As MENA’s advertising and marketing industry moves beyond a period of disruption and reinvention, business leaders are looking for signs that a new growth cycle is taking shape. Ralph Khoury, Chief Financial Officer, MENA at WPP Media, says the strongest indicators are rising client activity, faster investment decisions, and companies expanding into new markets. In this interview, he discusses the region’s recovery, the lessons businesses learned from recent crises, and why investments in talent, capabilities, and AI are positioning companies for the next phase of growth.
After a period of disruption and reinvention, what does recovery actually look like for MENA’s advertising and marketing industry today, and what signals tell you the region is entering its next growth phase?
In finance, we look for what we call ‘early warning signals’ or ‘green shoots’. These are essentially the first data points or lead indicators that signal a positive shift in momentum and the beginning of a new growth phase.
Typical lead indicators in the market would be
- An increase in new pitches, client engagements, and follow-up enquiries.
- Accelerated buying decisions and new investment decisions being made.
- Clients who are expanding into new markets or introducing new products.
Ultimately, you can assess this when you see a cluster of clients anticipating a rosier outlook because of an uptick in demand for their products and services. Economists refer to this as ‘the Animal Spirits’, the consumer impulse that equally drives economic growth and economic downturns.
Which campaign, idea, or strategic shift from 2025-26 best reflects how resilience in MENA has translated into creative and commercial strength, and what does it reveal about the region’s future direction?
There has been a shift toward acknowledging that while some aspects of the business environment are out of our hands, many are not. The businesses making headway right now are those focusing on what they do control: their talent, their product availability, their processes, building new capabilities (dare I say AI), and maintaining key stakeholder relationships.
Working to enhance these areas consistently will ensure that businesses that focus on this during the lull, will emerge stronger as the crisis subsides. This approach demonstrates that businesses in the MENA region have matured. We learnt a lot from the Covid-19 outbreak. We saw what worked and what didn’t.
With a new level of confidence, businesses are now implementing ideas and strategies based on what they learnt and what they know works for their business. All that is needed now is for the market to truly turn.
Bring it on.
