Gulf decision makers are optimistic about economic growth in the GCC despite risks related to geopolitics, technology integration, and talent acquisition, according to a study by Teneo. The survey of nearly 500 senior leaders in the public and private sectors in the region found that 65% anticipate improvements in the GCC economies in the latter half of 2024. However, challenges remain in attracting skilled talent to the region and implementing Environmental, Social, and Governance (ESG) priorities.
Geopolitical instability and cybersecurity threats are major concerns, with over a quarter of decision makers questioning their organization’s readiness for escalating tensions and 25% identifying cybersecurity as the top threat to growth. There is a gap between perceived risks and organizational readiness, emphasizing the need for enhanced cybersecurity measures to address these challenges effectively.
Perspectives on National Vision programmes vary across the GCC, with over 90% of respondents from Saudi Arabia and the UAE praising the positive impact of Vision 2030 and UAE Vision 2031 on their organizations. However, a smaller percentage of respondents from Qatar, Oman, Kuwait, and Bahrain express similar positive views on their nations’ national transformation plans. Despite differing opinions, decision makers in the Gulf remain optimistic about the region’s prospects, with expectations of becoming a major international business hub within the next 25 years.
The chairwoman of Teneo, Ursula Burns, noted the diversity of viewpoints in the survey and emphasized the opportunities and knowledge that these differences offer to business operators and investors. Paul Keary, CEO of Teneo, highlighted the resilience of Gulf decision makers in delivering on their long-term national plans despite challenges and stressed the importance of aligning public and private sectors for transformative growth. Nicholas McDonagh, senior managing director of Teneo Middle East, emphasized the need for proactive solutions to challenges and strategic advice to navigate through times of volatility in the GCC region.
In conclusion, the survey by Teneo reflects the complex landscape of decision-making in the GCC region, with diverging views on critical business issues and challenges. Despite the risks posed by geopolitics and cybersecurity threats, Gulf decision makers remain optimistic about the region’s economic growth and long-term prospects. By addressing challenges proactively and seeking flexible solutions, organizations in the GCC can enhance their resilience, overcome obstacles, and capitalize on the opportunities presented by the growing region. Teneo’s strategic advice and deep understanding of regional challenges position them to guide clients through volatile times and help them achieve their long-term objectives in the GCC.
