Optimism among MENA's top execs falls in 2010 - survey

Optimism regarding business growth opportunities in the GCC in 2010 has fallen among the region's top executives, a new survey has showed.

Stanton Chase International's 2010 CEO Census Middle East revealed that 10 percent fewer bosses are optimistic about growth this year, compared to 2009.

"The senior executives appear to be moderately more conservative regarding their perception on the business growth opportunities of the region," the report said.

The percentage of optimistic CEOs in the region fell from just above 50 percent last year to 39.8 percent in 2010.

The very optimistic ones remained at similar levels as in 2009 but those who were not at all optimistic rose from just one percent last year to more than six percent in 2010, the survey said.

"It is true that the 2009 survey was conducted at the very beginning of the crisis in the Middle East, when results had just started being visible and, still, many executives did not believe that the market would be so much affected by the world recession," the report added.

The survey of CEOs in the Middle East showed that the oil, gas and natural resources sector was expected to offer the most career opportunities in 2010, gaining significantly in importance over 2009.

Banking and financial services was the second most important sector, despite a small decrease in importance as compared to 2009, while real estate and construction dropped significantly, along with media and advertising.

The Stanton Chase International study showed that although the GCC was still the most popular choice for relocating executives, nearly three quarters were looking to for an opportunity to return to their home country.

It said 73.2 percent of respondents were "waiting for the right moment" to return home.

"The profile of the top executives in the GCC and overall Middle Eastern region today seems to be shifting, accommodating the changes caused by the recent international economic crisis, as well as by the inevitable growing maturity of the market," the report said.

"There is a closer focus on quality, personal development and branding along with longer-term perspective in business development in the market, however these are coupled with dissatisfaction that has emerged over the past months by the strategy, management and processes followed during the crisis period," it added.

Stanton Chase International said its 2010 study interviewed 638 top executives from the Middle East market, mainly from the GCC, but also the Levant and North-East Africa.