Despite COVID-19, GCC businesses have opportunities for growth – ZAWYA

Despite COVID-19, GCC businesses have opportunities for growth – ZAWYA

GCC countries, like other economies in the world, have been hit by the spread of the coronavirus, but the pandemic has also provided exciting growth opportunities for some sectors, a report revealed.. According to the recent analysis by research & consulting firm Frost & Sullivan, COVID-19 could play out in three ways.. The food & beverages (F&B) sector has been hit by travel restrictions that followed the spread of the coronavirus, the report said.. According to Frost & Sullivan, the hotels, restaurants & cafes (HORECA) segment, which comprises 30 percent of the GCC's economy, has been particularly hard hit because roughly 20 percent of its revenues are related to tourism.. As for healthcare, the sector is expected to experience a short-term decline of about 15 percent to 20 percent in revenues this year according to the report.. The crisis will motivate the building of shock-resilient supply chains in food and healthcare logistics while creating greater impetus for supply chain digitization, Singh said.. , autonomous operations in manufacturing, oil exploration, supply-demand assessment, site inspection, and predictive maintenance will pick up pace," Singh said..