The fourth quarter of 2024 saw an unprecedented surge in the number of UAE and Saudi companies searching for new CEOs, signalling a significant shift in leadership demands across the region. According to a report from Cooper Fitch, a leading recruitment firm based in Dubai, CEO searches saw “heavy double-digit growth” compared to previous years, marking the highest growth quarter on record.
The Surge in CEO Appointments
Trefor Murphy, the founder and CEO of Cooper Fitch, highlighted that the demand for top-level executives has risen sharply, particularly among industries seeking to maximise profits and increase growth potential. “It was the biggest quarter ever,” Murphy told AGBI, referencing the third-quarter report from Cooper Fitch, which saw a notable uptick in hiring for CEO roles across the UAE and Saudi Arabia.
The surge in CEO appointments is being fuelled by companies’ efforts to achieve higher profit margins, particularly in sectors like fast-moving consumer goods (FMCG), technology, and digital banking. In fact, a staggering 75 percent of the roles sought were aimed at hiring expatriates, with a significant portion being sourced from industries focused on digitalisation and consumer-driven growth.
Why the Demand for CEOs Is Growing
Murphy attributes the sharp increase in CEO searches to a heightened focus on profit maximisation. “It’s probably greed dressed up as ambition or ambition dressed up as greed,” he said. Many companies are looking to replace their current CEOs with individuals who can drive far higher growth—often seeking leaders who can take companies from a consistent 9 percent year-on-year growth to exponential gains of 50 percent or more.
The latest report from Cooper Fitch highlighted that industries such as hospitality, real estate investment, and digital technology are the key drivers of the demand for executive leadership. While there was a brief slowdown in CEO appointments during the summer months of 2024, the overall trend reflects an evolving business landscape where companies are keen to place leaders at the helm who can lead them to even greater success.
CEO Appointments in Saudi Arabia and UAE
Throughout 2024, the number of CEO appointments in both the UAE and Saudi Arabia showed significant growth. In Saudi Arabia, CEO appointments increased by 14 percent, while in the UAE, there was a 20 percent increase. High-profile changes during the fourth quarter included Aiman Al-Mudaifer being appointed acting CEO of the Saudi giga-project Neom in November and Fatema Alnuaimi taking on the role of CEO at Adnoc Gas in December.
