Today's Edition
KHALED AL KHAWALDEH (ABU DHABI)
The UAE’s CEOs are among the most optimistic of the global and regional economic outlook with the majority confident of improvements in condition before the end of the year.
According to a new report by Global CEO advisory firm, Taneo, 82% of CEOs in the UAE were confident that the global economy would improve by the end of 2024. This was the highest percentage in the region, ahead of Saudi Arabia (80%) and Qatar (54%).
The report noted the substantial diversification of both the UAE and Saudi Arabian economies as major reason for their elevated optimism. It also highlighted the favourable projections that both economies had received from the IMF and World Bank, which it said had emphasised the effectiveness of its economic programmes and set them apart from the rest of the GCC.
The report found that most GCC CEOs saw geopolitical instability as the largest challenge to economic performance. Notably, the majority of CEOs in every country believed they were not effectively prepared for geopolitical risk with the exception of the UAE, where 54% said they said they ‘very well prepared’.
In general, the GCC beat the global average in its overall economic outlook, with 65% expressing optimism, compared to just 53% globally. The report noted that this could be due to macroeconomic factors including continuously high oil and gas prices.
“The GCC’s resilience amidst global disruption highlights its unique position in the international business landscape. The region must continue to move beyond being seen merely as a financier and unapologetically establish itself as a credible partner in tackling global challenges,” said Andrew N. Liveris, a Teneo Senior Advisor and Director of Saudi Aramco.
Teneo surveyed 480 “decision makers” across the six Gulf Cooperation Council (GCC) countries, with more than half (55%) in the private sector and 45% in the public sector. The GCC decision makers surveyed include CEOs, business owners, chairs, executive directors and partners, and executive / senior vice presidents. The survey was conducted between March 13 and April 12, 2024.
