12 June 2017

More than two thirds of CEOs interviewed in Saudi Arabia for a new survey said they felt positive about the business outlook for the next 12 months. However, those in the construction sector were the most pessimistic.

The inaugural Business Barometer: Saudi Arabia CEO Survey, carried out by global consultancy firm the Oxford Business Group (OBG), contained the following key points:

- 70 percent of executives surveyed said they expected business conditions to be positive over the next 12 months, with 24 percent describing the outlook as negative.

- However, over 70 percent of construction bosses said they felt negative about the coming 12 months, citing higher utility tariffs and costlier expatriate labour fees as the main factors.

- 66 percent of respondents said they were likely or very likely to make an investment in Saudi Arabia over the same timeframe, with ICT and real estate businesses among the most bullish.

- 78 percent of respondents cited regional security as their biggest concern.

“These are undoubtedly uncertain times of transition for the Saudi economy,” OBG’s editor in chief and managing editor for the Middle East, Oliver Cornock, said in a press statement. “But it is increasingly apparent that the private sector, which is expected to play a much greater role in the economy in the future, remains broadly optimistic.”

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