Deloitte Middle East CFO Survey 2020: CFOs expect remote working in their organizations to remain at the current levels or increase

20 October, 2020 – Deloitte has just launched its sixteenth annual Deloitte Middle East CFO survey report, highlighting the latest thinking and issues that are affecting CFOs and finance leaders. Since the last Deloitte Middle East CFO
Survey in 2019, the world has been in the grasp of the COVID-19 pandemic with
the full humanitarian, economic and political costs yet to be truly realized.
In response, governments have implemented wide-ranging measures, including
local lockdowns, international travel restrictions and the enforced closure of
schools, public transport and businesses. Consequently, there has been a
decline in economic activity.

“Regional CFOs have been very busy in recent months assisting their businesses to recover from significant reductions in revenue and cash flow. Though mostly cautious as to when the impact of COVID begins to recede, CFOs are nonetheless adapting their businesses through a combination of changes to remote working while actively seeking strategic opportunities to reposition, including the potential for Mergers and Acquisitions,” says Declan Hayes, Partner and CFO Program Leader, Deloitte Middle East.   

Key findings in the report include:

• CFOs are navigating through an unexpected crisis, with 48% expecting a return to pre-crisis or near-normal levels of operations not to occur until Q2’21 or later. There remains pessimism and divergence around the recovery time horizon.
• 41% of CFOs remain focused on responding to the crisis and ensuring financial viability, while 36% are recovering via the adaptation of their business to maximize performance during this time. The remaining 23% of the respondents are focusing their time on evolving business models and strategizing for the
  post-COVID era.
• CFOs expect remote working in their organizations to remain at the current levels or increase, with 43% planning on investing and expanding remote working capabilities across the next twelve months.
• The exceptional risks posed by COVID-19 continue to linger and with recovery uncertain and precarious, improving cash flow and cost management are the highest priority items for CFOs and will be at the forefront of finance leaders’ agendas for the next twelve months.

“Our survey findings highlight some of the key actions taken by CFOs to proactively protect their businesses during the initial response period and how they are now preparing to thrive,” concluded Hayes.

To view the report, click here.

The CFO survey is a single element in a range of insight gathering, collaborative learning, training and support services offered by the Deloitte Middle East CFO Program.

For more information on the survey or other services, please reach out to our Deloitte Middle East CFO Program team. 

About Deloitte & Touche (M.E.) LLP:

Deloitte & Touche (M.E.) LLP (DME) is the affiliate for the territories of the Middle East and Cyprus of Deloitte NSE LLP (“NSE”), a UK limited liability partnership and member firm of Deloitte Touche Tohmatsu Limited, a UK private company limited by guarantee (“DTTL”). 

DME is a leader in professional services with uninterrupted presence in the Middle East since 1926 with 26 offices in 14 countries and around 5,000 partners, directors and staff. DME’s presence in the Middle East and Cyprus is established through its affiliated independent legal entities, which are licensed to operate and to provide services under the applicable laws and regulations of the relevant country. DME’s affiliates and related entities cannot oblige each other and/or DME, and when providing services, each affiliate and related entity engages directly and independently with its own clients and shall only be liable for its own acts or omissions and not those of any other affiliate.

About Deloitte:

Deloitte refers to one or more of DTTL, its global network of member firms, and their related entities. DTTL (also referred to as “Deloitte Global”) and each of its member firms are legally separate and independent entities, which cannot obligate or bind each other in respect of third parties. DTTL and each DTTL member firm and related entity is liable only for its own acts and omissions, and not those of each other. DTTL, NSE and DME do not provide services to clients. Please see www.deloitte.com/about to learn more. 

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