from left: Rajesh Menon, Dr Mahbub Zaman, Waleed Raslan Al Abdulla, Abdulla Abdulaziz Alsubaie and Steve Troop at KPMG’s Performance and Risk Seminar yesterday. (Abdul Basit)
DOHA: Qatar’s decision to privatise its key public sector companies have helped improve their efficiency and performance in a big way. The country’s ongoing privatisation drive will have tremendous positive impact on the local economy, a top Qatari executive said yesterday.
Attending a panel discussion held as part of KPMG’s “Performance and Risk Seminar”, here yesterday, Abdulla Abdulaziz Alsubaie, Group CEO of Barwa Real Estate, noted Qatar’s decision to open up the telecommunication sector and the utility sectors have helped transforming Qatari economy into more mature one.
The decision to unbundle the organisations in the power, water and telecom sectors was very critical. It helped liberate these important sectors from the clutches of bureaucracy. Qatar’s new political leadership is keen on implementing the Qatar National Vision 2030 that lays major emphasis on the performance of Qatari companies, Alsubaie said.
In the seminar, attended by Qatar’s top business leaders, KPMG presented various challenges that Qatari organisations could address to increase their chances of delivering higher levels of performance.
In his introductory speech, Rajesh Menon, head of Management Consulting, KPMG Qatar said:“Emerging economies continue to close the gap with the developed world and their increasing growth rates make them an attractive destination for businesses worldwide. However, these markets are characterised by high price sensitivity, local needs and intense competition which brings with them unique challenges.”
“Some of the main performance related risks discussed at the seminar included: long term sustainability of the business model, investing and retaining the best staff; being aware of and understanding the key regulatory changes in their industry and how to implement them into their business; and managing any technology-related issues.”
In his presentation on ‘Performing in emerging markets’, Jaideep Ghosh, Strategy Partner,KPMG in India noted the world consumption in emerging markets is expected to grow at a CAGR 6.3 percent of compared to 1.8 percent in developed markets. Emerging markets are growing faster in terms of geographic markets than developed economies. 70 percent of companies from the developed market view geographic expansion as the number one target for new spending in the next year.
Jaideep said innovation seems to be the call of the moment as the emerging economies needs to constantly innovate to sustain themselves. There is a need to instill the culture of innovation in each aspect of the business such as product/service offering, processes, delivery channels, pricing, partnership, models etc.As the emerging economies start making their presence on the global map, the regulatory compliances are bound to grow stricter, transparent and complex.
Waleed Raslan Al Abdulla, CFO of Sidara Medical & Research Centre, Dr Mahbub Zaman, Associate Professor, University of Manchaster, and Jamal Fakhro, KPMG MESA chairman, spoke.