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Dubai UAE; December 2022 — Heidrick & Struggles' (NASDAQ: HSII) 2022 Route to the Top report found UAE CEO appointments went down to 6 in 2021; compared to 10 the year before. This was in line with the overall global outlook, as only 4 markets (Hong Kong, Belgium, Canada and Italy) out of the 25 analyzed saw an increase.
With the relentless events of the past two and a half years delivering shock after shock to companies around the world; companies and leaders are expected more than ever to step up as the ultimate representatives of both their companies and the business sector in general. In the Middle East, Heidrick & Struggles’ found that 89% of CEOs have prior C-suite experience overall, highest globally. In particular, the market is opting for candidates with the prior CEO (54%) and other C-suite experience outside of CFO and COO (71%).
“As the Middle East works to keep up with the increasingly volatile global landscape; businesses are leaning towards hiring more experienced CEOs with prior C-suite experience as well as cross-border experience. However, there are still some talent strategies that boards will need to review; such as increasing gender diversity at the top,” said Maliha Jilani, partner in Heidrick & Struggles’ Dubai office and Social Impact Practice lead in the Middle East and North Africa region.
Almost 1 in 2 CEOs in the Middle East have cross border experience (49%); compared to APAC (41%) and the global average (36%). While Middle East companies are welcoming CEOs with diverse market experience, the region trails behind in gender diversity, with only 3% of female leaders compared to the global average of 7%. In particular all the CEOs in Saudi Arabia were men.
Diving into UAE, first-time CEOs newly appointed in UAE make up 33%, almost half of global average (60%) However, the CEO pool in UAE still remains young with the market having the lowest average current age globally at 53.1. 43% of newly appointed CEOs in UAE companies are also appointed before the age of 45; significantly higher than the global average of 25%.
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