The Covid-19 pandemic has prompted global companies to shift to local and more flexible operations, according to a new report released on Tuesday.
The report, compiled by the Global Manufacturing and Industrialisation Summit and consultancy firm PwC, found that many more companies are moving from operating globally to a hybrid model of ‘glocal’ operations.
However, the opportunities and related risks of glocalisation – a practice of running a global business that is agile enough to adapt to local needs as well – vary in different countries, the report said.
“The Covid-19 crisis hit when global supply chains were already under pressure from new tariffs and restrictions resulting from trade disputes,” Anil Khurana, a principal at PwC in the US, said.
“Glocalisation balancing act may mean different for different countries … but at its core, it relies upon agile and multi-location global operations, use of technology and digitalisation to ensure data-driven insights and decisions, greater transparency and resiliency, and improved efficiencies even at less-than-global scale.”
The report, which focused on the Middle East, Germany, India, the US, the UK and China, said that businesses must enhance their local footprint, increase the use of robotics in manufacturing and logistics, and change the cost model for production and sourcing to minimise the disruption caused by the pandemic.
The study was developed following online panel sessions at the GMIS’ digital series. These sessions, which took place over the past few months, discussed the increasing shift to glocalisation on a national scale due to the pandemic and its impact on operations and supply chains.
“Digitalisation is critical to rolling out and implementing successful glocalisation strategies,” Badr Al-Olama, head of the organising committee for the GMIS, said.
“If manufacturers fail to recognise the power of digitalisation, they will likely see their competitive edge erode. Across the Middle East, countries are prioritising the potential of the digital revolution, constantly seeking ways to support organisations,” said Mr Al-Olama.
Despite challenges posed by the pandemic, PwC believes that the Middle East is well-prepared for a successful glocalisation journey.
“In recent years Middle Eastern countries led by the UAE, Saudi Arabia and Qatar have made massive investments in ICT in order to reduce their dependence on oil revenues,” Bashar El-Jawhari, partner at PwC Middle East, said.
“As a result, manufacturers in the Middle East now have access to ... technology to modernise and localise supply chains and production.”
Killing of Qassem Suleimani
Real estate tokenisation project
Dubai launched the pilot phase of its real estate tokenisation project last month.
The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.
Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.
MATCH INFO
Newcastle United 1 (Carroll 82')
Leicester City 2 (Maddison 55', Tielemans 72')
Man of the match James Maddison (Leicester)
Other IPL batting records
Most sixes: 292 – Chris Gayle
Most fours: 491 – Gautam Gambhir
Highest individual score: 175 not out – Chris Gayle (for Royal Challengers Bangalore against Pune Warriors in 2013)
Highest strike-rate: 177.29 – Andre Russell
Highest strike-rate in an innings: 422.22 – Chris Morris (for Delhi Daredevils against Rising Pune Supergiant in 2017)
Highest average: 52.16 – Vijay Shankar
Most centuries: 6 – Chris Gayle
Most fifties: 36 – Gautam Gambhir
Fastest hundred (balls faced): 30 – Chris Gayle (for Royal Challengers Bangalore against Pune Warriors in 2013)
Fastest fifty (balls faced): 14 – Lokesh Rahul (for Kings XI Punjab against Delhi Daredevils in 2018)
COMPANY PROFILE
Founders: Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi
Total funding: Self funded
You Were Never Really Here
Director: Lynne Ramsay
Starring: Joaquim Phoenix, Ekaterina Samsonov
Four stars
Opening weekend Premier League fixtures
Weekend of August 10-13
Arsenal v Manchester City
Bournemouth v Cardiff City
Fulham v Crystal Palace
Huddersfield Town v Chelsea
Liverpool v West Ham United
Manchester United v Leicester City
Newcastle United v Tottenham Hotspur
Southampton v Burnley
Watford v Brighton & Hove Albion
Wolverhampton Wanderers v Everton
Al Jazira's foreign quartet for 2017/18
Romarinho, Brazil
Lassana Diarra, France
Sardor Rashidov, Uzbekistan
Mbark Boussoufa, Morocco
Race card
1.45pm: Maiden Dh75,000 1,200m.
2.15pm: Maiden Dh75,000 1,200m.
2.45pm: Handicap Dh95,000 1,200m.
3.15pm: Handicap Dh120,000 1,400m.
3.45pm: Handicap Dh80,000 1,400m.
4.15pm: Handicap Dh90,000 1,800m.
4.45pm: Handicap Dh80,000 1,950m.
The National selections:
1.45pm: Galaxy Road – So Hi Speed
2.15pm: Majestic Thunder – Daltrey
2.45pm: Call To War – Taamol
3.15pm: Eqtiraan - Bochart
3.45pm: Kidd Malibu – Initial
4.15pm: Arroway – Arch Gold
4.35pm: Compliance - Muqaatil
Pathaan
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The candidates
Dr Ayham Ammora, scientist and business executive
Ali Azeem, business leader
Tony Booth, professor of education
Lord Browne, former BP chief executive
Dr Mohamed El-Erian, economist
Professor Wyn Evans, astrophysicist
Dr Mark Mann, scientist
Gina MIller, anti-Brexit campaigner
Lord Smith, former Cabinet minister
Sandi Toksvig, broadcaster
UAE currency: the story behind the money in your pockets
Under 19 Cricket World Cup, Asia Qualifier
Fixtures
Friday, April 12, Malaysia v UAE
Saturday, April 13, UAE v Nepal
Monday, April 15, UAE v Kuwait
Tuesday, April 16, UAE v Singapore
Thursday, April 18, UAE v Oman
UAE squad
Aryan Lakra (captain), Aaron Benjamin, Akasha Mohammed, Alishan Sharafu, Anand Kumar, Ansh Tandon, Ashwanth Valthapa, Karthik Meiyappan, Mohammed Faraazuddin, Rishab Mukherjee, Niel Lobo, Osama Hassan, Vritya Aravind, Wasi Shah
The%20specs
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