ME PoV Spring 2024 issue

Sustainable strategies



Sustainable strategies

Download the full issue    

About this issue

Sustainability is a fundamental pillar upon which thriving enterprises are built. It goes beyond environmental awareness, touching upon various aspects like pricing strategies, employee well-being, technological progress, and ethical conduct. As we put a spotlight on sustainable strategies in this Spring 2024 issue of the Middle East Point of View, it's essential to recognize their significance across different areas. In the current business climate, it is not only about optimizing operations and maximizing profits; it also involves adopting strategies that endure, benefiting both performance and the planet.

Gone are the days when pricing decisions were solely based on demand-supply dynamics. Businesses nowadays must also consider the environmental and social costs associated with their products and services. Crafting pricing strategies that reflect a commitment to sustainability fosters goodwill among consumers while also driving long-term profitability by aligning with evolving societal values. In Pricing for Sustainability: Linking sustainable principles with pricing strategies, authors Saima Jalal and Charumitra Chauhan point out the prominent shift in consumer preferences with a growing inclination towards choosing sustainable products and services.  

Sustainable businesses prioritize the health, safety, and fair treatment of their workforce as well. Employees are the backbone of any organization, and their well-being is non-negotiable. From implementing robust safety protocols to fostering inclusive work cultures, protecting the welfare of workers is mandatory. In Safeguarding workers’ welfare in the Middle East, Daniel Gribbin and Dina Fakih look at how organizations in the Middle East are moving forward and taking positive action for the sake of essential worker welfare. 

As artificial intelligence revolutionizes industries, auditing practices must adapt to keep pace with technological advancements. Leveraging AI-driven analytics not only enhances the efficiency and accuracy of audits but also provides insights that were previously inaccessible. In the article Auditing in the AI era: Striking a balance between obsolescence and reinvention, Rouba Abou Daher discusses how in the ever-evolving AI domain, the external audit profession finds itself at a critical crossroads of transformative change.

In an increasingly digitized world, cybersecurity breaches pose a significant threat to both businesses and society at large. Sustainable strategies must encompass robust cybersecurity measures that protect sensitive data and intellectual property, while also preserving consumer trust. Ali Khan and Ivan Glinkin discuss the importance of proactive security measures in their article Unveiling vulnerabilities in cybersecurity: A penetration test journey. They describe how safeguarding customer data and protecting against cyber threats are moral imperatives as a breach not only jeopardizes the trust of stakeholders but can have far-reaching consequences for individuals whose information is compromised.

Shifting the focus to mergers and acquisitions, it becomes clear how due diligence extends beyond financial metrics to include ethical considerations. Sustainable businesses must conduct thorough anti-bribery and anti-corruption due diligence to mitigate reputational risks and ensure compliance with legal and ethical standards. Deal or no deal: The crucial role of anti-bribery and anti- corruption due diligence in M&A by Collin Keeney, Wael Tahtah, Omar Hennawi, and Sofia Vrablova, covers how implementing robust ABAC policies helps prevent corruption and ensures a fair and ethical transition during mergers and acquisitions. 

In the pursuit of sustainability, businesses must capitalize on opportunities that promote economic growth while minimizing environmental impact. Saudi Arabia's transportation and logistics sector presents a prime example, offering tax incentives and infrastructure investments to boost sustainable development. In the article Gateway to growth: Exploring tax benefits in Saudi Arabia's transportation and logistics sector, Enwright DeSales and Robin Singh look at how “Saudi Arabia has been actively pursuing initiatives to establish itself as a global hub for logistics due to its strategic geographical location, government support, and ambitious vision for economic diversification.”

Sustainable strategies are essential for long-term success in today's interconnected world. It is everyone's responsibility to steer businesses towards practices that harmonize purpose and profit, securing prosperity for future generations. By integrating sustainability strategies, we can all forge a path towards a more resilient, equitable, and prosperous future. We hope you enjoy reading this issue of the Middle East Point of View. 

The ME PoV editorial team

Gateway to growth: Exploring tax benefits in Saudi Arabia's transportation and logistics sector

The Kingdom of Saudi Arabia's freight and logistics market is set to experience significant growth in the coming years, with an expected size of US$25.33 billion in 2024 and US$32.88 billion by 2029. This growth is influenced by the Kingdom's strategic location and its commitment to improving logistical competitiveness. This anticipated growth aligns seamlessly with the transformative goals outlined in Vision 2030, the Saudi Arabian government's comprehensive roadmap for economic diversification and development.

Auditing in the AI era: Striking a balance between obsolescence and reinvention

As artificial intelligence (AI) continues to evolve, its impact on various industries becomes increasingly profound. In the realm of external audit, AI
technologies are reshaping traditional approaches and introducing unprecedented efficiencies. These advancements promise to streamline audit processes, enhance accuracy, and provide auditors with powerful tools for data analysis.

Safeguarding workers’ welfare in the Middle East

The Middle East is currently experiencing a remarkable economic surge, marked by significant advancements in construction and technology that have thrust the region onto the global stage. This surge is fueled by the Middle East's visionary commitment to diversify its economic landscape beyond oil dependency. Consequently, the Middle East is rapidly evolving into a global hub for innovation, entrepreneurship, and sustainable growth, captivating attention from around the world.

Pricing for sustainability: Linking sustainable principles with pricing strategies

Recently, there has been a notable shift in consumer preferences, with a growing inclination towards choosing sustainable products and services. The increasing impact of climate change-related hazards has brought awareness to the forefront, emphasizing the importance of resource conservation and reducing our carbon footprint. This awareness is especially pronounced among the younger generations, who tend to prioritize their values and actively voice their concerns on social issues.

Unveiling vulnerabilities in cybersecurity: A penetration test journey

In the realm of cybersecurity, vigilance is paramount. As technologies evolve at such a rapid pace, so too do the methods of exploitation that malicious actors can employ. In this dynamic environment, organizations must adopt proactive defense mechanisms to fortify their digital fortress against potential breaches. One such crucial defense mechanism is penetration testing, a proactive cybersecurity measure involving simulated attacks on a computer system or network to uncover vulnerabilities.

Deal or no deal: The crucial role of anti-bribery and anti-corruption due diligence in M&A

Mergers and acquisitions (M&A) are popular methods for corporate expansion, enabling companies to achieve synergies and increase market share. In the Middle East, the technology sector accounts for the majority of the transaction volume, followed by the chemical and medical care sectors. In 2023, the United Arab Emirates (UAE) topped both the list of target and bidder nations in terms of value, followed by the Kingdom of Saudi Arabia (KSA) and Kuwait.

Did you find this useful?