Thursday 28 October 2021
 
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ANALYSIS

Business leaders confident about resilience of their firms

DUBAI, May 24, 2021

A significant 84% of Middle East respondents to a survey reported general confidence and pride about their organisation’s pandemic crisis management programme and communication, compared with 71% globally.

Titled “Building a more resilient tomorrow, today”, Middle East findings of the Global Crisis Survey by professional services group PwC examines how Middle East business leaders and organisations  prepared for and responded to the unprecedented disruption of Covid-19 and, significantly, what actions helped companies to emerge stronger.

The survey findings revealed that Middle East organisations had less of a negative impact as a result of the pandemic, with 41% responding that it had a positive impact, compared to only 20% globally.

This positive impact is attributed to the effective communication organisations put in place, both internally and externally with stakeholders, in response to the crisis. Moreover, the clarity of response roles and responsibilities were slightly higher in the region compared to globally.

Although 73% of those surveyed in the Middle East believe they are well-positioned to assess long-term business threats, the investment and adoption of new technologies and IT infrastructure was part of the organisation's resilience plan and they are areas considered as top priority of their overall corporate strategy.

Achraf Elzaim, Forensic Services Leader at PwC Middle East : “The high levels of confidence are a testimony to the resilience of Middle East businesses, which have managed to adapt quickly to survive - undergoing a cycle of repairing, rethinking, reconfiguring and, in some cases, restarting.

“The significant proportion of regional business leaders who believe their organisations have been strengthened by the crisis illustrates the resilience they incurred to external shocks and corporate cultures. It also demonstrates the ability for organisations to adapt at speed and pivot quickly in the face of uncertainty.”

In the Middle East, transformation has been at the top of government and corporate agendas for years, with significant progress made across key areas such as IT infrastructure, operations, technology and cyber security. The latter, is rising up rapidly on corporate agendas across the region according to the PwC’s 24th Annual Global  CEO Survey published in March, where 43% of Middle East business leaders said they plan to increase investment in cybersecurity by 10% or more over the next three years, well ahead of the global average of 31%.

Across the majority of organisational areas, respondents showed that they were more likely to be in a ‘better place’ than a ‘worse place’ in comparison to their pre-Covid-19 positions, particularly in technology, brand and reputation and organisational resilience. Additionally, 80% expressed confidence they can adapt their strategy in a future crisis.

Elzaim added: “Catalysed by the dual shock of Covid-19 and falling oil prices, the increased acceleration of change in a region that was already undergoing profound transformation, has further propelled organisations to adjust and optimise for resilient value preservation and creation.” – TradeArabia News Service




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