Prince Waleed N.F. Al Saud, Founder & CEO of Mukatafa discussed with Debashish Mukherjee, Partner, Middle East & Africa Lead, Consumer & Retail, Kearney the strategic role of advocacy in embedding purposeful and sustainable business practices.

Purpose in leadership transcends mere operational objectives, embedding deeper meanings into organizational and personal endeavors. It is conceived as essential for crafting strategies and cultivating cultures that are anchored in clear objectives. Within Mukatafa, purpose is defined as enhancing the nation’s well-being through active engagement in policy development and implementation, with a specific focus on collaborating with the private sector to improve the country’s legal and regulatory frameworks. This focus is partly driven by the recognition of the retail sector’s significant contributions to the GDP, its role as a major employer in Saudi Arabia, and its status as the largest employer of Saudi women.

Efforts are directed towards advocating for the retail industry by addressing issues that affect its growth, operational costs, and ease of doing business, with the aim of influencing policy reforms. The organization seeks to position the private sector, particularly retail leaders, as central to shaping and driving policy changes, breaking away from the government’s siloed approach to strategy and policy development.

The assessment of the compatibility of profit and purpose confronts the traditional dichotomy between the two. The contemporary understanding of sustainability redefines this relationship, emphasizing that profitability is essential for sustainable growth and positive societal impact. This modern perspective underscores the necessity for businesses to pursue profit with the intent to foster economic growth, job creation, and overall societal well-being.

A call to action for retail leaders highlights an ongoing initiative to enhance talent upskilling within the retail sector, proposing a private-sector-led academy. This approach argues for the industry’s greater insight into its needs and future directions, advocating for agility and innovation over potential governmental overregulation.

The advocacy for purposeful action in business strategy and operations reflects a broader shift towards responsible and sustainable business practices, reinforcing the notion that purpose and profit can, and indeed must, coexist to achieve long-term success and societal advancement.