Many foreign executives typically navigate the complexity of the Gulf region armed with straightforward clichés and stereotypes — these form the backdrop of their opinions and decisions. For non-Gulf executives, developing balanced, well-informed views about the Gulf region poses a significant challenge, as highlighted by many participants in a multi-year study on the corporate reputations of banks operating in the Gulf (i.e., the GCC countries). Judging a book by its cover frequently leads to misconceptions.

However, encouraging foreign businesses to move beyond simple clichés and stereotypes is a major issue for an entire region. Even highly educated non-Gulf business leaders often struggle to understand the rich complexity that lies behind these prejudices. Interestingly, this — partly — explains why they prefer engaging with local GCC banks rather than globally renowned names from the West or East. A field study involving over 3,000 executives and senior managers from Fortune Global 500 and Forbes Global 2000 companies revealed that an impressive 92% favored partnering with local champions such as QNB, SNB, First Abu Dhabi Bank, Emirates NBD, SAB, KFH, Al Rajhi Bank, and the National Bank of Kuwait/NBK.

The reputation of these local champions serves as a shortcut to informed business (investment) decisions. While foreign executives and managers may not fully comprehend the intricacies of the region, local financial institutions with deep GCC roots help them mitigate risk.

The growth potential of the GCC is evident, said my research participants. This bodes well for the region, as countries like Saudi Arabia and Kuwait can position themselves for what they aspire to become rather than what they have been. Yet promoting oneself may not be the most effective way to earn admiration; it is often better when others sing your praises.

My research indicates that foreign businesses are impressed by the professional approach of the leading GCC banks, including specialized Islamic banks. The positive reputation of local premier banks is beneficial — they help offset occasional negative events that may seem inherent to the Gulf region. Patience and a shared mission are crucial for changing a region's reputation. Take Singapore as an example. The GCC represents the best opportunity for addressing this challenge.

The raw materials for an attractive ‘regional brand’ — a distinctive culture, abundant financial resources, a vast pool of untapped youth potential, and an excellent physical and digital infrastructure — are readily available, just waiting for the GCC to reconfigure them coherently and more effectively. My study on the corporate reputations of leading Gulf banks indicates that the Gulf region is on the right track.