The adoption of the circular economy (CE) can provide significant competitive advantage for chemicals companies through the adoption of key applications across the value chain. The CE seeks to reuse products and treats waste as a loss of value. Chemicals companies should begin by deciding their commercial rationale for moving to the CE. Once they define their business objectives, they can consider pilot projects that are likely to reap short-term rewards and inspire the confidence to continue with the CE. They also need to change their corporate culture so that the CE becomes second nature to their staff.
To develop the data economy in their region, GCC governments need the right enablers and should introduce regulation to safeguard data’s safe and fair use. This means clear guidelines for ownership, accountability, consumer protection, and privacy. Companies should focus on continuous learning by launching pilots for use cases where they can benefit from data-driven insights. Individuals should be more aware of what they do share, either intentionally or unintentionally; actively manage their privacy; and potentially demand a share of the value of the data they generate.
GCC governments have opportunities to strengthen the leisure and entertainment (L&E) sector’s contribution to economic growth by boosting demand and consequently increasing returns. The Ideation Center has identified three priorities for GCC governments following in-depth research into the L&E supply and plans and a survey of consumers’ views.
GCC countries need to replace the prevalent linear economic model of “take, make, use, waste,” which has been to the detriment of the region economically, environmentally, and socially. Instead, GCC countries should adopt in a holistic manner the circular economy model, which optimizes the consumption of finite resources, maximizes product utilization, and recovers by-products and waste.