Bain & Company, a global consultancy, continues its collaboration with the World Government Summit as a knowledge partner sharing thought leadership with government officials from around the world.Bain & Company surveyed 100 organizational leaders across 11 countries and 8 industries to learn how the MENA region can advance its sustainability agenda. Bain’s research highlights key challenges, best practices and four essential steps to help organizations take a global LEAD on sustainability.Samer Bohsali, Senior Partner who leads the Public Sector practice at Bain & Company Middle East, said: “We found that while 70% of organizations in MENA say they integrate sustainability into their business models, only 3% are on track to achieve their sustainability goals.” Bohsali observes: “The gap between ambition and action occurs despite universal agreement on the case for change. More than 90% of executives believe their core business and operating models need to change to operate more sustainably.”Wissam Yassine, partner and leader in the Sustainability practice at Bain & Company Middle East added that: “As we asked ourselves ‘how do we bridge this massive gap between ambition and action’ we identified 4 things that best-in-class companies are doing differently which we summarized in the ‘LEAD’ framework.” Yassine further elaborated: “L stands for Linking sustainability to strategy. E for Engaging the full organization from the board to the frontline. A is about Activating sustainability through clear implementable missions. And lastly, D encourages Driving innovation.”Finally, Bain’s research revealed that governments play a key role in enabling the adoption of sustainable practices. Lana Kahaleh, a senior manager at Bain & Company Middle East observed: “The majority organizations surveyed believe government policies and interventions are critical for them to improve their sustainability practices, examples of which include capacity building and training and national standards.”

Despite recent headlines that “metaverse-hype” is dying down, new research released recently by Bain & Company shows the metaverse could reach up to $900 billion dollars by 2030 though it may remain in the seed stage for at least another five to 10 years. Bain’s report, Taking the Hyperbole Out of the Metaverse, concludes that the metaverse poses real and growing economic opportunities for businesses. Companies that engage in the metaverse’s early stages of development, known as the “seed stage,” over the next five to 10 years, are more likely to become the market winners. “As the metaverse quickly evolves, we’ve already seen these types of technologies take hold within different industries,” said Chris Johnson, a partner in Bain’s Technology practice. “A good example of this is immersive gaming platforms, which are already boasting hundreds of millions of monthly active users. And while it’s not immediately clear how the metaverse landscape will shift, our research shows there are five competitive battlegrounds that executives should be considering if they wish to get ahead and eventually scale. This is an ongoing journey toward more immersive and collaborative experiences, enabled by rapid improvements in the underlying technology.” The metaverse is – and will be -- pluralAs consumer and enterprise applications become increasingly immersive and collaborative, Bain’s report finds it’s unlikely that the metaverse will emerge as one singular platform. Instead, platforms with large user bases today may take steps to become increasingly immersive and engaging, while smaller, metaverse-like environments will try to attract bigger user bases. These virtual worlds are likely to remain independent silos as private companies seek to recoup their investments by leveraging the value of the underlying data sets. “Today, a mix of metaverse strategies exist, from companies with a vertically integrated approach that spans multiple segments of the metaverse technology stack to those with a horizontal strategy that focuses on a single layer of the stack,” said Moncef Maghrebi, Partner at Bain & Company Middle East. “It remains to be seen which will prove to be most effective as the market develops and the shape of the ecosystem (vertical vs. horizontal) is likely to evolve over time.”  Industries that have since exhibited the use of metaverse-type technologies include but are not limited to: entertainment, manufacturing, healthcare, education and employee training. Five key competitive battlegroundsFive key competitive battlegrounds that executives should consider if they want to gain market share in the metaverse according to Bain include:Virtual experiences (forecast by Bain to be about 65% of metaverse projected market size in 2030). Although gaming is currently the leading consumer metaverse application, immersive fitness and entertainment could also be compelling in the medium term. On the enterprise side, innovative use cases are emerging, primarily in collaboration and productivity, but also in digital marketing, employee training, education and healthcare.Content-creation tools (about 5% of metaverse market size in 2030). There’s a growing field of software tools that provide the building blocks, editing platforms and interfaces for creating metaverse worlds and experiences. These features make it easy for users to generate content.App stores and operating systems (about 10% of metaverse market size in 2030). The app store role will be crucial during the metaverse’s seed stage, providing users with curated, high-quality experiences to keep them engaged with the platform and headset they use to access the metaverse.Devices (about 10% of metaverse market size in 2030). Significant technological barriers must be overcome before the arrival of comfortable, stand-alone devices that allow for truly immersive experiences. To achieve mass adoption, metaverse content will need to work across all types of devices- including, for the foreseeable future, personal computers, gaming consoles and smartphones.Computing and infrastructure (about 10% of metaverse market size in 2030). Hardware companies will face pressure to develop higher-performing chips, servers and networking technologies to render high-quality graphics and reduce latency.

DUBAI: Following a dip in 2020, tourism globally is again on the rise and is expected to reach $17 trillion in size by 2027, compared to $11 trillion prior to Covid-19. Bain & Company’s new research study, Sustainable Tourism: An Untapped Opportunity for Green Growth, reveals that there is an increasing appetite for more sustainable tourism among leisure travelers across the globe, who will choose destinations and providers (airlines, hotels, restaurants, and tour companies) based on their sustainability records and are starting to pay a premium for it. On the other hand, research shows that some travelers feel that the travel and tourism sector is making little or no effort to be more sustainable, indicating that there is still much room for the sector to respond and make a difference.“The uptake in sustainable tourism is driven by an appetite to travel sustainably and make more responsible choices. Bain has developed a framework defining the components of a sustainable tourism experience around three pillars: environmental impact (e.g., eco-friendly transportation and accommodation options), social responsibility (e.g., DEI standards), and community engagement (e.g., contract with locals)” says Karim Henain, Partner at Bain & Company Middle East.There is a significant opportunity among the “sustainability enthusiasts” segment of travelers interested in visiting the MENA (Middle East and Northern Africa) region. The study’s aim is to better understand the behaviors and preferences of relevant travelers interested in MENA as a destination. The research covered consumers from six markets: Germany, Italy, France, the UK, Saudi Arabia, and China.Overall, more than two-thirds of consumers surveyed in the selected markets consider sustainability aspects to be important or extremely important when traveling for leisure, and 73% expect sustainability to become more important over the next five years. In addition, they state that sustainability considerations influence their choices (64%), are willing to pay extra for more sustainable offerings (66%) and would recommend a holiday destination based on sustainability considerations (57%). Among the respondents, Bain identified sustainability enthusiasts: those who consider sustainability “extremely important,” both in their daily life and when traveling for leisure (~30% of survey respondents).Sustainability enthusiasts were found in all markets, but demographics varied by country. For example, sustainability enthusiasts from China and Saudi Arabia were predominantly highly educated millennials, whereas their European counterparts were almost equally spread across age groups, income, and education levels.Importantly, compared with the rest of the survey respondents, sustainability enthusiasts were:4x more likely to consider sustainability aspects as “extremely important” when choosing a holiday destination7x more likely to recommend a holiday destination driven by sustainability considerations1.6x more willing to pay for more sustainable choices, at a premium of 15 to 20 percentage points compared to non-enthusiastsTo further analyze the potential that sustainable tourism has in Egypt, Bain & Company worked closely with the Ministry of Tourism and Antiquities to develop insights about the travel and tourism industry in the country. On that note, H.E Ghada Shalaby, Vice Minister for Tourism - Ministry of Tourism & Antiquities Arab Republic of Egypt said: Contributing to such valuable reports as this one provides priceless insights and recommendations that will guide our efforts to promote sustainable tourism in Egypt and create a more resilient and inclusive industry for the future. These insights should continue being a part of our decision-making processes as they will further refine the industry.Egypt has several assets to leverage, but still has some work to doEgypt has already launched several initiatives to improve the sustainability performanceof its travel and tourism sector. Examples include Mainstreaming Biodiversity in Egypt’s Tourism (MBDT), Green Star Hotel (GSH), as well as flagship initiatives promoting Egypt’s holiday destinations across sustainability pillars, such as the town of El Gouna, “the first place in Africa and the Arab region to receive the UN-sponsored Global Green Town award,” which recognizes cities that display “substantial efforts and progress towards environmental sustainability and a greener community.” El Gouna has a zero-waste system where more than 85% of all waste is reused and recycled.To evaluate how travelers perceive Egypt’s sustainability efforts, the survey respondents were asked to rank Egypt’s sustainability performance vs. the main competing destinations in MENA (Greece, Turkey, Tunisia, UAE, Morocco). Sustainability enthusiasts perceived Egypt’s sustainability performance more favorably compared to competing destinations as they ranked Egypt 2nd, however, overall survey respondents ranked Egypt 4th.Balancing the right mix of “bass notes” and “high notes” is important for Egypt’s sustainable tourism. While bass notes – broad important topics such as sustainability certificates and green infrastructure – are critical, customers tend to follow the high notes, which are topics that create differential competitive advantage. For Egypt, an example of high notes would be to enhance the preservation of its cultural and natural assets across key eco-tourism zones.The opportunity that sustainable tourism presents to Egypt’s tourism sector is sizable and requires a coordinated effort across the entire ecosystem in order to capitalize on this opportunity. The roadmap should include:Targeting the sustainability enthusiastsDialing up Egypt’s high notes by repackaging existing tourist offerings to highlight sustainability aspects, defining new sustainable offerings, and launching flagship initiatives to improve the perception of Egypt’s sustainability performanceAttending to bass notes, including pursuing certificates, enhancing infrastructure, and distributing benefits to local communitiesNurturing the tourism ecosystem by stimulating businesses and local communities to adopt sustainable practices while securing the necessary funding“It is important to go green in the tourism sector as it allows tourism growth, environmental conservation, and social well-being to be mutually reinforcing – green/sustainable tourism will eventually help create jobs, support the local economy, and reduce poverty,” said Jenny Davis-Peccoud, Global Head of Sustainability & Responsibility Practice at Bain & Company.

Bain & Company, the leading global management consulting firm, today announces the appointment of Mourad Limam as a partner in its Dubai office, with a focus on the firm’s Private Equity (Sovereign Wealth Funds) and Advanced Manufacturing Services (Real Estate and Social Infrastructure) practices in the Middle East region.Limam, whose appointment as Partner is effective October 1, joins Bain & Company from the Emerging Markets organisation of Henkel Adhesives Technologies in MEA, where he was responsible for P&L and business growth, in addition to transforming the operating model and reshaping the organization.His appointment as partner comes as Bain & Company continues its strong expansion across the EMEA region, extending its European footprint with new offices opened recently in both Lisbon and Athens.“The addition of Mourad to our Partner team further strengthens our expertise in key focus areas for Bain & Company in the Middle East. His wealth of experience as an advisor and executive, and proven leadership track record – with particular depth in real estate and infrastructure – will enable us to provide even more innovative solutions to our clients. I am confident that Mourad will add significant value to our wide range of corporate, government, and investor clients in the Middle East in his new role,” said Tom De Waele, Managing Partner at Bain & Company Middle East.Limam underwent his higher education in Germany, graduating with a Ph.D. in Automotive Mechatronics from the Technical University of Dresden and a Master’s in Computer Science from the University of Stuttgart.“I’m delighted to be joining Bain & Company and for the opportunity to work with an array of clients, adding value through my investment and development experience in the Middle East,” Limam said. “It’s an exciting time for the region, with plenty of strategic growth opportunities to leverage, especially as we are seeing major government investments across key geographies. I look forward to the challenge and to helping the team create innovative solutions for our valued partners.”