By Andy Sambidge
33% blame leadership failure for crisis, call for new strategies to deal with challenges.
A new survey of top executives in the GCC on Wednesday revealed that more than 45 percent see the Gulf region as emerging stronger from the global economic crisis.
Although optimism is still the prevailing mood, many business leaders said they believe new management strategies are needed to deal with the challenges and opportunities of a changing business landscape.
A third of the top execs surveyed said management and leadership failure was the main reason behind the current financial turmoil.
These were some of the highlights of the Doing Business In the Gulf survey conducted by Leaders In Dubai which sought the views of more than 600 business leaders and top executives in the region.
“Management, like the combustion engine, is a mature technology that must now be reinvented for a new age. Managers today face a new set of problems, products of a volatile and unforgiving environment,” said Gary Hamel, a top business strategist and management guru who will be speaking at the Leaders in Dubai business forum in October.
In addition to Hamel, Archbishop Desmond Tutu and 2007 Nobel Peace Prize winner Al Gore will address the Leaders in Dubai Business Forum, titled New Beginnings, on October 26-28, 2009.
“The business world has changed,” said Lucy Mountain, project director, Leaders in Dubai Business Forum.
“And along with that change comes an urgent call for businesses to adapt yet again to face mounting challenges and take advantage of still emerging opportunities.”
The report opens with "A new survey of top executives in the GCC on Wednesday revealed that more than 45 percent see the Gulf region as emerging stronger from the global economic crisis. Although optimism is still the prevailing mood...". How can optimism be the prevailing mood when less than half believe the Gulf will emerge stronger. Therefore 55% do not believe that the Gulf will emerge stronger from the global economic crisis! So what is the real prevailing mood then...?
I think you will find its more than a third of people surveyed -Its all management and leadership failure at most of the big real estate developers, banks to quick to lend, the Amlak/Tamweel scenario, dollar peg,investing people's offplan money in the overseas stock markets which crashed instead of investing it in the offplan projects to be built, I could go on but that is the crux of it! Yes we have never had to face a financial crises in the Gulf like this before but I believe this is only the tip of the ice-berg my friends. People should not have been allowed to be put into positions when they cant even spell the world real estate! People should not have been allowed to hold more than one Chairman or Board of Director position - you cant keep controls if you have too many jobs - human nature we are not pre-programmed robots! Proper work ethics and business morals are the name of the game along with a relatively new word still to the Gulf where I have grown up all my life - TRANSPARENCY. I take my hat off to Sh Mohd in Dubai as no one is above the law and transparency should prevail across the entire UAE and the faster we get more Rules in Place from RERA the better.