Regional compliance with the regulations of the World Trade Organization (WTO) is already having a profound effect on domestic companies, and has resulted in the de-regulation of various sectors such as telecommunications and banking.
There are four main areas that continue to undergo significant change; integration within world markets, liberalization of business activities of foreign organizations, the establishment of economic free zones and infrastructure development.
In addition, liberalization policies are being implemented to encourage direct inward foreign investment, and in contrast to the past; we see much greater intra-country collaboration such as the establishment of the Al-Khaleeji Fund.
As regional countries re-align themselves with world markets, many domestic companies face the prospect of competing with major international organizations that will soon find many entry barriers demolished, in compliance with WTO rules.
Regional activity has already been the subject of debate amongst the G-8, who recognize that a new trading hub has emerged, fueling the need to raise standards across many sectors such as banking, and fiscal and regulatory compliance, to internationally acceptable levels. The Dubai International Financial Center is a prime example.
Dubai is incredibly active in its attempts to form alliances, raise private funding together with other initiatives such as bonds, IPO’s and other means to encourage foreign investment. It is a hub within a region, which has a set of sub-dynamics that drive intra-country alliances and ventures, as well as local and international influences.
Markets Drive Career Opportunities
It’s important to recognize how the region is transforming, because the art to career development is in recognizing how these changes will impact business forms and internal structures in addition to aligning market opportunities with personal aspirations and capabilities.
Many traditional companies now face the prospect of having to reform their operations, as they prepare for new market entrants to make their mark. This need to reform in order to remain competitive will in itself create opportunity for the right caliber of manager.
So in recognizing that change will create opportunity - career advancement opportunity, the question is now one of career definition.
A career position is one that needs to take into account several issues, some personal and others professional. For example, the type of company and the industry sector is fundamental, as are the ethics of the company and its reputation for treating and promoting staff.
Other issues will reflect the nature of the working environment. Will there be sufficient stimulus and mental rapport within the role? Will the role itself enable you to grow both personally and professionally? Without these elements there is no basis for a career.
As with any career move, the benefit to family life is an important consideration. There are issues that cannot be influenced, such as legislative and employment requirements, but there is a lot that a well-prepared individual can do to influence employer choice.
Tomorrow’s Manager Has a High Net Value
Employers in this region now have easier access to a broad range of talented individuals from around the world and this has affected packages being offered. But still we see people successfully negotiating sensible deals providing the right benefits to both company and individual.
The recent trend toward sourcing from a lower cost base will have to change as the region undergoes transformation. This will create openings for suitably experienced managers who bring the appropriate blend of experience and adaptability to deliver business expectations and shareholder value.
Today’s business head works in an ever increasingly complex business environment where technology has helped to quicken the pace, decision cycles have diminished, product launch times have decreased, strategic alliances and joint ventures have become a sensible way to share common resources and strengthen returns to shareholders. Markets are rapidly moving, so qualities required in tomorrows’ manager must be adapted to meet demands of the markets.
The region continues to undergo drastic changes that will provide career advancement opportunities. But successful career planning must take into account and manage a series of variables including security, individual capabilities and aspirations, family considerations, market conditions, legislative conditions, employer choices, competition and timing of that next career move.
The key to success is to remember that careers are ultimately contingent upon market opportunity, yet governed by personal circumstances.
(Based in Dubai, David Thatcher, [email protected], is managing director of career management firm Bernard Haldane Associates in the Middle East.)