UAE business leaders remain bullish on the future, with just 24% forecasting a recession compared to 86% of global counterparts, who say an economic downturn is looming.

This is according to the 2022 CEO Outlook Survey by KPMG.

The findings also show that business leaders are optimistic in regard to their business prospects, with 60% predicting earnings to rise between 2.5% and 4.5% on an annual basis over the next three years. This is more than double the number of worldwide CEOs, according to the KPMG report.

“This year’s edition of the CEO Outlook survey shows that the UAE is set for unprecedented growth, powered by a hybrid workforce and enhanced digital capabilities as a result of improved IT infrastructure, a focus on cybersecurity and diversified supply chains,” stated Nader Haffar, Chairman and CEO of KPMG Lower Gulf.

In addition, 96% of CEOs in the UAE claimed to have a digital strategy in place, far exceeding the global figure of 72%, according to the survey results. Moreover, taking into consideration the mounting threat of cyber-attacks, 92% of respondents in the UAE said their organisations are fully prepared for an attack, in comparison to 56% of global CEOs, Zawya reports.

The United Arab Emirates registered its strongest growth in over a decade, fuelled by a steep rise in oil production and a marked improvement in non-oil GDP. The central bank forecasts the economy to grow by 5.4% in 2022 and 4.2% in 2023, following growth of 3.8% last year.