CEO confidence soars in UAE
Abu Dhabi, February 5, 2014
The confidence among CEOs in the UAE climbed 3.1 points to 70.6 in the last quarter of 2013, according to a sentiment index.
The YPO Global Pulse sentiment index pointed out that it was at par with Saudi Arabia (71.8), and above the regional composite of 67.1 points.
They are among the most optimistic in the world about current economic conditions and the future prospects of their organisations, it said.
Manish Patel, managing director of Geap Group and executive member of YPO’s Emirates Chapter, said: “Growing trade with China and increasing economic diversification in UAE help counterbalance the economic impact of weakening oil prices.”
About 74 per cent of business leaders in the UAE expected to increase turnover by at least 10 per cent and 60 per cent expected to increase headcount this year.
Nearly 96 per cent of the survey participants said that they expected overall business and economic conditions to improve over the coming six months.
Globally, a rising tide of optimism lifted business confidence in all regions except Africa and Australasia, where CEO sentiment edged lower from already-lofty levels.
The European Union’s index surged to a new high at 62.2; the US broke out of its 15-quarter confidence rut, jumping 3 points to 63.5; and Asia’s index rose for the second consecutive quarter, to 63.6. The global index stands at 63.
The quarterly electronic survey, conducted in the first two weeks of January, gathered answers from 2,088 chief executive officers across the globe, including 103 in Mena - TradeArabia News Service