CEO Blog

Looking to the year ahead with increased optimism

Hisham Farouk Hisham Farouk

 

We start the year with vast buoyancy which found that the UAE has the most optimistic business community in the world according to new research from Grant Thornton’s International Business Report (IBR). It also revealed that business leaders growth prospects have increased significantly across a range of growth indicators from this time last year, which reflects a positive change for the year ahead.

90% of business leaders in the UAE are optimistic about the local economy compared to 69% in 2011. This has seen a significant increase which has been bolstered by the recent Expo 2020 win and the continued success which the region has seen in the last year as a result of increasing trade, demand and significant percentage increase in some of the key sectors within the region, such as hospitality and construction.

The increased confidence has produced a ripple effect which has resulted in increased optimism in relation to revenue and profit rise expectations, with many business leaders also planning to hire staff to support the influx in demand and opportunity that is present.

As we concluded 2013 with the Expo 2020 win and Dubai breaking world records, the region is truly becoming dynamic and creating endless opportunities which are being fostered by the many communities who live and work here.

The message from UAE business leaders as we head into 2014 is positive. Growth in 2013 was expected to be the fastest since the financial crisis at 4.3% and this is forecast to accelerate in 2014 with retail demand, tourism numbers, infrastructure investment, the stock market and the property sector all on the up.

With analysts predicting that the Expo 2020 win would add “an estimated 4.5 percent to GDP growth in the UAE”, the recent research would suggest that the local economy is truly on its way to achieving such growth. This could see 2014 being another memorable year as we continue to put the UAE on the world map for being the region of ambition, choice and endless opportunity.

Reference:

Dubai’s Expo 2020 win to add 4.5% to GDP, accessed on 7 Jan 2014 from http://www.arabianbusiness.com/dubai-s-expo-2020-win-add-4-5--gdp-532796.html  (30 Dec 2013)