Middle East CEOs Express Optimism and Embrace AI for Future Growth

According to the 2024 CEO Insights Study by Arthur D. Little, a significant 61 percent of CEOs in the Middle East are optimistic about economic growth over the next three to five years, marking a notable increase from just 13 percent last year.

Confidence in the Region’s Economic Strength:

Despite global economic fluctuations, 37 percent of Middle East CEOs remain confident in a steady future, indicating their trust in the region’s economic resilience. 

Only a small 2 percent anticipate a decline, signaling a shared belief in the Middle East’s upward trajectory post recent challenges.

Integration of artificial intelligence (AI) across business operations is deemed crucial for growth, with 54 percent of Middle East CEOs expressing a strategic vision towards holistic AI deployment. Globally, 96 percent of CEOs have already deployed AI in some capacity.

Implementation of AI Strategies:

Regionally, 31 percent of CEOs confirm AI implementation across multiple departments, while an ambitious 13 percent have realized enterprise-wide AI strategies, reflecting a commitment to unlocking new possibilities through AI adoption.

CEOs recognize the importance of focusing on their people to maximize AI benefits. Fifty-nine percent express a strong need to reskill their workforces to adapt to changing requirements, a significant increase from 13 percent in 2023. Sectors like manufacturing and financial services are particularly prioritizing workforce reskilling.

Strategic Imperative of AI:

Thomas Kuruvilla, Managing Partner at Arthur D. Little Middle East, emphasizes the strategic significance of AI adoption in the Middle East. 

CEOs are not only adopting AI but strategically deploying it to unlock new possibilities, paving the way for enduring growth and contributing to the region’s prosperous future.