore, the absence of BNPL (Buy now, pay later) options further hinders the adoption of open banking. Despite its potential, open banking still has a long way to go before it can fully replace cards, especially in point- of-sale environments where consumers are primarily concerned with ease and speed, rather than merchant fees, which contributes to the ongoing struggle of open banking adoption to reach critical mass. However, the success of Apple Pay in meeting consumer preferences (especially the user experience) exempli- fies the potential for open banking to gain wider acceptance in the future. A quick rundown of pros/cons: Cards Pros: • Loyalty points and rewards programmes, providing incentives for frequent use. • Large network acceptance, ensuring widespread availability and convenience. Cons: • Recurring merchant fees, which can add up over time and increase the cost of doing business for merchants. • Fees percentage of transaction amount, reducing the net revenue for merchants. • Fees for interchange, scheme, gateway, and processing, which can add up and increase the overall cost of accepting credit cards. • Middleman with intermediaries between merchant and consumer, add- ing complexity and potential delays to the payment process. Open banking Pros: • Merchant cost savings due to direct connectivity and elimination of intermediaries. • Fixed cost per transaction, provid- ing predictability for businesses. • Direct interbank real-time transfers, enabling faster settlement and immediate access to funds. • Strong customer authentication, enhancing security and reducing fraud. • Access to customer data and third- party innovation, enabling the crea- tion of new and personalised financial services beyond payments. • Preferred by merchants due to fast settlement and immediate access to their money. Cons: • One-time merchant integration fee, which may be a barrier to adoption for some businesses. • User education is critical for suc- cessful adoption, as open banking repre- sents a significant shift from traditional payment methods and may require new skills and knowledge from consumers. While open banking offers numerous advantages, and presents a compelling alternative to traditional card-based trans- actions to merchants and consumers, it is far from replacing credit cards. “THE SUCCESS OF APPLE PAY IN MEETING CONSUMER PREFERENCES EXEMPLIFIES THE POTENTIAL FOR OPEN BANKING TO GAIN WIDER ACCEPTANCE IN THE FUTURE” Khan believes open banking still has a long way to go before it can fully replace cards • Years of built-in security features, such as fraud protection and dispute resolution. • Consumer data protection, ensur- ing privacy and security of personal information. • Chargebacks, dispute, and poten- tial reversal of unauthorised or fraudu- lent transactions, providing an added layer of protection for consumers. • Credit cards provide users with a line of credit, enabling them to make purchases even when they don’t have the cash on hand. • Global awareness and acceptance, making it a convenient payment method for travel and international transactions.18 CEO MIDDLE EAST 15–30 APRIL 2024 cross the Middle East, notable progress has been made in narrowing the gender gap in education, but there remains a substan- tial journey ahead. The discourse on gender diversity often leads to debates about the skills and credential gaps merely for individual development but as a powerful force for societal trans- formation, especially in driving female leadership in the business world. Education and gender equality Access to education is a fundamental right in the 21st century, yet, many women have been denied this op- portunity, which continues cycles of inequality in society. Encouragingly, in the Middle East and North Africa, significant strides have been made when compared to other parts of the world. According to UNESCO, the gender parity index (GPI) for primary educa- tion in the Arab States region, which includes countries in the Middle East, reached gender parity at 0.97 in 2021 compared to 0.83 in 1992. UNESCO figures show that the gross enrolment rate for women in advanced education is increasing rapidly, with women’s enrolment rates equaling or exceeding men’s rates in 15 out of 22 Arab coun- tries. Moreover, MENA countries have closed over 96 percent of the gender gap in education and health, which Quality education serves as a linchpin, not merely for individual development, but as a powerful force for societal transformation QUALITY EDUCATION REMAINS CRUCIAL IN DRIVING FEMALE LEADERSHIP Organisations should implement policies that sponsor high-performing female employees seeking an advanced degree to help build their strengths and propel their career advancement BY LANA DAJANI, DIRECTOR OF ADMISSIONS AND OPERATIONS FOR GEORGETOWN UNIVERSITY’S EXECUTIVE MBA DUBAI PROGRAMME A EDUCATION between men and women, which un- derscores the pivotal role of education in fostering a more equitable society. When we inspect the connec- tion between education and women’s advancement, it becomes evident qual- ity education serves as a linchpin, not EDUCATION 15–30 APRIL 2024 CEO MIDDLE EAST 19 serves as a crucial foundation for em- powering women in these sectors. The growing gender equality in primary and higher education serves as an excel- lent precursor to promoting gender equality in workplaces and boardrooms. Cultivating female leaders through education In the journey towards gender equity and inclusive leadership, the role of continuous education cannot be over- stated. While primary, secondary, and tertiary education provide fundamental building blocks for academic success, nurturing female leaders necessitates a commitment to ongoing learning that transcends traditional educational milestones. Advanced business degrees, such as the Executive Master of Business Administration (EMBA), help students develop the essential leadership skills required to navigate the complexities of dynamic organisations and industries. Crafted to enrich leadership skills and business expertise, the skills students could acquire from a top-quality EMBA program encompass foundational knowledge in finance, strategy, and operations, alongside soft skills such as adaptability and negotiation, offer- ing women invaluable resources for excelling in leadership roles. These skills empower women to spearhead innova- tion, cultivate diversity, and champion equality within their respective spheres. Furthermore, access to executive career coaching and other support services available through EMBA programmes can play a pivotal role in aiding women as they progress in their careers and navigate barriers to advancement. With an increasing number of women pursuing higher education, in- cluding advanced degrees, a burgeoning cohort of skilled and empowered indi- viduals emerges, poised to assume leader- ship across diverse sectors. Investment in education across all phases of one’s career, not only equips women with the requisite tools for success but also Simultaneously, organisations play a pivotal role in fostering gender equity. Leadership commitment to dismantling barriers for women’s advancement is paramount. This involves rethink- ing systems and policies to alleviate the burden on individuals and promote transparency, fairness, and flexibility in the workplace. Additionally, organisations should implement policies that spon- sor high-performing female employees seeking an advanced degree to help build their strengths and propel their career advancement. Through the adoption of these strategies, we foster a more inclusive and equitable workplace, benefiting both individuals and the broader community. Advancing gender equality in education not only promotes inclusivity but also encourages private and public entities to further their gender equality goals in workplaces. Take, for example, the UAE’s Gender Balance Council, established in 2015 with the explicit purpose of promoting gender equality and narrowing employment disparities. With its support, the UAE became the first country in the Middle East to in- troduce a mandatory female presence in the boardroom and reached the top 25 globally in the gender balance indicator. Recognising the transformative power of education In acknowledging the transformative potential of education, it becomes evident that investing in women’s education is not only a moral imperative but also a strategic necessity for sustainable development and progress. By empower- ing women through quality education, including advanced education opportuni- ties such as EMBA programs that cover essential subjects like strategy, operations, and negotiation, we lay the groundwork for a future where gender equality is not just a distant goal but an irrefutable reality. In this envisioned future, women stand at the forefront as catalysts for change, innovators, and leaders, driving progress and fostering inclusive societies. “INVESTING IN WOMEN’S EDUCATION IS NOT ONLY A MORAL IMPERATIVE BUT ALSO A STRATEGIC NECESSITY FOR SUSTAINABLE DEVELOPMENT AND PROGRESS” Leadership commitment to dismantling barriers for women’s advancement is paramount, Dajani says enriches communities and economies through diverse leadership perspectives. Navigating the path to educational equity In the pursuit of educational equity, it’s imperative to address the gender disparities that persist in leadership op- portunities. Women aspiring to advance their leadership potential can leverage educational opportunities to embark on a journey marked by confidence, mindset shifts, and strategic networking. Em- bracing leadership roles with assurance despite uncertainties, adopting proac- tive mindsets to tackle gender equity challenges, and building networks of mentors and sponsors are essential steps for women to navigate this path.Next >