ME PoV Summer 2022 issue has been saved
ME PoV Summer 2022 issue
About this issue
It’s time to wipe our lenses and take a glimpse into the future. We are evolving, and dynamically so. As the world accelerates into an exciting and promising new era, the possibilities in technology and business are seemingly endless. Whether the focus is on data-sharing capabilities that continue to advance, or on artificial intelligence expansion that will alter how we live and conduct business, there is no doubt that the next few years will prove to be revolutionary.
From advances in digital technologies that could reshape entire industries and sectors, to the ever so relevant issues of cloud security and data-backed decision making, come Securing the move to cloud by Simon Rohan Chandran and Demystifying insights through analytics by Bhavna Lakhani, Vivek Sam Abraham, and Krutika Ramwani. In the first article, Chandran explains how “As with many unknowns, the move to a virtual data centre and hyperscale global networking sees many organizations try to reinvent their IT strategy. They expect not just IT operations, but also security and privacy to adapt rapidly to this new way of digitalization…” Touching on the subject of data analytics, the next article discusses how “Now more than ever, at a moment when data, science, and facts have been challenged from many quarters, becoming a data-driven organization really does matter.”
This dynamic evolution also echoes in the chambers of healthcare, an area that will continue to transform with new business models and emerging technologies over time. “The pandemic required widespread fundamental change in the healthcare industry as well—from operations and supply chains, to consumer engagement and future strategies. As healthcare shifts away from an inpatient hospital revenue focus, finance chiefs have an important and growing role,” explains Haseeb Akram In Dynamics in healthcare post COVID-19. As time goes on, healthcare organizations will have no choice but to decide what role they want to play from here on out.
Looking towards the future, it is evident that the global economy, the financial sector, and society as a whole will take shape according to the many forces taking effect. Considering how inflation and international taxation have become such pertinent topics in our interconnected world, we have Trials and tribulations of international taxation: The impact of BEPS Action 5 and the recent introduction of a global minimum tax on Middle East-based special economic zones by Abi Man Joshi and The high inflation impact: Higher prices… yet lower equity values by Muhammad Faiq Khalid in this summer issue. They discuss how the international tax landscape has changed dramatically in recent years in addition to how the impact of inflation on investment valuations will vary across businesses, industries, and geographies.
The issue would not be complete without touching on the evolution of sustainability, climate change, and governance frameworks as well. Building a sustainable future: Leading the discussion in Egypt and the UAE at the COP 27 and COP 28, written by Damian Regan, reflects on how attention will be on North Africa and the Middle East as the international community takes numerous major steps over the next few years to reduce the impact of climate change and work towards building a more sustainable world.
In Governance frameworks: One size does not fit all by Wael Kaafarani and Melissa Scully, they express how “The challenges facing governments nowadays are not easy…” and how “Alongside these challenges comes increased scrutiny of performance, and a need to enhance governance practices that help government organizations navigate these complexities and uncertainties.”
All in all, it remains to be seen how the world will evolve as we move forward and what elements and areas, long thought to be unattainable, will become within our grasp. It clearly is an exciting and dynamic evolution in time which we are here to witness.
ME PoV editorial team
In a Deloitte study which examined 1,048 senior executives who work with data at large companies (501+ employees), it was highlighted that there was an extremely strong correlation between culture and business performance. Organizations that reported having the strongest cultural orientation to data-driven insights and decision-making are twice as likely to have reported exceeding business goals in the past 12 months.
In November 2022, Egypt will play host to the 27th annual gathering of countries seeking to tackle the global challenge of climate change, the United Nations Framework Convention on Climate Change’s (UNFCCC) Conference of the Parties (COP 27). Then in November 2023, the UAE will host the 28th annual gathering, as they continue to develop frameworks and further position the critical roles that the public and private sectors play.
Inflation has recently hit new highs across the globe; for most countries, prices are rising faster than they have in the past 40 years. The Dean of Valuations at New York University, Pr. Damodaran, commented: “The good news is that the culprit behind the volatility in current markets is easy to identify, and it is inflation, but the bad news is that inflation remains the most unpredictable
of all macroeconomic indicators to factor into stock prices and value.
Nowadays, more and more organizations are relying on cloud. Recent figures show1 that by 2023, worldwide public cloud spending is expected to reach US$600 billion, contributed by organizations that are driving digital transformation across their ecosystem. In the Middle East, we see
digitalization agendas high across key sectors, such as financial institutions
The coronavirus (COVID-19) pandemic changed the world as we know it, and people were obliged to change the way in which they live their lives while considering the dynamic factors continuously emerging. The pandemic required widespread fundamental change in the healthcare industry as well—from operations and supply chains, to consumer engagement and future strategies.
The challenges facing governments nowadays are not easy. Such challenges include, but are not limited to, geopolitical tensions, macroeconomic factors (inflation, recession, cost of living crisis, etc.), climate change, robotics, and disruptive technology. Alongside these challenges comes increased scrutiny of performance, and a need to enhance governance practices that help government organizations navigate these complexities and uncertainties.
Since international tax rules were written decades ago, there have been fundamental changes in the worldwide landscape due to globalization and digitalization of the modern economy. For this reason, it has been imperative for tax authorities and international organizations to address the issue of double taxation, profit shifting, and tax evasion.