62% of UAE top execs expect business boost soon

A majority of decision makers in the UAE expect business conditions to improve by the end of 2009, according to a new survey published on Sunday.

Thirty-two top executives such as CEOs, COOs, CFOs, CIOs, CTOs and business heads of UAE corporates across key economic sectors were polled for the survey by UAE daily Emirates Business.

And the majority of those who took part said they were optimistic that there would be a turnaround in economic prospects by the end of the year.

Sixty-three percent of respondents said they expected business conditions in the UAE to improve in the coming months as opposed to 20 percent who feared that the worse is yet to come.

Another 17 percent believed conditions would remain the same.

"Our expectations are that business conditions will improve in the coming months. After Ramadan, a number of corporate initiatives, which have been delayed so far, will happen," said Jean-Marie Péan, chairman of private equity firm Bain & Company Middle East in comments published by the paper.

"Many companies have been 'paralysed' since September 2008, and have cancelled investments, acquisitions and IPOs. Now that the worst (the systemic risk on the global financial system) seems [to be] behind us, all markets have regained some level of confidence," he told the paper.

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