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Business leaders in the UAE are bullish on the future with less than a quarter (24%) expecting a recession versus a majority (86%) of their global counterparts see an imminent economic downturn, according to a new survey.
They also remain optimistic about their business prospects, with 60% of them expecting earnings to increase 2.5 to 4.5% annually over the next three years, which is more than twice the number of CEOs worldwide, KPMG said in its 2022 CEO Outlook Survey.
"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,” said Nader Haffar, Chairman and CEO of KPMG Lower Gulf.
A vast majority (96%) of UAE CEOs reported having an aggressive digital strategy in place, which was much higher than the global figure of 72%, the report issued on Friday said. Also, given the rising threat of cyber-attacks, 92% of UAE respondents said their organizations were well-prepared for a cyberattack, compared to 56% of global CEOs.
The UAE posted its strongest growth in more than a decade, driven by a sharp increase in oil production and a noticeable improvement in non-oil GDP. The central banks expects the economy to grow by 5.4% and 4.2% in 2022 and 2023, respectively after expanding by 3.8% in 2021.
(Writing by Brinda Darasha; editing by Daniel Luiz)
