Riyadh: Middle East CEOs Stay Optimistic Despite Global Economic Volatility
In the midst of global economic turbulence and rapid technological advancements, CEOs in the Middle East are standing strong in their confidence, as revealed by a recent report.
The CEO Global Insights Study for 2024, conducted by Arthur D. Little, surveyed nearly 300 CEOs from around the world and found a sense of positivity among leaders in the region.
The report unveiled that 61 percent of Middle East CEOs are looking forward to economic growth in the next three to five years, a significant increase from just 13 percent last year.
Despite the uncertainties in the global economy, 37 percent of surveyed CEOs remain optimistic about the future, showcasing their belief in the region’s economic resilience.
Only 2 percent of CEOs anticipate a decline, indicating a shared confidence in the Middle East’s upward trajectory following recent challenges.
Embracing emerging technologies, such as artificial intelligence, is viewed as essential for growth by Middle East CEOs, with 54 percent expressing a strategic focus on implementing AI across their organizations.
Interestingly, 96 percent of global CEOs have already integrated AI into their operations to some extent.
Locally, 31 percent of CEOs have implemented AI strategies across multiple departments, with 13 percent having established a comprehensive, companywide AI strategy.
Recognizing the importance of human capability alongside AI, CEOs understand the need for workforce reskilling, with 59 percent expressing a strong desire to adapt to changing demands.
This need for reskilling is particularly evident in industries like manufacturing, where there has been a 63 percent increase in demand for upskilling.
Commenting on the findings, Thomas Kuruvilla, managing partner at Arthur D. Little Middle East, emphasized the resilience and strategic clarity of Middle East CEOs in navigating uncertain times.
Kuruvilla stated, “The ADL 2024 CEO Insights Study highlights the optimism among Middle East CEOs for the future, showcasing their commitment to embracing AI, upskilling their teams, and driving enduring growth in the region.”
He added, “AI is not just a trend in the Middle East; it is a strategic necessity that is shaping the future of businesses. Our CEOs are not only adopting AI but strategically deploying it to unlock new possibilities.”