Gulf corporate leaders indicate guarded optimism on growth
Among the biggest challenges cited was cybersecurity, with widespread fears that computer networks are increasingly vulnerable to hackers
A business meeting in Dubai (Getty Images)
Corporate decision makers across the GCC region are largely optimistic about growth prospects through the end of 2024 while expressing caution about lurking geopolitical risks and the threat of cyberattacks, according to a survey by the consulting firm Teneo.
Sentiment among the 450 executives polled from both public and private sector companies was brightest in Saudi Arabia and the UAE, while more guarded in Oman and Kuwait. Overall, 65% of Gulf decision makers said they anticipate further improvements in the regional economy this year.
Among the biggest business challenges cited was cybersecurity, with widespread fears that computer networks are increasingly vulnerable to hackers. Some 82% said they expect positive impact from the integration of artificial intelligence in their business operations, though 41% said the AI’s costs would be a formidable barrier.
As the Middle East regional economy grows, one of the greatest concerns among corporate decision makers shown in the polling is recruiting skilled employees within their countries. Over the next 25 years, the survey indicated broad confidence that the Gulf will continue to be a leading global energy supplier while developing its resources as a world financial center.