Most CEOs in the Middle East are upbeat about the economy over the short term, according to a new survey by global management consulting company Arthur D. Little.

The CEO Global Insights Study for 2024, which included close to 300 respondents, found that 61% of business leaders in the Middle East are optimistic about economic growth in the next three to five years, a noticeable jump from just 13% last year.

More than a third of the CEOs (37%) also see a “steady future”, reflecting their trust in the region’s economic strength, while only a small number (2%) expect a decline.

The results suggest a “shared belief” that the region is now on a growth path after overcoming recent obstacles, the report said.

As to what strategies they intend to take to thrive in the changing business environment, corporate leaders said that they plan to upskill their staff and take advantage of the benefits offered by artificial intelligence (AI).

More than half (54%) of CEOs in the region are looking at company-wide AI deployments. About a third (31%) have confirmed they are implementing AI strategies across several departments.

About 59% of CEOs also said they have either a strong or very strong need to reskill their workers, up from 13% in 2023. The trend is particularly pressing in sectors like manufacturing, with a 63% increase in the need to reskill, and financial services (+55%).

(Writing by Cleofe Maceda; editing by Seban Scaria) 
seban.scaria@lseg.com