GCC CEOs see AI as key to growth - survey
GCC CEOs more positive about GenAI's impact than global peers
#MiddleEast #PWCAnnualCEOSurvey – CEOs in the Middle East are driving AI adoption faster than their global counterparts, according to the Middle East results of PWC’s 28th Annual CEO Survey. 93% of GCC CEO’s surveyed foresaw systematic AI integration within three years, compared with 78% of respondents globally. Regional leaders see AI as a transformative force, boosting efficiency, profitability, and innovation while embracing disruptive technologies to shape future-ready industries.
SO WHAT? – CEO's globally report early productivity from Generative AI and expectations remain high, with one-third of CEOs saying GenAI has increased revenue and profitability over the past year. However, trust remains a significant hurdle to global adoption. In the GCC, governments have led investment and innovation in AI and played a key role in building confidence in the technologies and Generative AI in particular. This seems to have hard a marked effect on the the sentiment of the private sector towards GenAI. 70% of GCC CEOs in PWCs annual suryve believe GenAI will increase profitability within 12 months.
Some more key points about the PWC’s annual CEO survey:
Global professional services firm PwC has released the results of its PWC’s 28th Annual CEO Survey. The survey questioned 4,701 CEOs in 109 countries and territories from 1 October through 8 November 2024. Within those, 276 responses came from across 11 Middle East territories.
93% of GCC CEOs predict AI will be integrated into technology platforms in the next three years, compared to 78% globally.
88% of GCC CEOs adopted generative AI (GenAI) in the last year, surpassing global rates and highlighting trust in AI’s transformative potential.
When asked too what extent Generative AI increased or decreased profitability in their company in the last 12 months, CEO’s in Saudi Arabia were by far the most favourable with 66% claiming an increase. 34% of global respondents claimed GenAI had increased profitability, compared with 52% overall in the Middle East and 53% overall for the GCC.
70% of GCC CEOs expect GenAI to increase profitability within 12 months, compared to a global average of 49% and a Middle East average of 67%.
68% of GCC CEOs report improved personal work efficiencies through GenAI, and 63% see similar results among employees.
Over half of GCC CEOs attribute recent revenue growth to GenAI, far exceeding the global figure of 32%.
85% of GCC CEOs plan to embed it in workforce and skills (vs. 68% globally), and 81% anticipate its use in new product and service development (vs. 63% globally).
GenAI has driven job creation for 36% of GCC leaders, more than double the global average of 17%.
GenAI adoption in sectors like consumer markets, healthcare, and financial services exceeds 85%, showcasing its broad applicability.
ZOOM OUT – PwC was one of the first global consultancies to recognise the huge impact that artificial intelligence would have on the Middle East, publishing a detailed report in 2018 (PDF). The firm forecast that AI could contribute $320 billion to the Middle East economy in 2030, equivalent to 11% of GDP. Since the wave of Generative AI models and applications begun a little over two years ago, the region's excitement and positive sentiment has only increased.