Businesses in the Gulf are more optimistic about growth in the year ahead than almost any other global region, despite a rocky global backdrop and the impact of the Arab unrest.
Gulf has world-beating business optimism despite unrest
Businesses in the Gulf are more optimistic about growth in the year ahead than almost any other global region.
Three quarters of Gulf businesses expect turnover growth over the next 12 months, with the proportion expecting gross profits growth also rising, according to the annual ICAEW Global Enterprise Survey 2011.
"There have been several challenges for Gulf businesses over the past couple of years, however some of these are now retrenching and optimism is high," said Amanda Line (CK), regional director, ICAEW Middle East.
Globally, only African businesses showed more optimism about the future, the survey found.
Both Europe and the US businesses remain sidetracked by the twin concerns of fiscal troubles and slowing growth. The slowdown in the West has also hit the optimism of Asian businesses, many of which export to those markets.
The survey results add to existing signs that businesses in the region expect to ride out challenges posed by a rocky global backdrop and the impact of the Arab unrest. Businesses in Dubai expect a stronger performance in the fourth quarter of the year compared to the previous quarter, the findings of a survey by the Dubai Department of Economic Development published on Saturday show.