Gulf decision makers expect continued economic growth

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A general view of the Dubai skyline. <ore than 90 per cent of respondents from Saudi Arabia and the UAE noted the highly positive role of Vision 2030 and UAE Vision 2031 on their organisations. — AFP file

Published: Sun 8 Sep 2024, 8:35 PM

Gulf decision makers are mostly upbeat about the prospects for economic growth through the end of this year and are largely undeterred by looming risks related to geopolitics, technology integration and talent acquisition, according to a new study by Teneo, the global CEO advisory firm.

The survey, which examines the views of almost 500 senior leaders across the public and private sectors in the GCC, shows that 65 per cent of decision makers anticipate continued improvements in GCC economies over the latter half of 2024. The survey also highlights the challenge of attracting skilled talent to the region along with differing views on ESG implementation priorities.

Geopolitical instability remains a significant concern, with over a quarter of decision makers questioning their organization’s preparedness for an escalation in geopolitical tensions. Cybersecurity also emerges as a significant challenge, with 25 per cent of respondents identifying it as the top threat to growth, and a significant 23 per cent feeling unprepared to address cybersecurity risks. This highlights a critical gap between perceived risk and organizational readiness, underscoring the urgent need for enhanced cybersecurity measures.

Perspectives on the impact of National Vision programmes vary across the GCC, with more than 90 per cent of respondents from Saudi Arabia and the UAE noting the highly positive role of Vision 2030 and UAE Vision 2031 on their organisations. While still generally positive, a smaller percentage (74 per cent) of respondents from Qatar, Oman, Kuwait and Bahrain express positive views on their respective nations’ national transformation plans. Looking ahead, decision makers in the GCC remain broadly optimistic about the region’s long-term prospects, with the majority expecting the GCC to become a major international business hub within the next 25 years.

Ursula Burns, chairwoman of Teneo, said: “Our 2024 GCC decision makers survey shows a striking range of views on critical business issues across the region. This diversity of viewpoints highlights important opportunities and knowledge for business operators and investors, turning potential challenges into avenues for growth and innovation.”

Paul Keary, CEO of Teneo, added: “Gulf decision makers continue to deliver on their strategic long-term national plans despite geopolitical disruption and a rapidly evolving technological environment. In the face of these challenges, every business and government leader should collectively focus on long-term transformation across both the public and private sectors. This alignment is crucial to realizing the full potential of their visionary goals.”

Nicholas McDonagh, senior managing director and head of Teneo Middle East, said: “At Teneo, we pride ourselves on being deeply attuned to the daily challenges and opportunities that our regional clients face. Our multi-disciplinary teams regularly guide clients through times of volatility and provide strategic advice with their long-term objectives at heart. Our GCC survey shows that organisations who proactively address challenges and seek more flexible solutions will be more resilient, better positioned to overcome business obstacles and ready to embrace the continued opportunities that this growing region presents.”