Today's Edition
MAYS IBRAHIM (ABU DHABI)
In the UAE, 72% of CEOs are optimistic about their company's growth prospects, with 88% anticipating an annual growth rate of 2.5% or more in the next three years, according to the KPMG UAE CEO Outlook Report 2024.
Its findings also revealed that 80% of CEOs in the Middle East expect similar growth for their businesses.
The report surveyed 1,325 CEOs worldwide, including 25 in the UAE and 75 in the Middle East, with a focus on four main themes: economic outlook and geopolitics, ESG, talent and technology.
The MENA region is poised for significant economic growth, supported by strategic investments and initiatives aimed at fostering technological advancement and sustainable development, according to KPMG.
Its report identified the UAE as a key player in this regional development, citing figures by the World Bank, which indicate that the UAE's real GDP is set to grow by 3.9% in 2024, further expanding to 4.1% in 2025.
Notably, 96% of CEOs in the UAE are confident in their industry's growth compared to 79% across the Middle East.
The findings of the survey also showed that more than half (52%) of UAE CEOs consider generative AI a "top investment priority."
Similarly, CEOs in the Middle East (55%) and worldwide (64%) say that their organisations aim to increase AI spending.
CEOs in the Middle East (59%) and globally (63%) expect a 3- to 5-year return on investment (ROI) for generative AI.
In the UAE, 44% anticipate seeing benefits in five or more years.
The survey also found that 56% of UAE CEOs and 51% of their counterparts across the Middle East expect significant returns on ESG investments within three to five years.
UAE: Setting Global Standards
The report noted that the UAE's technology landscape is setting a global example for strategic AI adoption, prioritising ESG and cybersecurity and advancing business technology.
It highlighted key initiatives in these areas, including the UAE Digital Economy Strategy launched in April 2022, with an aim to double the digital economy's contribution to GDP from 9.7% to 19.4% over the next decade.
Collaborations with technology giants like Microsoft and NVIDIA are also positively impacting the UAE's economy by driving innovation and enhancing the technological landscape, contributing to the country's vision of a diversified, knowledge-based economy.
