The optimism uncovered in previous polls remains high, but has been dampened by ongoing fiscal worries in the Eurozone and by continued risks to the large and complex projects characteristic of the Gulf region. The survey results were presented at the 4th Oliver Wyman / Financial Times CEO Conference on Thursday, January 10th, in Dubai.
When asked to rate their firm-wide structures and processes in place to manage uncertainty, only 22% of all polled answered “no issues – we have an established firm-wide process to manage risk.” In the UAE, 69% of senior executives said their processes were either “mixed” (different parts of the firm have their own processes) or non-existent. Saudi executives were similarly negative, with 36% admitting they have no processes in place to manage risks.
Other highlights from the survey include:
"Surveying executives twice annually has enabled us to keep our finger on the region's pulse and to discern trends as they develop,” says James Zogby, the Managing Director of Zogby Research Services. “Right now I'm watching the slow decline in Saudi confidence levels."
“This ongoing research provides a unique window into the attitudes and beliefs of senior managers in the Gulf region on important issues, managing risk not least among them,” notes Mark Robson, a Dubai-based Partner in Oliver Wyman’s Global Risk and Trade Practice. “Comprehensive and flexible frameworks to manage ongoing uncertainty and emerging risks will be critical as government and business work together to sustain and enhance the region’s competitiveness.”
For further reading, see the full series of Oliver Wyman / Zogby surveys on Middle East Business Confidence:
About Oliver Wyman's Middle East services:
Oliver Wyman helps leading enterprises throughout the Middle East to
develop, build, and operate strong businesses that deliver sustained
shareholder value growth. We have three Middle Eastern offices (Dubai,
Abu Dhabi, and Riyadh) and serve clients around the Middle Eastern
region. Our current industry focus in this region includes financial services,
aviation, telecommunications, transportation, energy, and the public
sector. We have been active in the Middle East for over 20 years, which
has allowed us to support our clients in a broad range of assignments
including growth development, reorganization, and turnaround strategies.