{{item.videoDuration}}
{{item.title}}
{{item.videoDuration}}
Executive summary
GCC countries are accelerating the development and growth of regional tech champions. Creating tech champions can encourage innovation, job creation, and investments that can boost the GCC’s digital economy. The region’s tech sector is already making progress thanks to supportive policies, regulatory changes, and a strong push by the private sector. However, even with these advances, tech companies are finding it hard to make the transition to full-blown tech champions—more work is needed.
Finding and hiring tech talent, such as machine learning engineers, data solutions and supply chain architects, to work for GCC companies is proving difficult. Yet there are opportunities on the horizon. The slew of layoffs from major global tech companies presents an occasion for GCC tech companies to entice tech workers to the region.
When it comes to innovation, GCC companies are slow to develop proprietary digital solutions and intellectual property (IP). Their P&Ls are still over reliant on traditional IT and white-labeling solutions sales. A looming bear market, however, means the chance to acquire targets amid lower valuations and unappealing initial public offering markets.
Companies need to think differently to transition from tech companies to tech champions. Specifically, they must retire their regional views around talent and innovation, replacing them with a global approach.
They should adopt global talent leading practices in three areas:
- Competitive structures and incentives
- Hybrid working models
- Flexible career advancement
Competitive structures and incentives
First, they must follow in the footsteps of global tech players by offering equity-based long-term incentives and stock purchase programs tied to company performance.
Hybrid working models
Second, organizations must satisfy changing employee expectations around where and how they want to work. For many, this means adopting a hybrid working model. Tech champions can do so while ensuring the business runs effectively, productively, and securely.
Flexible career advancement
Third, companies should offer enticing career advancement and development opportunities. They can join forces to create clusters of innovation, enable intercompany mobility for talent, and use artificial-intelligence-based systems to match employees with internal roles that fit their interests and needs.
For many tech companies, sourcing new intellectual property is a priority – and that can be done by tapping into innovation hubs, with the right combination of strategic investments, M&A, partnering, IP licensing and monetization deals.
GCC tech firms can also establish corporate investment funds or corporate venture arms to help secure IP, attract talent, and gain exposure to new sectors.
In parallel, these companies need to press ahead with an appropriate corporate structure and geographic footprint to enable their talent and innovation models.
Conclusion
Aspiring GCC tech companies have an opportunity to reimagine how they do business by thinking differently, taking a global approach to talent and innovation. Success in these areas, alongside a solid corporate structure and location strategy, can enable these companies to grow into tech champions.
Media clip
Becoming a tech champion - Interview with Fawaz BouAlwan
GCC countries are developing tech champions to accelerate the growth of their digital economies and establish the region as a significant player in the global tech industry. Fawaz BouAlwan talks about the challenges some GCC tech companies will have to overcome to be able to compete in the global market.
تعمل دول الخليج على تطوير شركات التكنولوجيا لتسريع عجلة اقتصادها الرقمي وتحويل المنطقة إلى طرف رائد بالمنظومة العالمية للصناعات التقنية. ويتحدث فواز بوعلوان عن بعض التحديات التي تواجه شركات التكنولوجيا في الخليج والتي يجب التغلب عليها حتى تستطيع هذه الشركات المنافسة بالسوق العالمية.
2:11
Thinking globally to succeed locally: How tech companies can become tech champions
GCC countries are accelerating the development and growth of regional tech champions. Creating tech champions can encourage innovation, job creation, and investments that can boost the GCC’s digital economy.
In the news
{{filterContent.facetedTitle}}
{{contentList.loadingText}}
{{contentList.loadingText}}
Contact us
Connect with us
Menu