Monday, February 26, 2018

Is GCC facing execution challenge?

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KING ABDULLAH ECONOMIC CITY, KSA
APRIL 10 & 11, 2018
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The GCC Execution Challenge
New projects have emerged in the GCC, creating high hopes for investors and businessmen in the region and abroad. However, plagued by bad track records on delivering on their promises, the GCC needs to tackle the execution challenges.

Majority of the C-suite executives consider poor execution as the single biggest hindrance to growth of their industry. Foremost reason behind execution failure differ from one industry to another. Lack of skilled resources, impractical scope, bad corporate governance, lack of ownership and accountability are some of the causes.

HARD FACTS: In a recent survey by PwC, 95 percent of respondents say their projects are running behind schedule, with an astounding 45 percent delayed by over six months. Likewise, 71 percent state that their projects are over-budgeted.

With projects scaled back or cancelled due to funding issues, the number of projects being postponed is on the rise – 45 percent of respondents in this survey say projects were delayed while 37 percent cite contractual disputes as key external challenge to project delivery, second only to client decision making. On an average, 45 percent of IT projects are over-budgeted, seven percent run over-time and 17 percent go so terrible that they intimidate the very existence of the company.

Some of the prominent projects that were stalled or delayed due to the bad execution include Saudi Landbridge Rail Link, the Subiya Causeway in Kuwait, Abu Dhabi's Mafraq-Ghuweifat highway and the multi-billion dollar GCC Railway Project.

CHALLENGES, OPPORTUNITIES AND QUESTIONS: Leaders have realized the correlation between initiatives required to draft a strategy and the need of developing internal capabilities to executive it. They have realized that execution is not a people's problem but a strategy problem. Need of the hour is to emphasize upon consistent clear communication between all stakeholders and to understand that the execution is an ongoing activity for the entire life of an organization.

What fundamental changes should be made to achieve success in mega-projects? Can human capital make the culture leap? How have other countries in the region overcome the execution challenge? Are leaders trained to only plan, not execute? Are planning and execution interdependent?

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