IOD SPECIAL TALKS - Building Future-Ready Organisations

Ambassador Sudhir, Mr. Raut, Mr. Khalaf Al Habtoor, Dr. Kamali, Distinguished Participants and Guests, Members and Friends of the Institute of Directors, India, Ladies and, Gentlemen. I am delighted to be here with you this morning for this Dubai Global Convention and Global Business Meet of the Institute of Directors, India. I wholeheartedly agree with the premise of this meeting: that the common interests and the growing links between India and the United Arab Emirates have great potential – that both countries are global leaders for innovation and business excellence – and that we are all committed to working together to improve business and economic environments, to promote growth and development, to encourage cooperation at all levels, and to build future-ready organisations in all sectors of our economies.

I share with you this morning a special pride in the close and friendly relations between India and the United Arab Emirates. Our two countries share common interests and values, and our unique friendship endures because of its many and varied dimensions. Both of our countries are viewed as successful knowledge-based economies and societies. We both believe that a tolerant society and a successful economy are fundamental to a better life for all people. And we both continue to be at the center of world trade and cultural exchange.

With the leadership and guidance of His Highness, the President, Sheikh Mohamed bin Zayed Al Nahyan, and the strong support of the Vice President, Prime Minister, and Ruler of Dubai, His Highness Sheikh Mohamed bin Rashid Al Maktoum, we, in the United Arab Emirates, value our longstanding and deep-rooted relations with the people of India. And we are committed to working together to explore all useful ideas and to open new vistas of cooperation between our two countries for our mutual benefit.

Ladies and Gentlemen, I join you this morning to celebrate the many accomplishments of your institute. You have always operated in ways that stress competent behavior, corporate social responsibility, and adherence to human values and ethical principles.

The theme of your convention this year, 'Building Future-Ready Organisations', continues your focus on enhancing societal excellence. The theme describes a major challenge for leaders of organisations in our societies. Success in dealing with this challenge requires special attributes. Leaders for the future must be steady, alert, courageous, and wise. They must consider the meaning and implications of changing conditions. Leaders must listen to their followers. They must look beyond their own department, their own company, their own country, and they must be curious and sharp-sighted. Leaders for the future must constantly seek information relevant to their mission. Leaders for the future cannot give up or flee from problems. When critical technology changes, they must master the new technology. When laws change, they must understand the new laws and adjust accordingly. When a market changes, they must discover the causes and seek the underlying opportunities. Leaders for the future must also be concerned with global issues such as climate change, environmental sustainability, economic progress and stability, social progress, and quality of life in their societies and around the world.

Leaders for the future must be steady, alert, courageous, and wise. They must consider the meaning and implications of changing conditions. Leaders must listen to their followers. They must look beyond their own department, their own company, their own country, and they must be curious and sharp-sighted.

Two days ago, I had the privilege of addressing representatives of a major global company in a retreat dedicated to exploring their quest for excellence in their future operations. I made the point that we all recognise, that it is virtually impossible to predict precisely what new developments or innovations may come along that can disrupt or destroy existing industries or organisations. I also made the point that if existing organisations fail to innovate, prepare for the future, and adapt to changing conditions, they may be wiped out, taken over or become dramatically marginalised. I indicated that building future-ready organisations in a world of competition and uncertainty will require those organisations to be:

(1 )Ambitious, in their vision and aspirations. (2) Innovative, in their product, service, and business model development. (3) Responsive, to both their existing customers and markets, but also to new market opportunities. (4) Trusted, for their integrity and corporate citizenship. (5) Engaged, with all their stakeholders. (6) Listening carefully and Learning constantly.

I stressed the fact that a future-ready organisation must take risks in preparing for the future. Future-ready organisations must possess the unity and administrative ability to keep the organisation functioning in an orderly and economically feasible manner. Future-ready organisations must routinely prepare themselves to handle crises successfully. And futureready organisations must expect the unexpected and be always ready to enable their people to live in safety and happiness.

Future-ready organisations must routinely prepare themselves to handle crises successfully. And future-ready organisations must expect the unexpected and be always ready to enable their people to live in safety and happiness.

The United Arab Emirates is a country that is committed to organisational learning and future success. His Highness the President leads a country that is committed to creating a confident, secure society and to building a sustainable, open, and globally competitive economy. Our goal is a society whose organisations are always looking to the future – organisations that are seeking to learn and enhance their competence.

My friends, your Convention clearly shows that global progress and cooperation cannot flourish in isolation. It happens within partnerships and networks when talented people get together for a common cause. As is the case with the India UAE partnership, the prevailing environment must be flexible, supportive, and have a clear sense of purpose.

Let me close by congratulating the winners of the Golden Peacock Awards. We are proud of you and of your accomplishments. Please accept my sincerest congratulations and my best wishes for your future.

I wish the Institute of Directors continued success. My best wishes for a productive and successful convention.

Thank you

*Excerpts from the 'Patron & Chief Guest Keynote Address' delivered by His Highness Sheikh Nahayan bin Mabarak Al Nahayan, Hon'ble Cabinet Member and Minister of Tolerance & Coexistence, Govt. of UAE, at the Inaugural Chief Guest Session of (Tristar) Dubai Global Convention 2023, held from March 14–17, 2023, in Dubai.