ANNOUNCEMENT: UK Adviser is now PA Adviser. Read more.

UAE businesses among most upbeat globally

Businesses in the UAE are among the most optimistic globally about economic prospects.


An annual poll of more than 11,000 firms in 39 countries conducted by the accountancy, tax and business consultant, found 78% of UAE businesses were ‘very’ or ‘slightly’ optimistic about economic growth.

The figure placed the UAE, the most well-known emirates of which are Dubai and Abu Dhabi, on a par with Switzerland and Brazil, which also recorded figures of 78%.

The most upbeat country was Chile, in which 95% of respondents were positive about growth. It was followed by India, at 93% and the Philippines, at 87%.

According to the survey, 74% of UAE businesses expected revenue to grow in 2011, while 56% believed there would be increased profitability.   

In contrast, UK businesses were some of the most pessimistic in the survey, with only 10% expressing optimism about growth in 2011. The global average was 23% of firms positive about growth.

The debt-stricken EU countries of Greece, Ireland and Spain all reported negative sentiment, ranging from minus 44% to minus 47%.  Japan recorded the lowest score, minus 72%.

Hisham Farouk, international practice partner for Grant Thornton UAE, said: "Compared 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."

Latest Stories