KPMG - CEO Outlook Saudi Arabia

The CEO Outlook report for Saudi Arabia in June 2023 provides insights into the perspectives and priorities of CEOs in the country. One of the main themes of the report is the increasing importance of ESG considerations for businesses in Saudi Arabia. While many CEOs are focused on meeting ESG expectations, they struggle to communicate their ESG performance to stakeholders. The report also highlights the impact of the pandemic on businesses in Saudi Arabia, with pandemic fatigue and economic uncertainty being the two largest concerns for CEOs in the country and around the world. Other top risks include reputational risk, regulatory concern, emerging technologies, cybersecurity risks, environmental challenges, and territorialism. Despite these challenges, CEOs in Saudi Arabia are focused on boosting productivity, managing costs, and reconsidering digital transformation strategies. The report notes that companies in Saudi Arabia are exploring opportunities for growth, including through digital transformation and by fostering workforce resilience. For example, flyadeal, a Saudi Arabian airline, is expecting to increase its staffing by over 50% in 2023, driven through significant growth in flights facilitated by new aircraft arrivals and in line with the large increase in travel demand. Overall, the report provides a comprehensive overview of the current business landscape in Saudi Arabia and the challenges and opportunities facing CEOs in the country.