The region is ready to show the world that success is about more than financial prosperity; it includes societal impact and environmental stewardship
As we step into 2024, the Middle East is already embarking on a transformative journey where purposeful action is reshaping its business landscape. This year is set to be another decisive one.
The region is ready to show the world that success is about more than financial prosperity; it includes societal impact and environmental stewardship, a shift accelerated by the recent COP28 hosted by the UAE. Private sector companies, like Serco, will be key in driving this forward through the creation of innovative solutions to support our governments in impacting a better future.
From the seeds sown at COP, the coming years are critical in reinforcing the Middle East's role as a sustainable development leader, a role that the world needs now more than ever. The emergence of Saudi’s Vision 2030 and the continued development of its giga cities, coupled with a renewed emphasis on national talent, signals a future where businesses thrive by contributing positively to society and the environment. This region is poised once again to demonstrate its pioneering spirit, this time by showcasing a more holistic approach to success.
It is under this umbrella positioning of purpose in action that we will see several key themes playing out in 2024.
An urgency to ‘walk the walk’
The success of our own Advisory with Purpose offering, launched last year, has underscored the regional governments' desire for consultancy that extends beyond advice to tangible operations across diverse sectors.
The UAE's leadership in forging a landmark agreement on fossil fuel reduction at COP28 exemplifies the Middle East's eagerness to lead a sustainable transformation from its own back yard. This year is about seizing that momentum to expedite the actions and innovations needed to realise government visions and propel the region's sustainable future. While consultancy retains its importance, decisive action from both public and private sector is now essential for building a brighter future for the coming generations.
In line with rising demand for sustainability services I predict that we will see new companies emerging, and existing companies adding these capabilities to their service offering. Acquisition of existing key players in the market would be the ideal way of adding experienced talent and years of knowledge and best practice within the field to offer clients. It’s Serco’s intention to acquire multi-award winning Climatize to do just that.
Ground-level benefits from space
The Middle East’s space ambitions, particularly in the UAE and KSA, are poised to yield direct benefits here on Earth.
From environmental monitoring to technological advancements, space initiatives are serving as catalysts for real-world change. These programmes are not solely focused on exploring the unknown but are utilising space-age technology to monitor and tackle pressing global issues, such as methane emissions, or tracking changing water levels.
In 2024, we expect to see the Saudi Space Agency laying out its plans and beginning to carve out its own ambitions for both the near and mid-term future. Whilst, having launched our own Middle East Space Division in 2023, we will be continuing to grow our business. supporting local space initiatives and bringing global expertise to the region at the same time as hiring local talent, including through our space graduate programme.
Nationalisation: a strategic priority
Nationalisation we know is a key priority for our local governments and therefore in turn all businesses operating here successfully.
However, we need to recognise it as more than a mere policy; it's an essential strategy across the region, especially given the youthful demographics of the GCC.
With the burgeoning tourism sector in Saudi Arabia needing a significant workforce, as one example, we're preparing for initiatives that extend well beyond traditional graduate schemes. The aim is clear: there is an increased need for bold and creative strategies that not only generate jobs but also launch hundreds of enthusiastic professionals into meaningful careers, and in turn ensure that local industries are filled with bright, local talent.
Employees seeking out their purpose
Our region's growth has always been intricately linked to its workforce. More businesses are realising that happy, engaged employees who work with purpose contribute to a robust and resilient organisation.
In 2024, we're anticipating a heightened focus on purposeful work. Companies are seeking to align their financial objectives with their fundamental values, fostering workplaces where everyone feels a sense of belonging. We're expecting to see regional firms offering roles that not only provide financial rewards but also a sense of fulfilment and societal contribution. Corporate strategies are increasingly centred around ESG initiatives, core purposes, and values, aiming to place meaningful impact at the core of their operations. This focus will permeate deeper into the businesses, moving beyond the confines of quarterly board reports.
The trend of climate-quitting is appearing the world over and is only a matter of time before it reaches our own shores, with employees seeking out careers aligned with their environmental and societal values, Middle Eastern companies will need to also rise to meet these expectations, attracting talented individuals keen to impact a better future. Becoming a 'good place to work' is gaining as much significance as the salary offered at month-end in our future cities.
Inclusion, diversity, and empowerment
Diversity and inclusion are the bedrock of our business principles. We are committed to fostering an environment that not only acknowledges but also celebrates diversity, ensuring everyone can thrive.
At Serco, we take pride in the fact that half of our leadership team are women, but we look forward to a time when such statistics are no longer noteworthy as we continue to advocate for diversity and inclusion for all. As the Global Executive Sponsor of Serco Unlimited, I am proud to play a direct role in ensuring that people with determination have the same opportunities within Serco as other employees.
We aim to remain at the forefront in this area, assisting everyone we work with to implement inclusive policies that embrace a wide range of talents and viewpoints. We're expecting the introduction of even more adaptable policies and workplaces to accommodate diverse life circumstances, allowing every individual to find success and contentment in their work here.