UAE CEOs, who make up more than twice as many CEOs as those from other countries, are more confident than their global counterparts about their company’s future than average, with 60% of them anticipating earnings growth of between 2.5 and 4.5% annually over the next three years.
These conclusions are among the most recent ones from the KPMG 2022 CEO Outlook Survey, which surveyed 1,325 CEOs from 43 countries, including 25 from the UAE.
UAE CEOs are better prepared than their worldwide counterparts to adapt to an economic catastrophe; 68% of local executives have increased their business diversification compared to just 32% of CEOs globally, giving them a lead of at least six months.
The nation has moved forward thanks to the government’s broad diversification policy for a knowledge-driven economy supported by technology and sustainable development. The UAE is poised for unprecedented growth, driven by a hybrid workforce and increased digital skills as a result of stronger IT infrastructure, a focus on cybersecurity, and diverse supply chains, according to this year’s CEO Outlook poll.
With 86% of CEOs in the world anticipating a downturn in the economy, the majority of CEOs anticipate one in the upcoming year. Only 24% of Emiratis anticipate a recession. The UAE saw its highest growth in over ten years, which was fueled by a substantial rise in oil output and improvements to the GDP of non-oil sectors.
The economy expanded by 8.2% in the first quarter of this year, and the IMF and UAE Central Bank estimate that it will grow by more than 5% this year. At the same time, inflation is anticipated to be far below the world average. In addition, the poll found that a resounding majority (96%) of CEOs in the UAE claimed to have a vigorous digital strategy in place, which is significantly more than the global average of 72%. The 92% of respondents from the UAE stated their firms were well-prepared for a cyberattack, compared to 56% of global CEOs, which reflects the growing threat of cyber-attacks.
