How do you meet the needs of multigenerational workforces? How is the rise of the gig economy and fractional staffing models changing talent sourcing? How do you retain tomorrow’s leaders? How do you unlock the full potential of AI in your organization?

These questions, and many more pieces of the hospitality industry’s talent puzzle, will be discussed at this year’s HSMAI Middle East & Africa Commercial Strategy Conference, taking place on 26-27 November at Conrad Dubai.

Jason Smith, Vice President Marketing Communications at HSMAI, will be decoding new talent dynamics with a deep dive into the HSMAI Foundation’s State of Talent Report 2024, authored by industry expert Dorothy Dowling, and reveal the biggest challenges facing the industry. The report will jumpstart one of the key content tracks at this year’s conference – human capital.

Structured around nine key trends, the annual report investigates issues such as the impact of the 65+ workforce, managing 4-generation talent pools, transforming employee engagement, leveraging AI for productivity, emotional wellness, cross functional teamwork, culture-defining leadership, and gig and fractional talent models.

“Significant developments and emerging shifts are impacting talent within hospitality. In this report, we shine a light on the implications for the industry’s recruitment and retention strategies. We dive into the trends influencing human capital, particularly in sales, marketing, and revenue optimization, and present actionable strategies for creating inclusive, dynamic and forward-thinking workplace environments”, said Jason Smith, Vice President Marketing Communications, HSMAI.

In the lead up to the conference we asked regional industry leaders about their human capital strategies and the opportunities and challenges they see when it comes to talent attraction and retention.

“In a business where people serve people, it is fundamental to lead with culture and understand what team members need to thrive,” said Marie-Louise Ek, Vice President Human Resources – Middle East & Africa, Hilton. “At Hilton, we are committed to building an inclusive workplace driven by purpose, that offers team members opportunities to grow and feel empowered. This requires curiosity, creativity, and the ability to connect every team member to our purpose. We know that every job makes the stay and happy and engaged team members drive our customer experience as well as benefit our owners and the communities where we operate.” Marie-Louise Ek will be hosting one of the Lightening Rounds at the conference titled: ‘Unlocking Successful Commercial Collaboration: The People-First Approach.’

“At Jumeirah we value our people as our greatest asset, fostering an inclusive and empowering workplace where every colleague feels valued and inspired. Committed to career growth, creativity and exceptional standards, we support team success, motivating our people to deliver outstanding service, contribute to communities, and grow as future leaders,” said Jaime Simpson, General Manager Jumeirah Mina Al Salam, who will be hosting a Lightening Round on ‘The Evolving Workplace’ at this year’s conference.

The comprehensive report concludes that the future of the hospitality industry will likely be a combination of advanced technology and the human touch, delivering exceptional experiences for customers and fostering a supportive work environment for employees.

“Now more than ever, sales professionals are looking for work/life balance, and culture is one of the most important deciding factors in choosing their next employer,” states Tammy Gillis, Sales Industry Expert in the report. “Many salespeople are tired of working on property and getting pulled into operations and want full-time remote or hybrid remote positions. They also value training, coaching, and support which the hotel industry does not consistently provide.”

Global trade patterns are transforming significantly as new economic corridors emerge and traditional relationships evolve. According to new research from Boston Consulting Group (BCG), world trade in goods is projected to grow at an average of 2.9% annually through 2033, with the GCC region playing an increasingly pivotal role in connecting major trade routes between East and West.

These insights are among the key findings of BCG’s latest report, “Great Powers, Geopolitics, and the Future of Trade,” which analyzes trade and economic data from more than 150 countries. The report comprehensively analyzes how shifting global trade dynamics will impact regional and international commerce through 2033.

Strong Trade Growth Across Key GCC Corridors

The BCG report reveals a robust outlook for GCC trade, with total trade volume set to reach 2.3T USD by 2033. This growth is supported by significant expansion across multiple trade corridors, with China emerging as the largest growth market at 88B USD (5.7% CAGR), followed by Japan at 46B USD (9.4% CAGR). The analysis shows GCC’s non-hydrocarbon trade will grow by 3.5% annually, highlighting the region’s successful economic diversification efforts.

As global trade patterns shift, the GCC strengthens its position as a critical connector between East and West. This is evidenced by the broader transformation in global trade flows, where China’s trade with the Global South is set to increase by $1.25T and trade between developing nations is projected to grow by $673B through 2033. The GCC’s strategic location and expanding infrastructure position the region to capture value from these evolving trade dynamics.

Rami Rafih, Managing Director and Partner at BCG, said: “The reconfiguration of global trade flows presents a pivotal moment for the GCC. As trade routes transform, the region isn’t just a geographic intermediary but a central orchestrator of new patterns. The GCC’s deliberate investment in capabilities positions it to achieve greater success through developing proactive and risk-based options rather than defaulting to reactionary responses. The key is leveraging this foundation to shape emerging trade corridors, particularly as Global South commerce evolves.”

Global Trade Shifts Create New Opportunities

The report identifies major transformations across key trading regions that will reshape global commerce. While North America solidifies as a resilient trade bloc with US-Mexico trade increasing by $315B by 2033, ASEAN emerges as a significant beneficiary of global shifts with 3.7% annual trade growth. India’s trajectory is particularly notable, with total trade expected to reach $1.8T annually by 2033, driven by its increasing role as a global manufacturing hub.

The growing power of the Global South represents one of the most significant developments in global trade. Representing 18% of global GDP and 62% of the world’s population, these 133 developing nations are set to expand their trade significantly. Annual trade among Global South nations will grow by $673B over the next decade, while trade between the Global South and developed economies is projected to reach $1.67T annually by 2033.

To navigate these shifting trade dynamics and capitalize on emerging opportunities, BCG’s report outlines several key imperatives for business leaders in the region:

Key Recommendations for Business Leaders

• Develop resilient and transparent supply chains by diversifying sourcing strategies and deepening relationships with key suppliers across emerging trade corridors
• Build geopolitical capabilities to better anticipate and respond to changing trade dynamics, particularly in rapidly evolving markets across Asia and Africa
• Expand presence in growth markets, focusing on opportunities in India, China, and other emerging economies where GCC trade is projected to grow significantly
• Embrace smart nearshoring strategies that leverage the GCC’s strategic position between East and West trade routes
• Invest in regional differentiation as global trade fragments, adapting operations and technology to serve diverse market requirements

Cristian Rodriguez-Chiffelle, Partner and Director, Trade, Investment & Geopolitics at BCG, said: “For business leaders, navigating today’s complex trade landscape requires more than agile supply chains – it demands an insights-driven approach to geopolitical shifts. Success will come to those who cultivate deep market intelligence, develop robust scenario planning, and build a portfolio of strategic options, thus building a “geopolitical muscle.” While diversification improves resilience, the real opportunity lies in shaping new trading partnerships that bridge geopolitical divides, and extracts not only challenges but also opportunities arising from geopolitical events.”

2024 marks the fourth consecutive year in which hackers stole more than US$1Billion worth of crypto assets

In recent weeks, Bitcoin, the world’s most valuable cryptocurrency, has once again been making headlines for the impressive bull run that saw it surpassing US$100,000 for the first time ever. While this milestone is likely to draw further investment into digital assets, new data from Chainalysis suggests investors be conscious of the platforms they utilize, as through 2024, crypto hackers managed to steal US$2.2 billion worth of crypto.

This stolen amount represents a 21% year-on-year increase, and marks a fourth consecutive year in which criminals stole over US$1 billion in crypto. Interestingly, it was just 303 individual hacking incidents that resulted in these losses, highlighting the relatively high concentration of attacks, and the potential for significant losses through even single incidents.

Although DeFi still accounted for the largest share of stolen assets in the first quarter of 2024, centralized services were the most targeted in Q2 and Q3. Some of the most notable centralized service hacks include DMM Bitcoin (May 2024; US$305 million) and WazirX (July 2024; US$234.9 million).

“This shift in focus from DeFi to centralized services highlights the increasing importance of securing mechanisms commonly exploited in hacks, such as private keys,” said Eric Jardine, Cybercrimes Research Lead at Chainalysis. Private key compromises accounted for the largest share of stolen crypto in 2024, at 44%. “For centralized services, ensuring the security of private keys is critical, as they control access to users’ assets. Given that centralized exchanges manage substantial amounts of user funds, the impact of a private key compromise can be devastating.”

In the UAE, both Centralized and Decentralized services are popular, with the former accounting for 47% of the country’s crypto transaction share by volume between July 2023 and June 2024, and the latter accounting for 32% over the same period. “It’s important to recognize that hackers are constantly adapting their techniques, making robust security practices non-negotiable across virtual asset and financial service providers. Security also needs to be seen from the lens of being reactive to proactive, with providers focusing on identifying and addressing threats before they happen. At a very minimum, investors should prioritize using multi-factor authentication (MFA), regularly updating passwords, and storing their private keys securely offline. Additionally, choosing exchanges or platforms with robust security protocols and insurance coverage can provide an extra layer of protection. Fortunately, the UAE’s clear regulatory framework represents a significant step towards creating a more secure crypto ecosystem,” Jardine added.

Describing how a collaborative approach between the public and private sectors is essential to mitigate the growing threat of crypto hacks, Jardine said, “Data-sharing initiatives, advanced tracing tools, and targeted training can empower stakeholders to quickly identify and neutralize malicious actors while building the resilience needed to safeguard crypto assets. By fostering stronger partnerships with law enforcement and equipping teams with the resources and expertise to respond rapidly, the crypto industry can reinforce its defences against theft. Such efforts are not only critical for protecting individual assets, but also for building long-term trust and stability in the digital ecosystem.”