{"id":95536,"date":"2024-09-06T00:00:00","date_gmt":"2024-09-06T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/uae\/business-leaders-see-a-strong-year-ahead-for-uae-wider-gcc\/"},"modified":"2024-09-06T00:00:00","modified_gmt":"2024-09-06T00:00:00","slug":"business-leaders-see-a-strong-year-ahead-for-uae-wider-gcc","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/uae\/2024\/09\/06\/business-leaders-see-a-strong-year-ahead-for-uae-wider-gcc\/","title":{"rendered":"Business leaders see a strong year ahead for UAE + wider GCC"},"content":{"rendered":"

Executives and decision makers expect to see strong economic <\/strong>performance across the <\/strong>GCC this year, despite signs of macroeconomic headwinds<\/strong>, according to the results of a survey by comms outfit Teneo (pdf)<\/a>.<\/p>\n

UAE respondents were the second most optimistic about the region\u2019s economic <\/strong>performance in 2024<\/strong>, with 74% expressing positive sentiment. Saudi respondents were the most bullish of the lot, with 82% confident about regional growth. Folks in Kuwait, Oman, Bahrain, and Qatar were more bearish in their outlook \u2014 albeit still mostly positive \u2014 with 53-57% of those surveyed saying they see improved economic performance this year. <\/p>\n

(** Tap or click the headline above to read this story with all of the links<\/strong> to our background and outside sources.)<\/p>\n

Oil prices + economic diversification to thank:<\/strong> The results of the survey are broadly more positive than in the firm\u2019s 2024 CEO and Investor Outlook Survey, which reported less than half (47%) of CEOs as having a positive outlook on global macro conditions. \u201cThis more positive outlook can arguably be attributed to a resilient set of regional economic drivers, such as continuously high oil and gas prices combined with further economic diversification efforts central to the GCC\u2019s broader and country-specific strategies,\u201d its authors say.<\/p>\n

IN CONTEXT- The UAE, Saudi, and Bahrain are expected to see GDP growth:<\/strong> Economists see that the UAE will lead the region with a 3.7% growth clip, followed by Bahrain at 2.6%, according to a Reuters poll<\/a>. Meanwhile, Saudi Arabia is expected to lag behind its GCC peers at a conservative 1.3%. Meanwhile, Kuwait \u201cfaces significant financial challenges\u201d and is expected to record a USD 19.1 bn fiscal deficit in FY 2024-25, while Oman\u2019s diversification plans are more conservative than its larger Gulf peers, reads the report. <\/p>\n

Attracting and retaining investments are part and parcel of economic growth<\/strong>, with 88% of respondents saying that potential investments will have a long-term positive impact. Some 45% of Emirati respondents \u2014 and 53% from the region at large \u2014 feel that it is more important to adopt sustainable practices to attract international investments. Another 45% cite the adoption of investor-friendly tax policies as a priority. <\/p>\n

Most respondents expect the GCC will become a \u201cglobal business and financial <\/strong>epicenter\u201d within the coming 25 years<\/strong>, with 35% touting the Emirates as a forthcoming global business and finance center, and 39% predicting that the UAE will position itself as a model for sustainable development.<\/p>\n

GCC policymakers are increasingly looking to tech and AI to drive regional growth: <\/strong>64% of respondents feel that fully transitioning into the technological age will benefit the GCC in the next 25 years, but not without regulation. Some 82% feel that tech and AI regulations will positively impact operations in the Gulf. <\/p>\n

Cybersecurity is at the top of the list of challenges facing GCC economies<\/strong>, with 25% of respondents placing it as the most difficult challenge facing growth plans in the region, and 23% of respondents feeling that their entities are not equipped to meet these challenges. <\/p>\n

Zooming into the UAE:<\/strong> 54% of Emirati respondents expressed confidence in UAE entities\u2019 preparedness to weather geopolitical tensions, while 38% saw that their firms were somewhat prepared. Meanwhile, only 8% thought their entities were not prepared.<\/p>\n

Respondents are on the fence when it comes to talent acquisition<\/strong>, with 32% of Emirati respondents believing that their entities are equipped to attract top talent domestically. Meanwhile, 50% feel somewhat prepared for talent acquisition and the remaining 19% expressing unpreparedness in this area. <\/p>\n

Survey methodology: <\/strong>Teneo surveyed 480 individuals it labels as decision makers, 55% of whom are in the private sector and 45% in the public sector. It says respondents included CEOs, senior VPs, board chairmen, and other senior and C-suite executives working at companies with sizes ranging between 100 and over 5k employees. The majority lead companies with 500-1k employees. <\/p>\n","protected":false},"excerpt":{"rendered":"

Emirati respondents were the second most bullish across Gulf countries<\/p>\n","protected":false},"author":1,"featured_media":95537,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1631],"tags":[1340,1357,19,7,1498,577,1477],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-95536","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","tag-ai","tag-business","tag-economy","tag-enterpriseam-uae","tag-gulf-cooperation-council-gcc","tag-qatar","tag-technology","wpautop","entry"],"acf":{"mongo_id":"dba792b0-fe64-459e-980d-6485d77094ff","order":"3","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/8\/563.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Business leaders see a strong year ahead for UAE + wider GCC","related_issue":[95531],"teaser":"Emirati respondents were the second most bullish across Gulf countries","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/9\/.26b84c56-975c-4d18-935d-da914b9ff74f.mp3"},"yoast_head":"\nBusiness leaders see a strong year ahead for UAE + wider GCC - 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