Talent hunt
There are many reasons why foreign-born nationals can be persuaded to relocate to our region. Living and working under all year-round sunshine is a powerful selling-point. Then there’s the enticing blend of cutting edge and historic. Where else can you go from gazing upwards towards a tangling constellation of futuristic skyscrapers to bartering at a souk to cruising on a dhow?
However, it is also important to remember that in our highly competitive global economy, other regions are also vying for economic advantage. No nation can afford the luxury of settling for the status quo — there will always be a perennial contest for jobs and growth, investment and talent.
The good news for those in the Gulf is that they will increasingly be able to benefit from the borderless nature of our approach. UAE residents, for example, will be able to do business there while being physically present in another region entirely.
This part of the world is fast becoming a bit like an iPhone, whereby residents can take advantage of cutting edge infrastructure in a way that is similar to the relationship between App developers and Apple hardware. Whereas Apple provides the tools developers need to continually enhance their App design, Gulf residents are offered limitless opportunities for growth and are not beholden to the physical restrictions that might exist in other regions.
Prioritising human capital
It can be tempting when living in the Gulf region’s cities to focus on their ever-evolving skylines. These jagged silhouettes can be symbolised by Riyadh, Jeddah and Dammam’s ambition to be in the world’s top 100 cities for quality of life by 2030, and Dubai’s objective to be the world’s best place to live by 2040.
Yet a city, any city, is nothing without its people and the same goes for businesses. In the Gulf there is an intrinsic sensitivity in dealing with talent due to the region’s wide diversity and unique cultural mesh. Different nationalities are often steeped in different languages and customs and this can lead to miscommunications and interpersonal difficulties that can prove a real hindrance to businesses large and small.
This means that both leaders and the new arrivals they recruit from overseas have to prioritise collaboration. Greater productivity and creativity, faster problem solving and a sense of community in the workplace are just a few of the myriad benefits which flow from colleagues working together, rather than in isolation.
New arrivals themselves also have to be purpose driven. Only those who are prepared to put down some roots and commit to the mission of their employer, as well as having the agility and global mindset to adapt to a different lifestyle and culture, are likely to succeed for the long-term.
Similarly, they need to embrace the fact that the Gulf’s leaders are fuelled by their collective determination to become global powers. Take their approach towards Artificial Intelligence, for example.
Abu Dhabi has launched a $100 billion AI-focused investment vehicle called MGX, supported by its sovereign wealth fund Mubadala as one of the foundational partners. The fund’s investments will focus on three main areas: AI infrastructure, semiconductors and AI core technologies and applications.
KSA, meanwhile, is by no means standing still. The Kingdom has created a $100 billion fund to invest in AI and other technology. Recent reports suggest it is also poised to create an additional $40 billion investment fund which will be used to support a range of tech start-ups, such as chip makers and large-scale data centres.
Always moving forward
Such ongoing shifts are emblematic of how the Gulf is fast becoming a serious disruptor to the global status quo.
The best talent will be needed to fuel this journey, not to mention a willingness to embrace the region’s collective ambition to push boundaries, plan long-term and think beyond conventional norms. But while there will inevitably be some twists and turns which lie ahead, this is a process which has no reverse gear.
No wonder the best talent increasingly want to live and work here.