Gulf Cooperation Council: Booming Business and Big Bonuses Expected in 2024
CEOs in the Gulf Cooperation Council (GCC) countries are optimistic, with almost all (96%) predicting revenue growth for their companies this year. This positive outlook is backed by rising economies and strategic government plans like Saudi Arabia’s Vision 2030 and the United Arab Emirates’ We the UAE 2031.
The findings come from the 2024 Cooper Fitch CEO Report, which surveyed business leaders across various industries in the region. This year’s report saw a record number of participants, with responses increasing by over 27%.
The question is: what’s driving this Gulf business boom? New market expansion and product development are top priorities for CEOs, with over half (59%) planning to focus on these areas. This suggests companies are looking to capitalise on the region’s growth by reaching new customers and offering innovative products and services.
However, attracting and retaining talent is the biggest hurdle for CEOs (31%). This is especially true in the United Arab Emirates (UAE), where over half (52%) of CEOs cited it as a concern, compared to just 14% in Saudi Arabia. This might reflect different stages of economic development in these countries.
Despite the talent crunch, CEOs are expecting hefty bonuses. Over four-fifths (83%) will receive a bonus for their 2023 performance, with more than half (56%) expecting an increase compared to last year. Saudi CEOs seem to be the big winners here, with 60% expecting bonuses equivalent to 4-9 months’ pay.
Here are a few additional salient points from the report:
- Focus on Customers: CEOs are prioritising customer service, with a third (33%) planning to improve satisfaction and support. This suggests brand loyalty is becoming more important.
- Sustainability Matters: Over 40% of CEOs have implemented or are working on an environmental, social and governance (ESG) strategy, showing a growing commitment to responsible business practices.
- Diversity on the Agenda: While not a top priority this year, a significant majority (90%) of companies have or are developing a diversity and inclusion strategy. This is an encouraging sign for progress in the region.
- Succession Planning on the Rise: Nearly two-fifths (38%) of CEOs say their boards have a clear plan for replacing the CEO, suggesting companies are thinking long-term.
Overall, the report paints a picture of a confident, ambitious, and growing business environment in the GCC. CEOs are optimistic about the future and are investing in innovative strategies to expand their reach and improve customer experience. While challenges like talent acquisition remain, the outlook for the region’s businesses seems bright.
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