Auditors KPMG sent me an interesting note yesterday about how CEOs in the UAE are riding high on positive sentiment about business prospects in the region.
Post-Covid, the UAE has become a magnet again for investment and an influx of highly skilled workers from across the globe. Getting on a packed Dubai Metro train or being stuck in traffic on Sheikh Zayed Road is a reminder of this.
This is all positive news for the local economy. And KPMG — in its latest CEO Outlook report which surveyed more than two dozen UAE CEOs — says that “an overwhelming 88% of local CEOs reported strong earnings and growth prospects this year, including increased revenue compared to 2022.”
Interestingly, KPMG further notes that this is in contrast to only 77% of global CEOs.
The auditors go on to say that 84% of UAE CEOs expect their businesses to grow by more than 2.5% over the next three years. And despite inflation and geopolitical pressures, 40% have a high mergers and acquisitions (M&A) appetite.
Building on the post-Covid theme, it’s clear that work-from-home (WFH) and hybrid working is not a big trend in this part of the world.
“The research also showed that UAE CEOs favoured a more collaborative leadership style, as 72% expect employees to be back in the office full-time, up from 60% last year,” says KPMG.
“Only 20% envision hybrid working, compared to 27% of CEOs worldwide, while 8% plan to allow fully remote work. This reflects a belief among UAE business leaders that shared management and operational responsibilities lead to greater success.
“While most CEOs worldwide plan to lure employees back to the office with favourable assignments and other perks, most local leaders (60%) said they were either neutral or not likely to reward in-person workers, implying that on-site work would simply be expected,” the company goes on to note.
It’s certainly indicative that business is back to normal and that the pandemic will quickly become a forgotten memory.
