Mirages often deceive the eye in the desert, promising water and relief where there is none. Similarly, the Middle East, at the moment, can appear daunting to global business leaders who mistakenly look at it as one homogeneous bloc. But unlike mirages, and despite geopolitical tensions in the broader region, the Gulf Co-Operation Council (GCC) economies’ potential is no illusion.
A recent EMIR survey shows that 42 per cent of UAE-based regional CEOs expect double-digit growth in 2024, indicating a thriving business environment despite regional flux and a torpid global economy.
Yet, many regional leaders of international companies still struggle to unshackle themselves from misconceptions and biases held by a global HQ that often looks at the Middle East through a narrow keyhole.
Global budget holders’ often misguided viewpoints can lead to missed opportunities and hinder growth.
With over a decade of experience advising regional business leaders in the Middle East, I’ve seen how critical it is to make the case for the region by focusing on these five simple steps.
- Make the case with a comprehensive, data-backed proposal: A robust, numbers-driven proposal is the cornerstone of success. It should comply with processes and include a thorough risk assessment and a compelling business case. Work with other regions in the company to learn what works best for influencing global decision-makers. One UAE-based team, struggling with approvals, sought feedback from peers in a globally recognised office. This peer review revealed the need for detailed risk descriptions, which improved their success rate from 45 per cent to 80 per cent. Clear, precise and realistic proposals build confidence and pave the way for approval.
- Engage experts early: Engaging legal, commercial, and technical experts early in the proposal process is crucial. These experts help lend credibility, anticipate potential issues, and provide essential guidance. Regional CEOs should foster a culture of early and proactive expert involvement, ensuring the groundwork for success is laid well before the proposal reaches the decision-makers.
- Craft a sophisticated internal lobbying campaign with critical decision-makers: Communication with key global decision-makers beyond the formal approval process is essential. This allows for a better understanding of concerns and aligns the proposal with the company’s strategic goals. Such proactive communication can pre-empt objections and smooth the path to approval. Internal lobbying should happen at multiple levels and be multifaceted.
- Proactively tackle misperceptions and biases: Addressing and overcoming cultural biases and misconceptions is crucial. These often stem from outdated stereotypes and can obstruct investment plans. These biases can be addressed head-on by providing clear information, context, and market intelligence. Bringing global CEOs or critical decision-makers to the region is one of the most powerful ways to tackle misconceptions and dispel myths about doing business in the region.
- Leverage local expertise: Involving local experts can build trust and provide external context. CEOs should not hesitate to bring trusted advisors to clarify the business landscape. Again, arranging local visits for offshore executives to meet with local high-calibre experts can offer them firsthand insight into the region’s vision, opportunities, and challenges. Another effective strategy is to have your visiting global CEO meet with other local regional CEOs over a roundtable discussion. This unbiased information gets them out of the silo of your organisation while corroborating the information in your proposal.
Together, these five steps should focus on delivering a simple message to global budget holders: “This is a region of opportunity, so give us more budget. However, this place also operates very differently from our domestic market, so don’t expect the same linear pathways to growth and timelines.”
This strategy requires robust preparation, clear communication, a deep regional network and a rich understanding of the local business environment because, ultimately, you have to deliver on that promised growth. But it is worth it.
By dispelling misconceptions and engaging proactively, regional CEOs can unlock the region’s true potential, transforming perceived mirages into an oasis of opportunities waiting to be discovered