UAE chief executives see disruption as catalyst for growth

Two thirds of those polled by KPMG expect major disruption in their industry in next three years

FILE PHOTO: The KPMG logo is seen at the company's head offices in Parktown, Johannesburg, South Africa, September 15, 2017. REUTERS/Siphiwe Sibeko/File Photo
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Chief executives in the UAE see disruptions in their industries as a major catalyst for growth and are harnessing change to drive their business strategies, a survey by the accounting firm KPMG has found.

"UAE CEOs are among some of the most dynamic in the world and it is very clear that while they face new challenges and uncertainties, they remain determined to drive growth," said Vijay Malhotra, the chairman and chief executive of KPMG in the UAE and Oman.

"Despite lower oil prices, a new tax regime and geopolitical issues, the optimism shown by CEOs reflects a growing maturity and confidence in CEOs and their organisations' ability to adjust to a new reality and develop other non-oil driven sources of business."

The survey found that 64 per cent of UAE chief executives expect major disruption in their sectors in the coming three years and 88 per cent believe that there will be growth in their own industry over the next three years. The survey also found 84 per cent plan to invest heavily in data analytics tools and automation.


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"When we look at the general picture, it is evident that CEOs are convinced of their abilities to move their organisations to bigger and better places," said Vikas Papriwal, the head of markets at KPMG in the UAE and Oman.

"We all know that organisations are facing technological and macroeconomic challenges. However, the results of our survey show that CEOs in the UAE are optimistic, resilient and flexible in their approaches to finding ways to push ahead and grow their businesses in both traditional and non-traditional ways- a sentiment similar to what their GCC counterparts have expressed," he said.

KPMG polled over 1,200 chief executives across the globe, including the UAE.