Dubai’s Strategy of Economic Diversification makes it a Sustainable Business Hub
The Middle East has seen a huge pick up in business ideas in the past years and is now turning to best business practices to ensure corporate sustainability, according to world renowned corporate strategy gurus.
Dr. David Norton and Dr Robert Kaplan, inventors of the Balanced Scorecard, have come to Dubai to run a 2-day Masterclass: ‘Managing Strategy and Risk in Dynamic Times’. The Masterclass is part of a 5-day Leaders Presents Balanced Scorecard Forum 2010 that is being held at the JW Marriott Hotel in Dubai from 27 March-1 April.
Senior executives, ranging from CEOs and directors of corporate strategy, through to finance and IT managers, have been discussing the direct correlation between clearly translating corporate strategy into measures and company performance. ‘Research shows that an organization that introduces a Balanced Scorecard can on average increase the level of shareholder value by almost 30%’, said Dr Norton.
Regular visitors to the Middle East, both Norton and Kaplan underlined the importance of strategic sustainability in an organization. Having worked among others with the Dubai Electricity and Water Authority, the Bahrain Electricity and Water Authority and the Abu Dhabi Government on the implementation of a balanced scorecard, they gave an excellent insight into the growing sustainability of regional businesses and government organizations. They also underlined that it is the leaders’ responsibility to catch out the changes in market trends and react to them by adapting the corporate strategy. Kaplan gave the example of His Highness Sheikh Mohammed bin Rashid Al Maktoum, the Ruler of Dubai and Prime Minister of the UAE. He said His Highness had recognized the oncoming changes of the oil resources eventually coming to an end and with his visionary leadership started to introduce a strategy of economical diversification for Dubai.
The theory of the Masterclass will be followed by real life success stories from institutions as varied as the Canadian Blood Services, the Bahraini Ministry of Works and Infosys Technologies, presented during the 2-day Forum starting today. ‘I am looking forward to those sessions, to discuss the examples in more detail’, said Nader Nazmi Mohammad, Planning and Performance Management Advisor at the Emirate of Abu Dhabi’s Department of Municipal Affairs. ‘We are in the second year of the Balanced Scorecard implementation and I am keen to learn about other companies’ experiences with the process’.
Balanced Scorecard Forum 2010 developed by IIR Middle East was in collaboration with Palladium Group and sponsored by Addima Consulting, CLCI and additionally Harvard Business Review as the Team Challenge Award sponsor.