2/17/2024 0 Comments Safest middle eastern countriesThey’re skeptical about the success of the transformation. There are others who will basically say, “Well, let’s wait and see,” because they’re skeptical about the geopolitical situation. They see a market that actually could be attractive and that is very big. They see a young population that is thriving and wanting to make a difference. On the one hand, you have people that actually are very bullish about the region because they see the ambitious transformation. Ahmed, what’s the mood today?Īhmed Youssef: I think if you ask people that question, you will not get one answer, because it really depends on the leap of faith that you’re ready to take or the kind of skepticism that you have. We’ve also had a fair bit of instability around the region. We’ve had oil prices considerably below where they were. Simon London: Looking in from outside, the region, I think, has been through a bit of a rough patch. Ahmed and Abdellah, welcome to the podcast.Ībdellah Iftahy: Thank you. To discuss these issues and more, I met up in Dubai with Ahmed Youssef and Abdellah Iftahy, two McKinsey partners who work with companies across this very big, very complex region. This is not to deny the political complexity, but it does call on us to try and understand the Middle East from economic and business perspectives.įor example, can the region create enough jobs to employ its young people? Can governments transition their economies away from dependence on oil and state-owned enterprises? How will the big family-owned groups that have dominated the private sector compete against a new generation of entrepreneurial, tech-savvy competitors? With geopolitics and conflict dominating the headlines, it is easy to forget that the Middle East is home to hundreds of millions of people who are, for the most part, going to work, going to school, raising families, shopping, and so on. Simon London: Hello, and welcome to this episode of the McKinsey Podcast, with me, Simon London. However, people should know that the remaining five less-popular Emirates: Sharjah, Ras al-Khaimah, Fujairah, Ajman, and Umm al-Quwain, also have a lot to offer.In this episode of the McKinsey Podcast, Simon London speaks with McKinsey partner Abdellah Iftahy and senior partner Ahmed Youssef about the future of business in the Middle East. Dubai is the most populous city in UAE despite not being the capital, and that’s because it is full of ultra-modern skyscrapers, sophisticated shopping malls, home to the world’s tallest building Burj Khalifa, the main commercial hub of the Middle East, and so on. The country is one of the most beautiful countries in the Middle East, thanks to the existence of both Dubai and Abu Dhabi. The UAE is a popular destination for tourists and expats, with a lot of people trooping in from all around the world in fact, almost 90% of the total UAE population are foreigners. This Arabian Peninsula country also tops richest Arab country list, and is the richest country in the world at the moment. The fact that the country is hosting the 2022 FIFA World Cup proves how safe the world thinks the country is right now. Doha, which serves as its capital, is the house to the Museum of Islamic Art. It is one of the Middle East countries that serve as an ideal destination for people who are looking to bolster their travel books or a place to settle down. Qatar is mostly known for its sophistication with a very rich culture.
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