Reimagining our Region - June Issue

A round-up of our latest news, insights, and industry reports on hot topics from the region.

Sustainability in the Middle East 2024: Breaking through barriers

This year marks a breakthrough in sustainability for the Middle East. Our survey, 'Sustainability in the Middle East 2024: Breaking through barriers', shows that 8 in 10 businesses now have a formal sustainability strategy, up from 64% last year. Despite this progress, one in three companies still struggle with a lack of internal skills and expertise.

Businesses are increasingly accessing green loans and bonds, with a 20% rise since 2023. As sustainability becomes crucial for profitability, it's vital for both the government and private sector to invest responsibly and utilise technologies like #GenAI. 

Learn more here. #OurregionYourfuture

Winners at ‘The Marketing Society UAE Awards’!

More on the sustainability front.

Congratulations to our Marketing and Communication Team for their incredible achievement at 'The Marketing Society UAE Awards'! 

The team won the award for the ‘Successful and Effective Partnerships’  for the firmwide campaign 'On the Road to Net Zero: Leveraging Strategic Partnerships for Meaningful Impact’. 

The campaign - a year-long initiative - aimed at identifying climate tech companies across the region, and showcasing our dedication to creating impactful alliances that drive progress towards sustainability. The campaign also highlighted the innovative climate tech solutions present in the region, and emphasised the need for increased investment in decarbonisation efforts.

Well done team! Know more about the winning campaign here. 

PwC NextGen Survey 2024: A Dubai focus

Family businesses in Dubai are approaching a crucial period of generational transition and technological integration. Our 2023 Family Business Survey highlights that many will soon pass leadership to NextGen members, aged 18 to early 40s, amidst the transformative influence of #GenAI. This shift requires strong intergenerational communication and robust governance to maintain their competitive edge and protect the trust they have built.

Despite being cautious about adopting new technologies, Dubai's family businesses recognise the potential of GenAI. While fewer than one in 10 have implemented it, there is significant interest and optimism among NextGen leaders. To ensure continued growth and success, these businesses must prioritise responsible #AI adoption and effective succession planning, leveraging the unique perspectives of their younger successors.

Read the full report: https://pwc.to/3yRoTYY

Digital acceleration: Fueling the ambition for transformation success in Saudi Arabia

Saudi Arabia is leading the Middle East in economic diversification and modernisation with its Vision 2030 initiative. This transformation focuses on developing human capital, strong governance, and digital technologies. Our 27th CEO Survey: Saudi Arabia shows business leaders' confidence in embracing technologies like GenAI and improving energy efficiency.

Our work with the Saudi National Events Centre (NEC) highlights the impact of digital initiatives on operations and innovation. The report provides a strategic roadmap for investing in digital infrastructure and leveraging AI for growth. Discover more.

Bring your child to work day - Inspiring our future generation 

Last week we welcomed a group of the future generation to our workplace as part of ‘Bring Your Child to Work Day’. It was a fantastic opportunity to showcase the different technologies and innovations we use on a daily basis to show the group all the exciting work we do at PwC Middle East. 

Throughout the day, the group saw how we develop and execute digital strategies for our clients, using the last #AI technologies, VR and #GenAI  prototypes. They also had the chance to learn about sustainability through a fun and engaging board game, reinforcing the importance of practicing sustainability and the importance of eco-friendly practices.

The enthusiasm and curiosity of the children were truly inspiring, and it was heartwarming to see their excitement about the possibilities that technology and sustainability hold for the future.

Here’s to a future generation that will continue to innovate and lead with a commitment to sustainability. 🚀

GenAI: Who draws the ethical line?

For the past 75 years, scientific research has invested significant efforts in designing, building, and testing different machine-based systems that can operate with varying levels of autonomy to make decisions, predictions, and recommendations. The theoretical groundwork by Mathematician and Computer Scientist Alan Turing laid the foundation for Artificial Intelligence (AI) to evolve from basic rule-based systems to sophisticated machine learning algorithms all the way towards its contemporary technological landscape, where the spotlight is now on the latest iteration of this transformative technology – Generative Artificial Intelligence (GenAI).

Our latest report discusses the benefits and risks of deploying #GenAI. But who draws the ethical line? Find out here: https://pwc.to/4dMZqzD

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