Almost 60% of Oman-based chief executive officers (CEOs) are actively disrupting their sectors by making significant technological advances in order to grow their business and stay ahead of the competition.
Muscat, 11 November 2019: Almost 60% of Oman-based chief executive officers (CEOs) are actively disrupting their sectors by making significant technological advances in order to grow their business and stay ahead of the competition. This is according to the latest edition of KPMG’s CEO Outlook report, which shows that disruptive technology, economic territorialism and climate change are some of the biggest challenges global and local businesses may be facing today.
While more than 90% of CEOs in Oman express confidence in their own business’ growth prospects (in line with global CEOs), 68% feel confident in the global economy. Traditional business models have come under increasing pressure due to digital disruption, and CEOs are pressed to rethink their organization’s traditional approach in order to drive new digital revenue streams.
More than half (52%) of Oman-based CEOs believe that agility is fundamental for businesses to succeed against a challenging economic backdrop, while 60% are actively transforming their leadership teams to build resilience. According to KPMG’s findings, nearly two-thirds (64%) of organizations in Oman are piloting AI in the automation of some processes— a higher proportion than global CEOs (53%). In the wake of increased technological disruption and adoption, 64% of CEOs in Oman recognize that a strong cyber strategy is critical to building trust with key stakeholders.
Nader Haffar, Chairman & CEO KPMG Lower Gulf, said: “CEOs in Oman recognize more than ever that agility is the new currency of business and if they fail to adapt to a constantly changing world, their business will become irrelevant. Encouragingly, Oman-based CEOs are quick to adopt new technologies, like automation and AI, to drive their business forward. The next stage will be for them to build organizational resilience to manage technological disruption and maintain growth momentum.”
CEOs in Oman also recognize they should take advantage of opportunities in emerging markets such as the Indian subcontinent, China and south-east Asia, given their growing populations, the expansion of their middle classes, and steadily increasing consumption. Sixty-eight percent of Oman CEOs said their first priority for geographical expansion over the next three years is emerging markets.
“Oman-based CEOs are prepared for potential social, economic and technological headwinds but they must become disruptors of their own business, and challenge entrenched practices. If they create an environment where new ideas can be tested and change is encouraged, their organizations stand to benefit tremendously,” Haffar said.
About KPMG’s CEO Outlook Survey
The data published in KPMG’s Global CEO Outlook report is based on a survey of 1,300 CEOs in 11 of the world’s largest economies: Australia, China, France, Germany, India, Italy, Japan, the Netherlands, Spain, the UK and the US. The survey was conducted in the first quarter of 2019 and includes input from CEOs across a variety of key sectors. The Oman findings are based on the responses of 25 CEOs based in Oman. They came from a representative sample of company size:
Revenue breakdown of Omani CEO respondents’ organizations:
USD 500 – 999 million 52%
USD 1 billion – 9.9 billion 28%
Notes to Editors:
About KPMG International
KPMG is a global network of professional services firms providing Audit, Tax and Advisory services. We operate in 153 countries and territories and have 207,000 people working in member firms around the world. The independent member firms of the KPMG network are affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity. Each KPMG firm is a legally distinct and separate entity and describes itself as such.
For media enquiries, please contact:
+971 4 506 5563
+971 55 769 6864
© 2020 KPMG, KPMG LLP and KPMG Lower Gulf Limited, registered in the UAE and member firms of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved.