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CEOs of the world’s largest companies are embracing the positive and seeing opportunity amidst the turmoil, with more than half (61%) of Middle Eastern CEOs expecting a stable or positive global economic outlook for the next three to five years.
Arthur D. Little (ADL), the Middle East’s oldest and leading management consulting firm, elaborates on this and many other findings in its new 2023 CEO Insights study, which brings together insights from nearly 250 CEOs around the world Business amounted to more than $1 billion.
Thomas Kuruvilla, Managing Partner, Arthur D. Little Middle East, said: “In the Middle East, we are seeing good examples of industry action to improve efficiency and innovation in the travel and transport sector. The Covid crisis has prompted airlines and airports to implement large-scale Efficiency initiatives to achieve drastic cost cuts have affected thousands of jobs. At the same time, however, these companies are forming new partnerships to offer passengers new services, such as joint intermodal mobility products (e.g., Combining aircraft, rail and mobile on-demand services).
huge progress
“With increasing investment in reskilling programs for employees in the manufacturing, energy and utilities sectors, the next eight years will demonstrate tremendous progress in the region’s new customer base, ultimately building a competitive future for COP contribute to the project.”
Drivers of Future Growth
Despite the current energy crisis, in terms of drivers of future growth, all CEOs are focusing on innovation. With global trends in new geographies, Gulf executives will focus less on diversification and disruptive products and more on new customer segments.
Globally, more than a quarter (26%) of respondents cite technological innovation as the most critical factor for growth, well ahead of raw material/energy prices (11%). Factors such as supply chain and cyber risk outweigh raw material prices globally.
However, there are notable regional differences:
•Environmental and climate change issues were major concerns in Europe, North America and Asia, but received less attention elsewhere. While a growing number of Middle Eastern CEOs (7%) are citing the environment and climate change as a priority for future growth, they are in line with their global counterparts (10%).
• 15 percent of African CEOs, 14 percent of Asian CEOs and 13 percent of Middle East and Africa (MEA)/South American CEOs rate cyber risk as a critical and urgent factor, higher than their European and North American counterparts. In addition, top management in the Middle East believe that technological innovation is the most critical factor for economic growth, accounting for 29%, compared with the global average of 26%.
Opportunity in adversity
Francesco Marsella, Managing Partner and Head of the Strategy & Organization Global Practice at Arthur D. Little, commented: “In a downturn, conventional business wisdom is to cut costs and focus on surviving. Many dark macroeconomic forecasts, but the majority of CEOs we interviewed were optimistic about the future, managing today’s performance with enthusiasm, entrepreneurship and creativity while building the future. They see opportunity in adversity, Looking beyond the current crisis to embrace a more positive future for their companies and wider society.”
Overall, the GCC has moderate demand for reskilling of employees in the telecommunications industry, tourism and transport, and financial services.
In contrast, healthcare (25%), manufacturing (33%) and energy & utilities (33%) have the most reskilling efforts in the workplace.
The Arthur D. Little 2023 CEO Insights Study interviewed nearly 250 CEOs of leading companies with global turnover in excess of $1 billion. Study respondents were spread across key industries and geographies to provide unparalleled insight into the thinking of managers of the world’s largest organizations. — trade arab news agency
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