Oman, UAE CEOs are confident of growth prospects over next 3 years: Survey

October 23, 2018

The UAE and Omani CEOs are more optimistic about the future prospects of their businesses than their global counterparts, with more than half predicting growth over the next three years. This is according to the fourth annual global KPMG CEO Outlook Survey, which interviewed 1,300 chief executive officers around the world, across a broad range of key industries.

The study included interviews with CEOs in the UAE and Oman, who shared their views on the opportunities and challenges they and their organisations face, a press release said.

The study found that technology continues to command considerable attention as an enabler and disruptor. Data privacy is also understandably high on the CEOs’ agenda. And even with the greater reliance on data-driven models and analytics to make decisions, CEOs are still relying on the value of their experience and intuition to make strategic decisions on the future of their firms.

As the CEOs are reconfiguring their workforces for a future where smart machines and talented people work together, the vast majority (86 per cent) feel that Artificial Intelligence will create more jobs than it eliminates.

Over half of the UAE and Omani CEOs said that becoming the victim of a cyberattack is increasingly likely. Cybersecurity has become a regular topic in the boardroom, with focus from governments and regulatory bodies on the rise.

As many as four in ten UAE and Omani CEOs say their organisations’ biggest challenge in meeting the needs of millennials is to understand how the needs of this generation differ from those of older consumers. Nearly half (48 per cent) believe they need to reposition their brand to target millennials.

Seven in ten (68 per cent) of CEOs in the UAE and Oman said that acting with agility is the new currency of business and being able to respond to change without losing momentum is key.

Oman, UAE CEOs are confident of growth prospects over next 3 years- Survey

Nader Haffar, CEO of KPMG Lower Gulf, said, “The fourth edition of the KPMG CEO Outlook Survey found that chief executives are generally optimistic about the economy and the growth opportunities that disruption and transformation offer. At the same time, they are working to address their exposure to a few headwinds, including driving growth from new digital business models and revenue streams.”