Gulf Decision Makers Expect Continued Economic Growth Through the End of 2024 Despite Geopolitical, Macroeconomic and Technological Disruptions

Majority of Gulf Cooperation Council (GCC) decision makers anticipate economic expansion through the end of 2024, according to a new Teneo survey.

The survey of almost 500 senior leaders from the GCC public and private sectors reveals significant challenges in attracting skilled talent and varied views on the impact of National Vision documents (national transformation plans) on their organizations.

Gulf decision makers are mostly upbeat about the prospects for economic growth through the end of this year and are largely undeterred by looming risks related to geopolitics, technology integration and talent acquisition, according to a new study by Teneo, the global CEO advisory firm.

The survey, which examines the views of almost 500 senior leaders across the public and private sectors in the GCC, shows that 65% of decision makers anticipate continued improvements in GCC economies over the latter half of 2024. The survey also highlights the challenge of attracting skilled talent to the region along with differing views on ESG implementation priorities.

Geopolitical instability remains a significant concern, with over a quarter of decision makers questioning their organization's preparedness for an escalation in geopolitical tensions. Cybersecurity also emerges as a significant challenge, with 25% of respondents identifying it as the top threat to growth, and a significant 23% feeling unprepared to address cybersecurity risks. This highlights a critical gap between perceived risk and organizational readiness, underscoring the urgent need for enhanced cybersecurity measures.

Perspectives on the impact of National Vision programs vary across the GCC, with over 90% of respondents from Saudi Arabia and the UAE noting the highly positive role of Vision 2030 and UAE Vision 2031 on their organizations. While still generally positive, a smaller percentage (74%) of respondents from Qatar, Oman, Kuwait and Bahrain express positive views on their respective nations’ national transformation plans. Looking ahead, decision makers in the GCC remain broadly optimistic about the region’s long-term prospects, with the majority expecting the GCC to become a major international business hub within the next 25 years.

Ursula Burns, Chairwoman of Teneo, said: “Our 2024 GCC decision makers survey shows a striking range of views on critical business issues across the region. This diversity of viewpoints highlights important opportunities and knowledge for business operators and investors, turning potential challenges into avenues for growth and innovation.”

Paul Keary, CEO of Teneo, added: “Gulf decision makers continue to deliver on their strategic long-term national plans despite geopolitical disruption and a rapidly evolving technological environment. In the face of these challenges, every business and government leader should collectively focus on long-term transformation across both the public and private sectors. This alignment is crucial to realizing the full potential of their visionary goals.”

Nicholas McDonagh, Senior Managing Director and Head of Teneo Middle East, said: “At Teneo, we pride ourselves on being deeply attuned to the daily challenges and opportunities that our regional clients face. Our multi-disciplinary teams regularly guide clients through times of volatility and provide strategic advice with their long-term objectives at heart. Our GCC survey shows that organizations who proactively address challenges and seek more flexible solutions will be more resilient, better positioned to overcome business obstacles and ready to embrace the continued opportunities that this growing region presents.”

Teneo surveyed 480 “decision makers” across the six GCC countries, with 55% in the private sector and 45% in the public sector. Respondents include CEOs, business owners, Chairs, Executive Directors and Partners, and Executive / Senior Vice Presidents. The survey was conducted between March 13 and April 12, 2024. The report also references findings from Teneo’s 2024 CEO and Investor Outlook Survey.

Contact

Dubai

John Greenway
john.greenway@teneo.com
M: +971 58 565 0626

New York

Stephen Meahl
stephen.meahl@teneo.com
M: +1 (212) 886-1624