The Middle East faces a critical shortage of experienced and highly skilled managers where leading local and international companies are experiencing difficulties in filling their top management positions says a regional management expert.
Dr. Ali Sharab, Founder of Foursan Al Hayah, a high end management consultancy stated that the scarcest and most valuable resource in Arab businesses was never financial capital but human talent.
Dr. Sharab said: “Most companies are placing on foreign markets for growth. For the first time, for example, the companies in the Standard & Poor’s 500-stock index are expected to achieve more than half their sales from abroad next year, on average. Also, large U.S. companies that disclosed their foreign earnings earned about a third of their revenue from foreign sales, according to Standard & Poor’s. This speaks volumes on the massive opportunities the Arab market carries. This makes it imperative to qualify our top management staff to cope with the huge local demand.”
Dr. Sharab added: “Middle Eastern businesses are losing the battle to compete with international peers that are garnering an increasingly bigger market share in the region. It is crucial for local businesses to be armed with the appropriate management tools in their struggle to expand their regional and global footprint.”
Arab companies are exerting efforts to adopt high quality management systems to enhance their international competitiveness within the rapidly changing management trends and tools.
Dr. Sharab added: “Arab businesses competitiveness will face serious implications with the alerting rates of lost expertise and significant shift in the brainpower balance of the regional companies.
Dr. Sharab concluded: “Regional businesses should adopt latest management techniques, should they wish to effectively compete at the regional and global levels. Also, fostering C-suite managers remains a challenge to Arab businesses with an estimated three per cent of regional companies were able to build an integrated management system within its operations in 2007.
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