In a clear signal of optimism and forward-thinking, CEOs in the Middle East are increasingly confident about economic growth in the coming years, with a significant shift in their outlook towards the integration of artificial intelligence (AI) in business operations. According to the 2024 CEO Insights Study by Arthur D. Little, 61 percent of CEOs in the region express optimism about economic growth over the next three to five years, a remarkable increase from just 13 percent last year.
Despite the global economic fluctuations, a substantial 37 percent of these leaders foresee a stable future, demonstrating their confidence in the economic resilience of the Middle East. Only 2 percent anticipate a downturn, indicating a widespread belief in the region’s potential for economic recovery and growth.
The study highlights a strong commitment among Middle Eastern CEOs to incorporate AI across their business processes. This trend mirrors global movements, where 54 percent of CEOs in the region are strategizing for comprehensive AI deployment across their companies. Comparatively, 96 percent of global CEOs have already implemented AI in some capacity. Within the Middle East, 31 percent have rolled out AI strategies in various departments, and an impressive 13 percent have achieved a company-wide AI strategy.
CEOs recognize that maximizing the benefits of AI involves a focus on workforce development. Fifty-nine percent of them acknowledge a strong or very strong necessity to reskill their employees to adapt to the evolving demands, a significant rise from 13 percent in 2023. This need is especially pronounced in sectors like manufacturing, which has seen a 63 percent increase in the reskilling requirement, and in financial services.
Thomas Kuruvilla, Managing Partner at Arthur D. Little Middle East, reflected on the findings. “It’s encouraging to see the optimism among Middle East’s CEOs about the future. They are confident that resilient business models, strategic clarity, embracing AI, and focusing on upskilling their teams will lead to sustained growth and contribute to the region’s prosperous future. AI in the Middle East is more than a trend; it’s a strategic necessity that’s gaining significant attention at the highest levels of corporate leadership. Our CEOs are not just experimenting with AI; they are strategically implementing it to open up new realms of possibility.”
The report from Arthur D. Little underscores a transformative phase in the Middle East’s business landscape, where AI is no longer just a technological tool but a pivotal component of strategic business development and economic progress.
