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KPMG Report Reveals UAE Tech Leaders are Highly Confident in Technology’s Role in Business Growth and ESG Priorities

In a recent report titled “Tech Trailblazers: Navigating the Next Digital Frontier,” KPMG has revealed that an impressive 89 percent of technology leaders in the UAE are confident in their current technology’s ability to fuel business growth and enhance organizational development. This confidence level surpasses that of their global peers by a significant 16 percent. The report highlights the UAE’s commitment to utilizing technology to achieve ambitious business objectives, address challenges, and prioritize environmental, social, and governance (ESG) priorities.

Notably, the report shows that 87 percent of tech leaders in the UAE are confident in their current technology’s ability to advance the organization’s ESG agenda, surpassing the global average by 15 percent. Additionally, a substantial 86 percent believe that their organization’s technology is simultaneously enhancing employee satisfaction, well-being, efficiency, and cost reduction.

According to Mohamad Majid, Partner, Digital and Innovation at KPMG Lower Gulf, the UAE’s digital transformation leaders are dedicated to innovation and value creation, despite global economic uncertainty. The report provides insights into how the nation’s tech leaders are forging a path of innovation and technology-driven growth, setting a global example for strategic AI adoption, prioritizing ESG and cybersecurity, and advancing business technology.

The UAE’s strategic focus on AI and machine learning (ML) is also shared by CTOs. Based on the KPMG study, 53 percent of tech leaders in the UAE see AI as a key driver for fulfilling their short-term objectives. Edge computing and quantum computing also emerge as highly valuable options for achieving these goals.

Interestingly, the concept of the Metaverse showed potential, with 29 percent of tech leaders recognizing its evolving nature. However, the majority of tech leaders attribute their belief in AI’s potential to its demonstrated return on investment (ROI), with two-thirds of CTOs attributing significant increases in profitability to AI initiatives.

Moreover, the report reveals that 84 percent of UAE tech leaders believe that the benefits of XaaS technologies outweigh the risks, putting them 21 percent ahead of their global counterparts. XaaS, or “Everything as a Service,” refers to the provision of various resources and services over the internet through subscriptions. It enables businesses to adapt quickly, save costs, and stay up to date with regular updates and improvements.

The report also highlights the importance of information security in driving digital transformation in the UAE. More than half (56 percent) of tech leaders emphasize meeting customer demands for enhanced data privacy and cybersecurity. However, underdeveloped data management strategies and limitations of legacy technology are identified as hurdles to transformation, with 47 percent of tech leaders citing data management strategies and 43 percent highlighting legacy technology as challenges.

As the UAE aims to achieve its centennial 2071 ambitions, the report emphasizes that technology breakthroughs can reshape the future of education, healthcare, tourism, manufacturing, and ESG. The country’s tech leaders envision digital evolution holistically, fostering innovation across all industries.