Middle East CEOs optimistic about economic growth

Almost two-thirds (61%) of business heads in the Middle East are optimistic about the prospect of increased economic growth in the next three to five years, according to recent research.

The 2024 CEO Insights study from consultant Arthur D Little  (ADL) showed a 13% increase in the optimism of the Middle East chief executives.

Just 2% of respondents anticipate a decline while the remaining 37% see a “steady future” for the region’s economy.

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The Middle East-based respondents also showed less concern about raw material prices and supply chain instability in comparison to their global counterparts, something which ADL ascribes to the region’s rich energy reserves.

The survey also asked respondents about their approach to AI and more than half (54%) of Middle East CEOs have a “strategic vision towards a holistic, company-wide AI deployment”.

An even greater number (59%) also see the need to reskill their workforce in order to meet changing requirements and get the best from AI.

According to Thomas Kruvilla, managing partner at Arthur D Little Middle East, the study show that “despite acknowledging the continuing unpredictability, these leaders are confident that with resilient business models, strategic clarity, the embrace of AI, and a focus on upskilling their teams, their companies and markets are poised for enduring growth and will actively contribute to the region’s prosperous future”.

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