Mideast CEOs upbeat on revenue rise
Manama, July 5, 2012
Middle East chief executives remain optimistic about delivering growth over the next 12 months despite the lingering after-effects of the Arab Spring and a potentially worsening euro zone crisis.
Business confidence remains stable in the region, with 60 per cent of chief executives showing confidence of their revenue growth prospects in 2012 compared to just 40 per cent globally, according to a report by financial services company PwC.
"This is also higher compared with 56 per cent a year ago," it said.
"Despite the instability of global economies, executives surveyed have comfort with the local economies where two-thirds of global business leaders are expecting their operations in the Middle East to grow over the next 12 months," the report said.
The survey was compiled through interviews with 1,258 chief executives in 60 countries including 30 from the Middle East.
The Middle East supplement, 'Looking ahead: Delivering growth and value', highlighted that chief executives from the region are citing two main factors as key to driving growth: emerging markets and mobilising talent.
Like their peers worldwide, Middle Eastern companies have a big focus on entering new markets. A total of 83 per cent of Middle East-based chief executives believe that emerging economies are of key importance to their company's future with interest focused on nearby areas such as Turkey, India and Africa.
"Leaders of both public and private sectors realise there is more to accomplish. Competing globally in more diverse sectors in more diverse markets will require more leadership and more innovation," said PwC Middle East managing partner Warwick Hunt.-TradeArabia News Service