**Saudi Arabia**: A PwC survey reveals strong confidence among Saudi executives in expected revenue growth by 2025, driven by digital transformation, AI investments, and Vision 2030 initiatives, with 71% anticipating revenue increases and a significant rise in generative AI adoption.
A recent annual survey conducted by PwC, a global leader in accounting and auditing, has revealed strong confidence among Saudi Arabian executives concerning the anticipated growth of their companies’ revenues by the year 2025. The report highlights several key factors driving this optimism, including the rapid digital transformation within businesses, the expansion of the workforce, increased investments in artificial intelligence (AI), sustainability initiatives, and the Kingdom’s advancements in executing the 2030 Vision. This ambitious reform plan is closely monitored and supported by Crown Prince and Prime Minister Mohammed bin Salman.
Vision 2030 aims to significantly restructure Saudi Arabia’s national economy, diversifying it away from its historical dependence on oil revenues, which have been the sole contributor to the Saudi budget for many years. The various projects under this vision are projected to stimulate crucial sectors such as tourism, sports, and non-oil industries.
According to the survey, a pivotal factor in enhancing the workforce within companies has been the adoption of generative AI technologies. Notably, 81% of Saudi company executives reported having integrated generative AI into their operations over the past year, a stark contrast to the significantly lower global average. The survey indicates a direct correlation between the adoption of generative AI and improvements in efficiency, innovation, and future profitability.
Furthermore, the survey results show that 71% of the executives expect their companies to experience increased revenues in the next twelve months, with 57% expressing confidence that they will incorporate generative AI into their core business processes. This integration underscores the workforce’s ability to adapt to ongoing technological advancements.
Additionally, 47% of executives from both Saudi and foreign companies operating within the Kingdom have announced intentions to venture into new industries. In a further indication of growth strategy, 69% of corporate leaders intend to acquire other companies in the next three years, predominantly from outside traditional sectors. The commitment to sustainability is also evident, with 72% of Saudi executives stating they have invested in initiatives aligned with climate change mitigation. However, concerns persist regarding cybersecurity threats, as 49% articulated fears that their organisations could become targets for cyber violations.
The survey also notes that the Saudi government has granted licenses to numerous international firms to establish their regional headquarters in the Kingdom, enabling them to compete for government projects and foster partnerships with the Saudi private sector.
Source: Noah Wire Services
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