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29 November 2023

Three-fourth of UAE firm see revenues rising

By Staff

Around 74 per cent of companies in the UAE expect revenue to increase in the next 12 months, while 56 per cent expect to see an increase in profitability and 55 per cent companies expect to see an increase in employment, said a survey.

Around 78 per cent of the UAE businesses are optimistic about the economy in 2011 on balance, as opposed to a global average of 23 per cent. This figure places the UAE as the joint fourth most optimistic country among the 39 countries surveyed by global advisory firm Grant Thornton.

Chile and India led the optimism scale with 95 and 93 per cent each.

“The UAE has well established itself as a business hub of choice for companies aiming to capitalize upon the opportunities presented in the region,” said Hisham Farouk, International Practice Partner, Grant Thornton UAE.
“A pioneer in infrastructure development in the region, the world-class facilities offered by the UAE continues to encourage businesses to set up regional base here.

"Comparing with Western economies, the Middle East-based businesses remain more optimistic due to stable income from oil reserves, greater disposable income, growing youth population and increased investment opportunities."

The survey was conducted among senior executives in 11,000 privately-held businesses and listed entities in 39 economies across the world, providing insights on economic and commercial issues.