Hossam Abdelnaby (Abu Dhabi)
80% of companies in the UAE expressed their optimism about their future prospects, while 85% of companies confirmed their optimism about the general economy, according to the index of the global consulting company “Alex Partners”, which annually surveys the opinions of more than 3,000 executives and administrators from all over the world to reveal About the latest major challenges in the business world.
The index confirmed that UAE companies continue to work closely with governments to confront the upcoming challenges facing businesses.
According to the results of the survey, CEOs in the region showed great confidence in their ability to deal with and respond to disruptive forces, as 90% of them believe that their natural leadership style thrives in work environments that are exposed to disruptive factors, and this percentage is significantly higher compared to 75% of Their counterparts in the world, explaining that among the main defensive measures they took to overcome the forces causing the disruption was developing business plans and analyzing scenarios (80%), in addition to that 7 out of 10 of the participants prioritized revenue growth at the expense of profitability, and building the core business on Calculate new business value.
Digital transformation
The Alex Partners index showed that more than 60% of CEOs in the region are currently changing their business models or are planning to do so in the next year in order to face the challenges resulting from the variables causing global turmoil.
He revealed that business pioneers and leaders in the UAE and Saudi Arabia are investing more in digital tools and technologies, compared to last year, with an increase of 5 points above the global average. He pointed out that, despite this, there are still many challenges regarding the workforce, as 85% of participants are concerned about the skills of their employees in light of rapid change (compared to the global average of 58%), while 80% of them reported that their employees are not open to change. (compared to 55% globally), noting that participants reported that the new procedures for obtaining visas contributed to hiring and retaining qualified workers more easily compared to the past two years.
The Alex Partners index indicated that 64% of participants from the region plan to invest more in digital transformation to ensure the growth of their business over the next three to five years, while 50% of CEOs prioritize process automation as a key technology in the next year, which is This is equivalent to twice the global average, and reflects the region’s commitment to taking advantage of technology to enhance digital transformation.
He explained that 9 out of 10 executives said that their companies have the necessary resources to invest in new technology and digital solutions, and nearly half indicated that their companies are investing more in digital tools and technology compared to the previous year, indicating that for executives in the region, they place the return Investment is their top consideration when making decisions regarding technology investments (55%), followed by the ability to integrate with existing systems and processes (41%).
Look to the future
Gabriel Shaheen, head of management in the Middle East at Alex Partners, said that in light of the current global turmoil, the Middle East region faces many challenges and opportunities. He added that despite climate challenges and global geopolitical tensions, governments and companies in the region are looking more to the future, as they are increasingly investing in education, infrastructure, and the transition to the green economy, as well as digital technologies.
Shaheen stated that the rise of generative artificial intelligence poses a challenge to many entrepreneurs in the world, but it represents a priority for companies that adopt the steps and visions of governments in the region. Pointing out that adopting this trend could lead to achieving huge productivity gains, creating new factors for revenue growth, protecting value, in addition to providing job opportunities, which enhances the growth of companies and contributes to achieving their success.
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