Saudi CEOs believe GenAI will transform value creation in the next three years. Saudi Arabia is on a path to a bright future with its Vision 2030. Our 27th Annual CEO Survey shows strong optimism among CEOs. They are driving change with tech innovation and climate action. In the Middle East, 73% of leaders are optimistic about the economy in 2024. This is much higher than the global average of 44%. In the GCC, 81% of leaders expect growth this year.
In Saudi Arabia, 89% of CEOs are hopeful about economic growth in the next 12 months. This is higher than the global, Middle East, and GCC averages. This optimism is due to the government’s reforms to diversify the economy. They are investing in health, education, infrastructure, and tourism. Saudi Arabia had the highest GDP growth rate among G20 countries in 2022 and 2023.
Despite global issues like conflicts and inflation, 83% of Saudi CEOs are confident in their revenue potential over the next three years. They are ready to stay agile and resilient. CEOs in the region are prioritizing innovation. Almost half believe their business won’t be viable in a decade without change. In Saudi Arabia, 60% of CEOs cite technological change as a key factor. Also, 69% think customer preferences will drive business transformation in the next three years.
CEOs are embracing emerging technologies, especially GenAI. In Saudi Arabia, 54% believe GenAI will enhance product and service quality in the next year. Additionally, 66% think GenAI will transform value creation in three years. Saudi leaders are focusing on sustainability. Nearly a third see climate change as a major concern. 60% are improving energy efficiency, and over half are innovating climate-friendly products.
CEOs in Saudi Arabia must keep innovating their strategies. They need to manage risks and respond to customer preferences. Cybersecurity is also crucial. Finally, 60% are keen to improve energy efficiency, and over half are developing climate-friendly products. Saudi CEOs should continue investing in sustainable initiatives to support a greener economy.
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