Gedeon Mohr & Partners, a growth and transformation-based consultancy released the findings of its quarterly economic sentiment surveys of business leaders in the UAE and KSA. Against the backdrop of a sharper-than-expected slowdown in the global economy with growth forecasts being slashed, business leaders in the UAE and Saudi Arabia have a much more positive outlook for the year ahead. In a survey of 250 business leaders from across the UAE and Saudi Arabia, 70 percent of executives are viewing 2023 with optimism about the economy, with 46 percent feeling very optimistic about the year ahead.  

This interesting finding compliments the latest IMF growth forecasts for both countries which estimate that the UAE economy is set to grow by more than 6 percent and in Saudi Arabia, it is growing at its fastest rate in a decade at 7.6 percent. Whilst global executives are dealing with the consequences of the growing cost of living crisis, tightening financial conditions in most regions, the Russia-Ukraine conflict, and the lingering COVID-19 pandemic, the region’s business leaders are focused on the positive outlook and the opportunities arising from a growing regional economy.

The analysis shows that innovation, technology, growth, and transformation are at the heart of the strategies that businesses are pursuing in 2023, with investments being focused on new e-commerce solutions, digital, and marketing, and PR. Over 60 percent of UAE and KSA business executives are putting business growth and sustainability at the top of their business agendas, in line with the forward-thinking visions of both countries.

While UAE and KSA business leaders are optimistic for 2023, they remain alert to the global threats that can negatively impact them such as the effects of global economic challenges, climate change, and cost increases in the coming year.  Climate change is now a key area for concern for the region’s business leaders with 81 percent of UAE executives feeling very concerned and 70 percent of executives in KSA, feeling the same.

Maria Gedeon, CEO, and Founder of Gedeon Mohr & Partners which has launched in the region said: “I am very excited to be launching Gedeon Mohr & Partners, a global platform that aims to revolutionize the world of consulting and access to the best talent in the world. I am hugely positive to see a majority of business leaders across the UAE and KSA being so optimistic about the future of the economy, recognizing the vibrant business ecosystem and opportunities in the region. Despite the global challenges faced, Middle East businesses are steering a direction towards growth, investing in new products and solutions, and improving their digital capabilities.”

“Sustainability and business growth top the agenda, yet what is clear is that while leaders care about climate change, there is still a great deal of work to do around ESG which provides an opportunity for sustainable growth.”

“It is exactly why Gedeon Mohr & Partners was formed, we know that business leaders are facing some real challenges ahead to their growth ambitions, but with the right strategy in place, we can provide the solutions to overcome complex challenges. Through the right advice and support, business leaders can seize the opportunities ahead coming from a strong local economy.”

Currently, business is healthy in the Middle East, with the UAE and Saudi Arabia having unveiled forward-thinking strategies to achieve their nation’s vision in the coming years. With the recent launch of “We the UAE 2031”, the vision for the next decade in the UAE, is outlined to shape the future economy with a focus on strengthening social, economic, investment, and development aspects. Consequently, Saudi Arabia has their ‘Vision 2030’ with ambitions to transform the nation, develop various sectors and improve quality of life.

With this boom in the UAE and KSA economies also come challenges, particularly around the workforce. Attracting talent to support this growth is a key area for concern for business leaders with 18 percent of them reporting it as the biggest workforce challenge they will face in 2023. However, topping the survey for workforce challenges was hybrid working reported by 26 percent of the respondents.

The significant Government support to the business and entrepreneurial ecosystem in both countries is paying off and continues to be a key priority of greater importance especially as the global economy is facing several severe challenges impacting growth and national economies.

With the world more complex and interconnected than ever before, business leaders in the UAE and KSA are having to carefully navigate through the challenges ahead. New global strategic consultancy Gedeon Mohr & Partners launching today brings real-world solutions, combined with real-world experience to help business leaders transform and grow through its advisory services supported by its team consisting of over 150+ years of experience working in business in the region. Their methodology is purpose-driven to provide insights, strategy, and creative ideation to allow them to solve challenges quickly, smartly, and importantly to be realistically achievable. Gedeon Mohr & Partners will provide the impactful solutions that businesses need in order for them to excel, succeed, and grow. Focusing on the sectors of retail, hospitality, media, entertainment, and healthcare, the new consultancy believes in a fresh approach and results that come from real-world consulting made easier.

Gedeon Mohr & Partners launches with a long-term commitment to advancing sustainability, diversity, equity, and inclusion for its clients across the business community and wider society. The consultancy is also a champion of mental health and women in leadership initiatives and will keep advising its clients and partners to make room for more of these topics in their day-to-day operations.  At Gedeon Mohr & Partners, these drive the mission of creating long-term positive impact and sustainable results for its clients, as well as acquiring and retaining the most talented advisors.