ABU DHABI - Tuesday, November 5th 2013 [ME NewsWire]
“Confidence levels have certainly been boosted by recent figures showing how non-oil exports are driving economic growth, a trend which is likely to accelerate,” said Ali Tabbara, managing director of UTC International, a member of the YPO Saudi Chapter and the chair of YPO’s Middle East and North Africa region.
With regard to the regional confidence level, Mr. Tabbara said, “CEO confidence in MENA has risen for three consecutive quarters, based not only on strong oil prices but also increasing diversification within some of the region’s economies.”
Globally, overall confidence levels across different regions continued to converge, with less than a point now separating Asia and the EU, compared with a 12.8-point difference six months ago. While other regions showed marginal increases in optimism, confidence in the United States edged lower, still stuck in the tight 3-point range it has held since July 2012.
Key findings in United Arab Emirates
Sales and hiring forecasts stay strong: CEOs in the UAE were relatively bullish about sales growth, with more than three quarters of the survey participants (76%) expecting to increase revenues by at least 10% over the next 12 months. Nearly half (45%) said they also expected to hire more workers.
Short-term outlook robust: Two-thirds of the survey participants said overall business and economic conditions had improved over the last six months, and fully 83% said they expected things to get even better over the coming six months.
Visit www.ypo.org/globalpulse for more information about the survey methodology and results from around the world. For more information about YPO, visit www.ypo.org.
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