“Focus on New Opportunities Rather Than Just Cutting Costs”
In the August 18, 2009 issue of Emirates Business 24/7, Booz & Company Senior Associate Hatem Samman (Middle East) said with countries in the Middle East achieving economic stability, firms should now be preparing to face the new economic reality ahead instead of devoting all their attention to cost cutting. “We have to expand the role of the private sector,” said Samman, the director and lead economist at Booz & Company’s Ideation Center. “Clearly foreign direct investment would be a helpful factor in growing the economy. I don’t mean only in the oil sector, but also in other sectors such as real estate.” At the same time, proper development of human capital through various means would go a long way towards supporting the economy, he added. “Fields such as education and health are important,” Samman said. “One of the critical factors for growth is human capital improvement. In education, we have been lagging behind (and) we need to reform it because it is a source of innovation and efficiency. It is essential to link your education strategies with your socio-economic priorities.”