| 09 Jul 2010 |
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GCC business confidence on the rise as crisis ebbs
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JEDDAH - Business confidence is building in Gulf Cooperation Council (GCC) countries as a sense of recovery takes hold, according to the second Oliver Wyman/Zogby International survey of C-Suite executives located in Saudi Arabia, Qatar, and the United Arab Emirates.
The survey of 134 CEOs, CFOs, and COOs, conducted in April and May 2010 which was released on Tuesday, showed GCC executives are broadly upbeat: 58 percent of those surveyed say they find current business conditions improved, and 82 percent expect improved conditions in the next two years.
In the UAE, the percentage of executives expressing optimism about two-year prospects is 74 percent, up 29 percentage points from the previous survey in October 2009. Optimism also increased in Saudi Arabia (up 19 points to 85 percent) and Qatar (up 13 points to 96 percent).
"In the survey last October we saw confidence down in the shadow of the financial crisis," noted James Zogby, of Zogby International. "This time, when we asked more general questions about business confidence and the prospects for the future we found real optimism across the region, with Qataris and Saudis the most confident."
Nearly half (46 percent) of the GCC executives surveyed say that diversification of the region's economies presents the greatest opportunity to increase competitiveness. More than a quarter (28 percent) see the greatest opportunity in deepening alliances with partners in BRIC nations or developing countries. Only 4 percent put stronger ties with partners in the developed West at the top of their competitiveness agenda.
"This is an important poll in a region eager for useful data," says John Turner, a partner in the Dubai office of Oliver Wyman and the leader of the firm's Public Sector practice.
"The poll will run every six months because its findings continue to deepen our understanding of what matters most to GCC executives and inform our growing work with the government agencies that are engaged in enhancing the region's competitiveness."
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