During increased instability, driven by geopolitical conflicts, diverging economic fortunes, and the growing impacts of climate change and artificial intelligence (AI), CEOs find themselves and their companies having to navigate an uncertain world.

However, according to CEO Global Insights Study 2024 by Arthur D. Little, CEOs of leading businesses are not merely focusing on survival but are increasingly confident about the prospects for their organizations and the wider economy. 

In the Middle East, 61% of business leaders expressed a positive outcome of growth in the next three to five years, an increase from just 13% last year, according to the report.

More than a third of the CEOs (37%) also see a “steady future”, reflecting their trust in the region’s economic strength, while only a small number (2%) expect a decline.

Since 2023, AI usage has accelerated dramatically. How are CEOs turning their AI strategies into practice? The report shows that they predominantly focus on improving core functions by increasing efficiency and effectiveness through automation as companies are at a relatively early stage of their AI journey. The report results show that 54% of CEOs in the region are looking at company-wide AI deployments, while 31% have confirmed they are implementing AI strategies across several departments.

AI has an immediate and enormous impact on the skills required for success. CEOs believe they need to transform their workforces to maximize results from AI. They intend to upskill their staff, with 59% of CEOs in the region expressing a strong need to train and reskill their employees.   

This demonstrates the speed and wide-ranging impact of AI’s rapid rise. For example, 63% of manufacturing CEOs see a strong need to reskill, attesting to the sector’s lack of AI maturity. The financial services sector records a 55% increase in reskilling requirements.