Business leaders in the UAE and Saudi Arabia have a much more positive outlook for the year ahead, despite economic uncertainty, a new survey by Gedeon Mohr & Partners said.
The survey comprises of 250 business leaders from across the UAE and Saudi Arabia, with 70 percent of executives viewing 2023 with optimism about the economy, and 46 percent feeling very optimistic about the year ahead.
“This interesting finding compliments the latest IMF growth forecasts for both countries which estimate that the UAE economy is set to grow by more than 6 percent and in Saudi Arabia it is growing at its fastest rate in a decade at 7.6 percent,” the survey said.
Despite global executives dealing with the consequences of the increased cost of living, tight financial conditions, the Russia-Ukraine conflict, and the lingering Covid-19 pandemic, “the region’s business leaders are focused on the positive outlook and the opportunities arising from a growing regional economy.”
Innovation, technology, growth and transformation businesses are “pursuing for 2023”, the survey said as investments are focused on e-commerce solutions, digital, and marketing and PR.
“Over 60 percent of UAE and KSA business executives are putting business growth and sustainability at the top of their business agendas, in line with the forward-thinking visions of both countries,” the survey said.
Following the optimism for 2023, UAE and KSA business leaders are also alert to the global challenges that could cause an impact on the economy such as climate change and cost increases.
“Climate change is now a key area for concern for the region’s business leaders with 81 percent of UAE executives feeling very concerned and 70 percent of executives in KSA, feeling the same,” the survey said.
“I am hugely positive to see a majority of business leaders across the UAE and KSA being so optimistic about the future of the economy, recognising the vibrant business ecosystem and opportunities in the region,” Gedeon Mohr and Partners’ chief executive officer and founder Maria Gedeon said.
Gedeon added: “Despite the global challenges faced, Middle East businesses are steering a direction towards growth, investing in new products and solutions, and improving their digital capabilities.”
With the recent launch of We the UAE 2031 vision and Saudi Vision 2030, both countries have outlined strategies to shape the future economy with a focus on strengthening social, economic, investment, and development aspects, thus improving the quality of life.
“With this boom in the UAE and KSA economies also come challenges, particularly around the workforce. Attracting talent to support this growth is a key area for concern for business leaders with 18 percent of them reporting it as the biggest workforce challenge they will face in 2023. However, topping the survey for workforce challenges was hybrid working reported by 26 percent of the respondents,” the survey said.
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