DUBAI: Confidence of business owners in the UAE and the rest of the Gulf Cooperation Council (GCC) region is holding up despite the current challenging economic climate. A survey conducted among 196 business leaders in the GCC over the past six months showed that business sentiment across the region remains “broadly positive,” with more than half (52 per cent) of them saying they are “likely or very likely” to invest in the coming 12 months.
The Business Barometer: GCC CEO Survey was conducted by consultancy firm Oxford Business Group (OBG) in association with Saudi Hollandi Bank. Respondents were asked a number of questions on an anonymous basis to measure their confidence levels and short-term investment plans. “Despite global media reports that the region is in a period of economic turmoil, our [survey] results point to a wholly more positive outlook, with sentiment across the sectors far from weak,” said Oliver Cornock, OBG managing editor for the Middle East.
Other experts are also saying that the UAE is in a better position to weather the turmoil compared to its peers in the GCC region. Lindsay Degouve de Nuncques, head of the Association of Chartered Certified Accountants (Acca) Middle East, said that the UAE is starting to reap some of the benefits after implementing tight fiscal measures following the decline in oil prices.
