Management in Middle East and North Africa Essay

Management in Middle East and North Africa - Essay Example This paper illustrates that the service industry is the fastest growing segment in the world and is the highest contributor to global output and employment among all the global business sectors. The increase in the level of privatization and urbanization along with more demand for final and intermediate consumer services have been the major drivers of the increasing importance of the global service sector. The availability of high quality of services is critical for the overall development of an economy. In the developed economies, the growth of both primary and secondary sectors is based on the growth of the main industries in the service sector like banking, trade, tourism, entertainment, education, insurance, hospitality, transport, retail etc. Both developed and developing countries are focusing on setting up a profitable and sustainable services sector in order to remain competitive in the evolving economic world. The changing demands and preferences of the global consumers have made service industry a necessity as well as an opportunity for different countries in order to develop their economies and position themselves as strong nations in the world. The increasing number and levels of cross-border transactions driven by globalization and liberalization have increased the demand for highly functional and beneficial service industries in different countries. The countries in the Middle East are competing on a global level through effective innovation and impotence given to the services sectors in these countries. The Middle Eastern countries like Qatar and Morocco have identified the importance of developing their service sectors to maintain sustainability in the evolving global world. The North African countries like Lebanon are seeing an increase in the investments and trade practices. The North African countries are developing after the advent of globalization. In this respect, they are focusing on improving the service sectors in the regions. Unlike ot her economies, Lebanon does not focus on a wide array of service industries. The country thrives mainly on commerce, tourism, and banking industries in the services sector. Morocco and Qatar, on the other hand, have multiple high performing industries in their services sector. International trade is a major service sector in Lebanon whereas other service industries like Information technology, retail, and utilities have not been established stringy in the country.