The latest edition of “UAE CEO Outlook 2024” report by KPMG confirms that CEOs in the UAE are committed to helping their companies thrive.
Despite a decline in confidence in the global economy.
About 96% of CEOs expressed confidence in the growth of their sectors and prosperity in the UAE, compared to 79% in the Middle East.
The report gathered insights from 1,325 CEOs worldwide.
UAE CEO Outlook 2024 With High Optimism in Growth
UAE CEO Outlook report revealed that 72% of CEOs are optimistic about economic growth prospects.
Despite the waning confidence in the global economy.
This optimism is largely due to trust in leadership and government policies.
The positive economic outlook supports thriving sectors such as tourism and continued economic expansion.
Placing the country in a high-ranking position in terms of safety and security.
Additionally, the UAE advanced three spots to rank seventh globally in the Global Competitiveness Report.
The UAE continues to enhance its role as a regional leader in technology, sustainability, and economic diversification.
With predictions of GDP growth reaching 4.1% by 2025.
Notably, 100% of CEOs in the UAE expect to increase their workforce over the next three years, compared to 92% globally.
Reflecting rapid economic growth and rising employment needs.
Investing in skill development and continuous learning is the key
The ongoing focus on localization is expected to drive growth in the private sector.
With 68% of CEOs believing that investing in skill development and continuous learning is essential for ensuring the sustainability of future talent.
Moreover, over half of the CEOs (56%) in the UAE anticipate significant returns on environmental, social, and governance (ESG) investments within three to five years, compared to 55% globally.
This reflects the alignment of UAE CEOs with the national sustainability agenda and global trends in corporate strategy leadership.
However, the UAE CEO Outlook report highlighted that most global and local CEOs expect to balance centralized and decentralized strategies in response to geopolitical challenges and climate change.
The stability of the UAE’s economy, the supportive business environment, and the government’s focus on innovation and sustainability have contributed to long-term business prosperity.
Nearly half of the UAE’s CEOs exhibit a strong appetite for mergers and acquisitions.
compared to only about 28% in the Middle East.
The President of the State will begin an official visit to the United States on September 23, which is the first for His Highness since assuming the presidency of the state, during which he will meet with US President Joe Biden. pic.twitter.com/kNKlf2MoN3
— UAE Voice (@uae_voiceeng) September 19, 2024
Top priorities for UAE CEOs
Emilio Pera, Managing Partner and CEO of KPMG Lower Gulf, stated:
“The UAE holds a leading position in regional economic and technological transformation.
Driven by its commitment to innovation, sustainability, and a diversified economy.
Our report reveals that local business leaders are more confident than their global counterparts.”
The continued adoption of artificial intelligence and investments in environmental, social, and corporate governance remain top priorities for UAE CEOs.
Highlighting the critical role of these investments in guiding future growth.
Similarly, localization not only promotes a more inclusive economy but also contributes to the country’s stability and long-term growth prospects.
