Chief Executives in GCC anticipate another year of growth

Chief Executives in GCC anticipate another year of growth

Business truly is booming in the GCC region, according to all indications. A remarkable 96% of business leaders in the C-suite project revenue growth for 2024, according to a survey of CEOs from human capital firm Cooper Fitch. While the vast majority of CEOs in the GCC expect a good year, actual estimates on revenue increases are not quite uniform. According to the study, around one in ten respondents expects income to rise by 1-4% this year, 38% are anticipating an uptick of 5-10%, 29% are forecasting growth of 11-20%, and 19% believe it will be more than 21%. Respondents in the UAE were significantly more optimistic than their counterparts in Saudi Arabia. The UAE and Saudi Arabia are locked in a rivalry, vying for foreign investment and each pushing to diversify their economies more quickly than the other as they both attempt to leave fossil fuels in the past.

Source: Cooper Fitch, CEO report

More than half of regional CEOs reported that their growth strategies for 2024 are mostly focused on penetrating new markets and expanding products and services. Strategy priorities were largely the same as last year. In another sign of strong performance and a positive outlook,