UAE C-Suite Vision 2023

March 31, 2023

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Just as the world appears to be emerging from the Covid-19 crisis, CEOs around the world are being forced to grapple with geopolitical instability, economic recession and record inflation. Still, they remain confident in their growth prospects, and the UAE’s leaders are particularly well positioned to weather the storms ahead.

Thanks to the vision of the country’s leadership in driving and investing in strategic areas such as infrastructure, digitization and the circular economy, it’s no surprise that Dubai is ranked as the world’s leading FDI hub.

Local CEOs are forging ahead with bold visions. They are consolidating strategies to deal with inflationary pressures and ward off cyberattacks, and are undergoing sustainability reporting. That’s what we learned after talking to 1,325 CEOs in 11 markets around the world for this year’s CEO Outlook report. Just as CEOs around the world say they are ready to implement a range of resilience strategies over the next 6 months, the majority of CEOs in the UAE already have theirs in place.

But that doesn’t mean this budget cycle will be without challenges. Local business leaders are facing inflationary pressures, ESG difficulties and increased risk of cyber-attacks. As the world learns to live with Covid-19, surveys suggest chief executives and their staff may have different ideas about returning to the full-time office.

Almost all UAE CEOs surveyed said 96 percent said they had an active digital strategy in place, well above the global figure of 72 percent. The UAE leader appears to be increasingly technologically ambitious; last year’s figure was much lower at 64%. More than 80% of local CEOs believe that driving digital transformation quickly is critical to competing for talent and customers.

The UAE is one of the most technologically advanced countries in the world, with a digital economy that contributes 4.3% of GDP, with more growth to come. The government is enhancing digital capabilities by improving IT infrastructure, increasing the speed of Internet services, and promoting the use of smartphones and electronic payment systems.

CEOs around the world cite geopolitical uncertainty as a reason to worry about cyberattacks within their organisations. In the UAE, 92% of respondents said their organization was well prepared for a cyber attack, compared to 56% of global CEOs. Likewise, it’s clear that local CEOs appear to have beefed up their digital defenses—in 2021, only 56% say they are prepared to respond to cyberattacks.

UAE business leaders are also concerned about protecting their partners and suppliers, with more than 90% reporting that protecting their supply chains from cyber attacks is as important as building their own organization’s cyber defenses. This figure is 76% globally. There is a clear shift in local attitudes – the UAE’s figure for 2021 is also 76%, a year-on-year increase of 14%.