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The majority of Saudi CEOs surveyed by global auditing firm PwC see their revenues and headcount growing in the next 12 months on the back of better market conditions despite nearly half the respondents taking note of their exposure to inflationary pressure and geopolitical threats, according to the latest PwC annual CEO survey (pdf).
A bullish outlook for the local, regional economies: Some 89% of the respondents agreed that the local economy will grow in the next 12 months. This figure was 73% in the Middle East version of the survey, and 81% in the GCC, and 44% in the global iteration. The survey doesn’t provide information about how many execs responded to the surveys nor about the industries in which they operate.
THE CAVEAT- Inflation + regional instability: 46% of the respondents in Saudi think their businesses will be impacted by future price hikes and geopolitical tensions, while 38% of them are factoring in the impact of climate change on their business plans. Respondents to the global survey are significantly less concerned about these threats.
GenAI is expected to help drive revenue growth: Half of Saudi respondents expect their revenues to grow in the next 12 months, while 83% are confident about the revenue growth prospects in the medium term. Some 66% of them expect their embracing of generative AI will increase their top line by 5% or more over the same period.
Saudi CEOs expect to hire more than do their global and regional counterparts: 74% of respondents in the Kingdom are likely to increase their headcount by 5% or more in the next 12 months. 65% of the respondents in the Middle East survey, and 39% in the Global survey are likely to follow suit.
Innovation is key to business survival: Almost half of Saudi respondents have defined a need for transforming the way their businesses operate in order to future proof their business models, that’s up from the 39% figure of the previous survey. 57% of the respondents have created strategic partnerships in the last five years to improve the prospects of their businesses, 46% have diversified their product and service offerings, and 43% have incorporated new technology in their operations.
A focus on tech + customization: 60% of the respondents to the Saudi survey agree that technological innovations will influence the ways they do business, with generative AI expected and 69% think customization to customer preferences is key to their future success.
