It was an eventful year indeed. There were ups and down, like any other year, but, on a more focused review the business climate was charged. Rebirth for many, a death knell for some and a bumpy ride for others. It is behind us nonetheless. We look forward to 2025 with bated breath. Expectations aside, it promises more. 

It was a mixed bag. Mega projects were announced and came online. Not just in Dubai, but in RAK, AUH and SHJ. The New airport in Abu Dhabi, the rail network across the UAE and stretching beyond its borders too. The Winn resort in RAK, projects in Hatta, Palm Jebel Ali coming online, the Al Maktoum airport being announced and its impact on Dubai South properties etc. etc. Some serious movement took place which had its ripple effect on related markets. 

The ongoing conflict in Ukraine brought in people and money. The plan to cross 5 million residents in Dubai is not only on track, but ahead of schedule. Dubai continues its audacious and relentless drive forward and its impact in the region is evident.

The business atmosphere became positive and growth opportunities were aplenty. Even KSA’s growth has had a positive impact with project requirements propelling growth industries into overdrive.   

Looking ahead, the business environment is heated with many mega projects coming online. Which in turn means the market would be rife with money filtering down the line and the property market the auto market benefiting from it. Large contracts worth billions are in the pipeline which means sub-contracts and specialized contracts as well. KSA projects are also roiling up the markets with their mega payouts. Abu Dhabi is pushing forward with their own growth trajectory on the up and up.

What all this would mean for the different market segments will unfold in the coming days. But certainly, the property market is in for an upward ride. Affluence trickling down is another upside. Large projects will certainly come online and contracts and sub contracts would be handed down the line allowing the distribution of benefits across the different levels. 

Trumps win will surely have its impact on the global markets while escalating aggressions in the middle east would also have their influence. The toppling of Bashar Al Assad in Syria and ensuing turmoil spilling over is yet another ongoing news story to watch. The change of guard in Bangladesh provides opportunities for some and complications for others.

The rising impact of AI on every facet of our lives is expected to slow down in 2025, but this is more consolidation than abating the inevitable tides of change. Cybersecurity scares, Ransomware attacks and IT system breaches will become the norm.

What this means for HR is the influx of new entrants into the market, the requirements they bring in for human capital, the need for specialized skills, the strategy to source these skills, the ability to move rapidly in these changing times and the upskilling needs of the current generation of people in the market. 

HR needs to ensure it keeps up with the changing markets. Not that it has not over the years, but the pace of change is unlike ever before. The needs of the clients are changing as are their strategies, trajectories and setups. Although AI is on top of the list of requirements, so are specifically skilled personnel, aggregators, experts and virtual coaches, VR/AR consultants, algorithm interpreters, nano medicine technicians etc. etc.

It will be a world that currently does not exist and the preparation for that world cannot be done with traditional prep standards. A wake up call if there ever was one.    

 We must learn the lessons contained in experiences in 2024, leaving behind the negative but extracting from them whatever best we can to ensure lessons learnt are activated. Gain from the positive and ensure it is replicated. Spread the good word and provide opportunities for everyone involved in the efforts. There is plenty to go around. 

The projections for 2025 are positive and robust. Riding that wave is upto the stakeholders of their respective industries. See the opportunities. Grasp the ripple effects onto related segments. Assess the impact on growth prospects of each sector and enjoy the ride. 

Wishing everyone success, and in turn, happiness.

Uzair.hassan@3hsolutions.biz