KPMG Lower Gulf and the World Governments Summit (WGS) released a report this week that examines how GCC countries can benefit from economic diversification and centralised Project Management Offices (PMOs).
The report, Unlocking Diversification in The GCC States, highlights that economic diversification is a high-stakes undertaking that calls for a paradigm shift in how GCC states approach project management.
Here, the two outline that creating an ecosystem that invests in public sector capacities and human capital is crucial, as is unpacking complexity and focusing on long-term, ultra-high-risk projects.
The role of centralised PMOs in the GCC is underlined as increasingly significant as the region transitions to a post-oil era, and also as instrumental in ensuring the successful execution of strategic projects across various sectors.
The report also notes that the establishment of centralised PMOs would amplify the importance of having institutional repositories of knowledge, providing centralised guidance, support, best practices, and fostering a culture of excellence in project management across the region.
Further, it is noted that PMOs can contribute to transforming the GCC’s economy by capitalising on the opportunities presented by national visions.
It also presents the onset of the Fourth Industrial Revolution, characterised by technologies such as AI, robotics, and nanotechnology, as offering a “myriad” of opportunities.
This includes a new paradigm for production, with modern and digitalised manufacturing facilities using interconnected devices, machines, and systems to deliver unprecedented productivity and efficiency.
The report also spotlights the GCC as being “uniquely positioned” to lead segments of this.
Investment in research, fostering partnerships with global tech giants, and nurturing homegrown startups can propel the GCC into the epicentre of technological innovation, it shared.
It shared that governments are fostering a conducive environment for private enterprises with investment-friendly incentives and regulations, which it said is crucial for economic diversification and fostering a culture of innovation, competition, and resilience.
Read the report here.