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Business leaders in the UAE are optimistic about the future, with just under a quarter (24%) expecting a recession, compared with a majority (86%) of their global counterparts who believe a recession is imminent, a new survey shows.
They are also optimistic about their business prospects, with 60% expecting revenue growth of 2.5% to 4.5% a year over the next three years, more than double the number of global CEOs, KPMG said in its 2022 CEO Outlook Survey.
Nader Haffar said: “This year’s CEO Outlook Survey shows that the UAE will experience unprecedented growth driven by a mixed workforce and enhanced digital capabilities, driven by improved IT infrastructure, focus on cybersecurity and a diversified supply chain.” KPMG Chairman and Chief Executive Officer, Lower Gulf.
The report, released on Friday, said an overwhelming majority (96%) of UAE CEOs said they had an active digital strategy in place, which is much higher than the global figure of 72%. Furthermore, given the increasing threat of cyber-attacks, 92% of UAE respondents said their organization is well prepared for a cyber-attack, compared to 56% of global CEOs.
The UAE posted its strongest growth in more than a decade, driven by a sharp rise in oil production and a notable improvement in non-oil GDP. The central bank expects the economy to expand by 5.4% in 2022 and 4.2% in 2023, after growing by 3.8% in 2021.
(Writing by Brinda Darasha; Editing by Daniel Luiz)
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