Study Reveals Middle East CEOs’ Optimism towards Economic Growth and AI Integration
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Salma Hossein
- . March 15, 2024
- . Update: March 15, 2024 11:50 pm
A recent report has shown that despite global economic volatility and the emergence of new technologies, CEOs in the Middle East remain confident about their business prospects.
The 2024 CEO Global Insights Study conducted by Arthur D. Little surveyed nearly 300 CEOs from around the world, revealing a positive outlook among leaders in the region.
The study found that 61 percent of Middle East CEOs are optimistic about economic growth in the next three to five years, a significant increase from just 13 percent last year. Despite the fluctuations in the global economy, 37 percent of CEOs surveyed expressed confidence in a stable future, reflecting their trust in the region’s economic strength. With only 2 percent anticipating a decline, there is a shared belief that the Middle East is on an upward trajectory after overcoming recent challenges.
When it comes to emerging technologies, the integration of artificial intelligence (AI) into business operations is considered crucial for growth, and this sentiment is echoed globally.
Fifty-four percent of Middle East CEOs expressed a strategic vision for a comprehensive, companywide deployment of AI.
Globally, 96 percent of CEOs stated that they have already implemented AI to some extent in their organizations. Within the region, 31 percent confirmed the implementation of AI strategies across multiple departments, with 13 percent already realizing the benefits of a compelling, enterprise-wide AI strategy.
The report also highlights the CEOs’ understanding that harnessing AI’s potential requires a focus on human capabilities and reskilling. Fifty-nine percent of the surveyed CEOs emphasized the need to reskill their workforces to meet changing requirements, with a particular emphasis on sectors like manufacturing, where the need for reskilling has seen a 63 percent increase.
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Thomas Kuruvilla, managing partner at Arthur D. Little Middle East, commented on the findings, stating, “In these times of business and geopolitical shifts, it is inspiring to witness the optimism among Middle East CEOs for the future.
The ADL 2024 CEO Insights Study reveals that despite acknowledging ongoing unpredictability, these leaders are confident that with resilient businessmodels, 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.”
Kuruvilla further added, “AI is more than just a buzzword in the Middle East; it is a strategic imperative that is receiving attention in boardrooms. Our CEOs are not only adopting AI, but they are also strategically deploying it to unlock a new frontier of possibilities.”
