- CEOs in Qatar exhibit exceptional optimism, with 84% foreseeing robust economic growth, driven by initiatives like Qatar’s National Vision 2030 and the FIFA World Cup 2022.
- Qatar’s business leaders are significantly embracing GenAI, with 77% believing it will enhance their company’s competitive advantage and efficiency.
- There’s a strong commitment in Qatar towards sustainability, as evident by the willingness of CEOs to invest in climate-friendly initiatives, surpassing both global and regional averages.
According to PwC Middle East’s 27th Annual CEO Survey, CEOs in Qatar exhibit high optimism about long-term economic growth, attributing it to Qatar’s National Vision 2030 and the FIFA World Cup 2022. A remarkable 84% of CEOs in Qatar foresee a prosperous economic future within the next 12 months, a figure notably higher than the global (44%) and regional (73%) averages.
This optimism extends to CEOs’ confidence in their own companies, with 39% expressing extreme confidence in revenue growth over the next year. Looking further ahead, 68% of CEOs in Qatar anticipate sustained revenue growth over the next three years, surpassing the global average of 49%. The findings underscore a robust sense of positivity and confidence among business leaders in Qatar, driven by both national strategic initiatives and significant international events like the FIFA World Cup.
A striking 71% of CEOs in Qatar are poised to expand their company’s workforce in 2024, contrasting sharply with the global figure of 39%. Furthermore, over half of these CEOs anticipate hiking prices for their products and services, fueled by an expected surge in market demand.
Impressively, a staggering 84% of business leaders in Qatar have bolstered their market share by more than 5% over the last three years, a substantial lead over the global average of 49%. At the heart of Qatar’s economic boom lies a relentless drive for reinvention and technological advancement. CEOs recognize the imperative of embracing new technologies and broadening their product and service portfolios to ensure adaptability and resilience in an ever-evolving market landscape.
It was found that 77% of CEOs in Qatar, compared to 68% globally, believe that GenAI will significantly impact their company’s competitive advantage in their respective industries. They also agree that GenAI will enhance the way their companies create, deliver, and capture value. Furthermore, over three-quarters of these CEOs expressed that embracing GenAI would necessitate the workforce to acquire new skills.
A staggering 87% of Qatar’s business leaders believe that GenAI will increase efficiency at work, surpassing the global average of 64%. Similarly, they anticipate that GenAI will significantly enhance the efficiency of employees, with 87% in agreement, which is notably higher than the global average of 59%.
When considering the potential of GenAI to reshape business economics, 68% of CEOs in Qatar foresee an increase in revenue. Additionally, more than three-quarters of them anticipate a boost in profitability within the next 12 months. These statistics highlight the optimism and confidence among Qatar’s business community regarding the transformative impact of GenAI on various facets of their operations and performance.
CEOs in Qatar express significant apprehension regarding cybersecurity when utilizing GenAI technology, with 74% highlighting it as a primary concern, surpassing the global average of 64%. This apprehension is rooted in the imperative need to safeguard sensitive data from potential breaches and cyber threats. Following closely behind are worries about inflation, with 39% of CEOs expressing concern, and macroeconomic volatility, which concerns 32% of respondents.
Furthermore, the survey underscores Qatar’s strong commitment to addressing climate change, with nearly half of the CEOs willing to accept lower returns on investments in climate-friendly initiatives over the past year. This figure exceeds both the global average (41%) and the Middle East’s average (37%), signalling a dedicated effort towards fostering sustainability and combating the adverse impacts of climate change. This collective resolve reflects a strategic shift towards a more environmentally conscious and resilient future for Qatar.
Over half of the CEOs in Qatar are dedicated to enhancing the energy efficiency of their businesses. Additionally, 42% of these leaders are actively working on developing new climate-friendly products, services, or technologies. Furthermore, 39% of CEOs in Qatar are integrating climate risks into their financial planning processes, a figure slightly above the global average. This commitment reflects a strategic focus on sustainability and resilience in the face of environmental challenges.
Moreover, CEOs in Qatar are urged to capitalize on the rapid transformation occurring in the region, particularly by diversifying into non-oil sectors as part of the nation’s economic strategy. The report underscores the significance of formulating robust cybersecurity strategies, as well as prioritizing workforce upskilling to adapt to advancements like GenAI and confront climate change effectively. Additionally, investing in climate-friendly solutions is highlighted as a crucial step towards fostering sustainability and mitigating environmental impact.
