UAE and Saudi Companies Seek New CEOs to Drive Profit Growth
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.
This trend has continued into 2025, with Jumeirah Group appointing Thomas B Meier as CEO and El Seif Engineering Contracting appointing Ashraf Al Ameria as CEO earlier this year.
One interesting aspect of this trend is the increasing prominence of external CEO hires. In the UAE, 20 percent of CEO appointments were filled externally, while in Saudi Arabia, this figure was even higher, with nearly a third of appointments coming from outside the company. This signals a broader push to bring in fresh perspectives and external expertise to guide businesses into new, more profitable territories.
The Future of CEO Appointments: Trends and Sectors to Watch
According to the latest Hays Middle East salary survey, one of the key strategic goals for companies in 2025 is to increase operating profits. However, the survey also revealed that 41 percent of respondents were facing difficulty filling management-level positions, underscoring the ongoing demand for top executive talent across the region.
Industries that are expected to see the highest growth in CEO appointments over the coming years include education, digital sectors, and healthcare. These sectors are rapidly evolving and require forward-thinking leadership to meet new demands and address future challenges.
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CEO Compensation in the Region
The compensation for top-level executives in the UAE and Saudi Arabia is also noteworthy. CEOs in the banking and financial services sector can command monthly salaries of up to AED600,000 ($163,000), with an average salary of AED280,000. Meanwhile, CEOs in management, procurement, and supply chain sectors tend to earn a more modest AED120,000 ($32,675) per month, although this still positions them among the highest earners in the region.
The trend of hiring high-paying, high-performance CEOs is expected to continue as companies across the UAE and Saudi Arabia vie for the most capable executives to lead them to greater profitability.
The Search for Leadership Excellence
The demand for new CEOs across the UAE and Saudi Arabia reflects a broader trend where businesses are focusing on maximising profits and scaling operations in response to an increasingly competitive global market. With industries like FMCG, digital banking, and real estate leading the charge, companies are actively seeking visionary leaders who can deliver exceptional growth. The surge in CEO appointments is also indicative of a larger shift towards external hires, with many organisations looking to inject fresh talent and innovative ideas into their leadership teams.
As the UAE and Saudi Arabia continue to invest heavily in growth and development, particularly in sectors like healthcare, education, and technology, the hunt for capable CEOs is expected to remain robust. The competition for leadership talent will only intensify, with companies offering substantial compensation packages to attract the best in the business.
