Saudi Press

Saudi Arabia and the world
Friday, Aug 08, 2025

Middle East to buck ‘most pessimistic’ trends, says PwC exec

Middle East to buck ‘most pessimistic’ trends, says PwC exec

Middle East oil economies, and especially their booming sovereign wealth funds, are well placed to ride out a global fall in executive confidence, according to a senior partner of global consulting firm PwC.
Speaking on the sidelines of an event at the World Economic Forum Annual Meeting in Davos, Kevin Ellis, PwC executive in charge of UK and Middle East business, told Arab News: “As the world changes, it needs energy and money. There is a huge role there for the Middle East.”

PwC recently announced its most gloomy survey of sentiment among 4,410 chief executive officers for at least a decade. The poll showed that some 40 percent of CEOs believed their organizations would not be economically viable 10 years from now if they did not transform.

The survey also revealed that 73 percent of global company bosses believed economic growth would decline around the world in the next year, driven by inflation, macroeconomic volatility, and geopolitical conflict.

Risks associated with the cost and disruptions of climate change also weighed on CEO sentiment.

The Middle East, however, was one of the regions where CEOs were found to be more optimistic, buoyed up by rising energy prices, an increase in government revenues, and soaring rates of gross domestic product.

Ellis said: “I think they’re going to benefit from the oil prices, and they’re going to benefit from their efficiencies there. But also, they’re investing as well. I mean, investing in various different forms of energy, in terms of digital and a lot of investment in the future going on, using that oil price revenue.”

That was in stark contrast to the picture painted of overall global economic conditions by Bob Moritz, global chairman of PwC. In particular, leaders in France, Germany, and the UK were less optimistic about their own growth than about global growth in general.

Moritz said: “A volatile economy, decades-high inflation, and geopolitical conflict have contributed to a level of CEO pessimism not seen in over a decade.”

But he saw some grounds for positive change.

“CEOs globally are re-evaluating their operating models and cutting costs, yet despite these pressures, they are continuing to put their people front and center as they look to retain talent in the wake of the great resignation.

“The world continues to change at a relentless pace and the risks facing organizations, people, and the planet, only continue to rise,” he added.
Newsletter

Related Articles

Saudi Press
0:00
0:00
Close
British Labour Government Utilizes Counter-Terrorism Tools for Social Media Monitoring Against Legitimate Critics
WhatsApp Deletes 6.8 Million Scam Accounts Amid Rising Global Fraud
Nine people have been hospitalized and dozens of salmonella cases have been reported after an outbreak of infections linked to certain brands of pistachios and pistachio-containing products, according to the Public Health Agency of Canada
Texas Residents Face Water Restrictions While AI Data Centers Consume Millions of Gallons
Tariffs, AI, and the Shifting U.S. Macro Landscape: Navigating a New Economic Regime
India Rejects U.S. Tariff Threat, Defends Russian Oil Purchases
United States Establishes Strategic Bitcoin Reserve and Digital Asset Stockpile
Thousands of Private ChatGPT Conversations Accidentally Indexed by Google
China Tightens Mineral Controls, Curtailing Critical Inputs for Western Defence Contractors
OpenAI’s Bold Bet: Teaching AI to Think, Not Just Chat
BP’s Largest Oil and Gas Find in 25 Years Uncovered Offshore Brazil
JPMorgan and Coinbase Unveil Partnership to Let Chase Cardholders Buy Crypto Directly
British Tourist Dies Following Hair Transplant in Turkey, Police Investigate
WhatsApp Users Targeted in New Scam Involving Account Takeovers
Trump Deploys Nuclear Submarines After Threats from Former Russian President Medvedev
Germany’s Economic Breakdown and the Return of Militarization: From Industrial Collapse to a New Offensive Strategy
IMF Upgrades Global Growth Forecast as Weaker Dollar Supports Outlook
Politics is a good business: Barack Obama’s Reported Net Worth Growth, 1990–2025
"Crazy Thing": OpenAI's Sam Altman Warns Of AI Voice Fraud Crisis In Banking
Japanese Prime Minister Vows to Stay After Coalition Loses Upper House Majority
President Trump Diagnosed with Chronic Venous Insufficiency After Leg Swelling
Man Dies After Being Pulled Into MRI Machine Due to Metal Chain in New York Clinic
FIFA Pressured to Rethink World Cup Calendar Due to Climate Change
"Can You Hit Moscow?" Trump Asked Zelensky To Make Putin "Feel The Pain"
Nvidia Becomes World’s First Four‑Trillion‑Dollar Company Amid AI Boom
Iranian President Reportedly Injured During Israeli Strike on Secret Facility
Kurdistan Workers Party Takes Symbolic Step Towards Peace in Northern Iraq
BRICS Expands Membership with Indonesia and Ten New Partner Countries
Elon Musk Founds a Party Following a Poll on X: "You Wanted It – You Got It!"
AI Raises Alarms Over Long-Term Job Security
Saudi Arabia Maintains Ties with Iran Despite Israel Conflict
Russia Formally Recognizes Taliban Government in Afghanistan
Mediators Edge Closer to Israel-Hamas Ceasefire Agreement
Emirates Airline Expands Market Share with New $20 Million Campaign
House Oversight Committee Subpoenas Former Jill Biden Aide Amid Investigation into Alleged Concealment of President Biden's Cognitive Health
Amazon Reaches Major Automation Milestone with Over One Million Robots
Meta Announces Formation of Ambitious AI Unit, Meta Superintelligence Labs
China Unveils Miniature Insect-Like Surveillance Drone
Marc Marquez Claims Victory at Dutch Grand Prix Amidst Family Misfortune
Iran Executes Alleged Israeli Spies and Arrests Hundreds Amid Post-War Crackdown
Trump Asserts Readiness for Further Strikes on Iran Amid Nuclear Tensions
Iran's Parliament Votes to Suspend Cooperation with Nuclear Watchdog
Trump Announces Upcoming US-Iran Meeting Amid Controversial Airstrikes
Trump Moves to Reshape Middle East Following Israel-Iran Conflict
NATO Leaders Endorse Plan for Increased Defence Spending
U.S. Crude Oil Prices Drop Below $65 Amid Market Volatility
Explosions Rock Doha as Iranian Missiles Target Qatar
“You Have 12 Hours to Flee”: Israeli Threat Campaign Targets Surviving Iranian Officials
Oman Set to Introduce Personal Income Tax, First in Gulf
Germany and Italy Under Pressure to Repatriate $245bn of Gold from US Vaults
×