Page 2 - Al-Rashed Newsletter February 2022

CEO'S OUTLOOK

The only thing certain about the future is how uncertain it is. Businesses are caught in the whirlwind. In the
post COVID era, we have seen drastic changes in customer behaviour along with every aspect of us
changing.

In a world that is rampant with VUCA- volatility, uncertainty, complexity, and ambiguity, hindsight and
insight are no longer sufficient to accelerate sustainable growth and gain competitive advantage.

While workspace is adjusting to hybrid working, everything is changing everywhere. Crypto is emerging and
tanking at breakneck speeds. VUCA events are there to stay.

Scenario analysis by McKinsey shows that a single, prolonged supply-side shock would wipe out between
30 and 50 per cent of one year’s earnings (EBITDA) for companies in most industries. Shops are moving
from brick and mortar to online. Cash is becoming more digital than ever.

Things are changing for the good and for the bad. With the geopolitical issues on the rise, things look bleak
and the potential to correct it is the need of the hour.

On the other side, the land that has been my home for the last 45 years is celebrating its 61st National Day
and 31st Liberation Day on 25th and 26th Feb. As an expatriate in Kuwait, I love the camaraderie I have
shared with this land and its folk.

Wishing my second motherland a Happy National and Liberation Day.

RAVI VARRIER