UAE CEOs optimistic, 68% of local leaders are diversifying business: KMPG

When compared with the global CEOS, UAE's CEOs are better placed and more optimistic, according to a report by KPMG.

The 2022 KPMG CEO Outlook Survey has found that only 24% of the UAE CEOs expect a recession as compared with 86% of their global counterparts, who are expecting an economic downturn.

The report stated that close to 68% of the local leaders are diversifying their business compared to 32% of the global CEOs. This puts UAE ahead of its global counterparts by at least six months. The KPMG 2022 CEO Outlook Survey, polled over 1,325 CEOs across 43 countries, including over 25 from the UAE.

The report also stated that close to 60% of the UAE CEOS are expecting their earnings to increase from 2.5% to 4.5% annually in three years.

In a press note in Zawya, Nader Haffar, Chairman and CEO of KPMG Lower Gulf, said: “The UAE has one of the most diversified economies in the region, which has enabled it to withstand a number of challenges, right from the global pandemic to geopolitical uncertainly and macro-economic challenges. The government’s comprehensive diversification program for a knowledge-driven economy backed by technology and sustainable development has pivoted the nation forward. This year’s edition of the CEO Outlook survey shows that the UAE is set for unprecedented growth, powered by a hybrid workforce and enhanced digital capabilities as a result of improved IT infrastructure, a focus on cybersecurity and diversified supply chains.”

The report also found that ESG also emerged as one of the key priorities. Close to two-thirds of the UAE and Global leaders are expecting significant demand from stakeholders with an increase in transparency and reporting. UAE's also has heavy investments in the green economy for 10 years and has made an announcement to commit to net-zero emissions by 2050.

The survey added that close to 96% of the UAE CEOs have an aggressive digital strategy in place, while the global figure is 72%. Apart from this 92% of the UAE respondents also are well-prepared for a cyberattack while only 56% of the global CEOs are prepared for this.