Riyadh, Saudi Arabia, 29October 2024 – The ninth edition of the GCC Board Chair Summit culminated at the Crowne Plaza Convention Center in Riyadh, uniting over 150 of the region’s top board chairs, influential leaders, and industry experts to address the critical challenges and trends shaping the future of the GCC’s business landscape.

Held under the theme ‘GCC Transforms: Driving Change,’ the summit delved into global shifts shaping the region’s economic trajectory, including corporate governance, artificial intelligence (AI), cybersecurity, and, environmental, social, and governance (ESG) frameworks. The event served as a vital platform for exchanging insights and innovative approaches to corporate governance in an era of rapid change.

Mohammed Al Shroogi, Chairman of the GCC Board Directors Institute (GCC BDI), echoed this sentiment in his opening remarks: “Effective governance is not just about compliance, it’s about embracing new opportunities for sustainable growth. This summit has once again demonstrated the power of collaborative leadership in addressing the challenges facing our boards today. We remain committed to equipping our board leaders with the tools needed to build robust frameworks and seize new opportunities.”

Mana Alkhamsan, CEO of the Financial Academy, emphasized “the importance of innovation and adaptable governance in shaping the region's economic future. He highlighted that investing in AI, renewable energy, and strategic partnerships is essential for boosting global competitiveness and ensuring sustainable development. Additionally, he stressed the Academy's commitment to enhancing the effectiveness of boards of directors and developing the next generation of leaders.

The event featured several engaging sessions, including a panel discussion on Corporate Governance in an Era of Unprecedented Change, where panellists explored strategies for building resilient governance frameworks; a Cybersecurity Simulation by PwC Middle East, which provided a live demonstration of key cybersecurity tactics to protect corporate systems; a Presentation and Fireside Chat on Geopolitical Trends, focusing on the implications of global conflicts and trade disputes; and a Digital Tsunami Presentation by David Beatty, which examined the integration of AI and digital transformation in shaping board practices for the future.

Professor Emeritus David R. Beatty, University of Toronto, highlighted “the world of business, digital technology and the scale, scope and speed of transformative change is unprecedented in human history. First, the amount of innovation in America, China and India is incredible but it is largely invisible. You can’t understand the scope and scale of innovation by reading journals as it’s simply not there; only the news of publicly traded companies is widely available.

Secondly, the speed at which these innovations are adopted is unbelievable. It is estimated that ChatGPT got to 100 million users within two months of its appearance. So, the world we live in is changing dramatically almost every single moment of every day with one innovation or another. Google estimates that some of it's technological tools are improving by 100% every 3 1/2 months. With such an extraordinary pace of innovative change, companies that don't start down this road immediately are going to be faced with annihilation in the very near term. So, get started as an observer, an executive or a director. Get started today.”

Vinay Chandran, Partner QuantumBlack, Al by McKinsey & Company mentioned, “I found the conversations at the Summit to be insightful and action oriented and was pleased to contribute to this pivotal gathering’s agenda. AI is one of the most important topics of the day and so we worked closely with the GCC Board Directors Institute researching the topic and will be publishing a comprehensive report on the state of AI in the GCC, at the beginning of November. The extensive data provided by BDI colleagues, and their unwavering support have been instrumental in the creation of this report, allowing us to present a detailed and accurate portrayal of AI's impact and future potential in the GCC. We deeply value our long-standing partnership with GCC BDI and believe it brings unparalleled insights and opportunities for advancing corporate governance and innovation in the region.”

The summit concluded with a call for GCC businesses to embrace adaptive governance models, harness technological advancements, and integrate ESG principles to enhance competitiveness and resilience.