The world’s largest strategy and management competition, which pits university students and corporates against each other, kicks off for the first time in the United Arab Emirates. The Global Management Challenge (GMC) is the largest international event based on business a simulation with more than 30 countries taking part in the contest.
The contest consists of a management simulation in which teams of 3-5, comprising of university students and corporates, are given complete control of a hypothetical company with the objective of obtaining the highest share price on a simulated stock exchange. Competitors analyze financial and economic indicators, expand their views on corporate strategy, interact with functional areas of a company and gain an in-depth understanding of the market conditions in which their companies compete.
“This is the first time that this competition will take place in the UAE and we anticipate great things from participants,” said Mian Muneer ud din managing partner of Beaufort Associates, a consulting and advisory services firm that is bringing GMC to the UAE. “Not only does this competition contributes to developing the next generation of business leaders, but it will also increase job opportunities for graduates in the UAE.”
Aligned with the UAE’s vision of emiratisation, the competition aims to encourage UAE nationals to seek careers within the region’s private sector. The competition will give students practical experience of managing a private company.
“This is an opportunity for students and corporates from UAE universities and businesses to show their mettle in this challenge and use it as a springboard in their career,” added Muneer.
The initiative will formally launch in September this year. It comprises a programme with the aim of determining a winning team across the UAE. The winning team then competes with national winners of several other countries in the global competition for the world title which will be held in Sochi, Russia in April 2014.
“Unlike other competitions, in a simulation the decision of each team impacts the results of other participants within their group and vice versa as it occurs in the real world. This is a representation of the business environment in the UAE where companies have to face increasing competition, while innovating constantly in order to grow,” added Muneer.