The two videos locate the centrality of innovation and creativity in facilitating the economic growth and development of the Arab world. The speakers in the videos not only underscore innovation as a vehicle for achieving sustainable economic and social development in the region, but also acknowledge that innovation remains the single most important path towards growth, progress, and a better tomorrow for individuals, business enterprises, healthcare organizations, learning institutions, and government agencies.
This paper analyzes the two videos with the view to discussing some of the most important trends for the UAE that may appear in the next five years and how these trends will provide opportunities and threats for large and small companies in the country.
Most Important Trends
From the videos, it is clear that the UAE is likely to achieve significant growth in core areas of business, education, health and environment, as well as Islamic Banking and Finance if the various proposals discussed by the speakers are implemented. In business, we are likely to see the growth of organizations that are driven by quality concerns and innovative business practices for optimal growth and competitiveness.
In the next five years, businesses are more likely to do away with traditional management approaches and adopt innovative approaches such as quality management in e-Services, intelligent quality management, and green marketing. The business agenda may change from a focus on profit realization to investing in manpower resources, developing the right skills mix, and investing in intangible organizational assets. Such innovative investments will ensure that businesses benefit in the long-term and are able to attain sustainability in the pursuit of profits.
Another important area discussed in the videos is that of public management. If the proposals are implemented, we are likely to see a shift from government bureaucracy and wastage to a focus on national competitiveness, public service excellence, and increased collaboration between the government and the private sector to drive the innovation agenda forward. The government will become the engine of innovation, playing significant part in changing the beliefs and values of its citizens toward achieving a more innovative environment.
The components of Islamic economics, finance, and banking are likely to achieve phenomenal growth in the next five years if innovative management approaches are adopted to control risk and develop new products. In health and environment, it will be possible to integrate the rapid growth of knowledge and innovative technologies to come up with world-class health facilities and ensure that the UAE leverages its position as a global healthcare provider. Lastly, the UAE will become a global hub for education excellence and research with the capacity to personalize learning experiences and provide superior quality education.
How Trends will Provide Opportunities and Threats for Large and Small Companies
The discussed trends will provide opportunities for large and small companies in terms of
- ensuring government support in efforts aimed at expanding the economy,
- ensuring the availability of qualified human resources to run businesses,
- marketing the UAE as a global destination and hence increasing the profitability and competitiveness of large and small companies,
- satisfying customer needs and expectations through the use of innovative approaches, and
- developing new markets for products and services.
The threats include stiff competition, high investments that may be required for organizations to fit in the trends, loss of customer segments to other innovative brands, significant price reductions for products and services, and highly knowledgeable markets that may refuse to accept certain products and services. Small companies face the threat of being driven out of business by large corporations if they fail to make the investments needed to be effective in the new business environment.