UAE finance execs most optimistic in Q3 - survey

  • Share via facebook
  • Tweet this
  • Bookmark and Share

Finance professionals in the UAE were the most optimistic and confident in the world during the third quarter of 2012, according to a new global survey.

The latest Global Economic Conditions Survey undertaken by ACCA (the Association of Chartered Certified Accountants) and IMA (the Institute of Management Accountants), showed that 37 percent reported confidence gains in the UAE while 35 percent reported confidence losses.

Globally, more than two-thirds of 2,500 executives polled in Q3 said they now believe that the global economy is stagnating or reversing.

The study said the latest fall in global confidence was due almost entirely to changing business fundamentals - such as demand, access to finance, prompt payment and inflation - as opposed to respondents' sentiment. 

Stuart Dunlop, head of ACCA Middle East, said: "The Middle East is now the most confident of the GECS regions, with 30 percent of respondents here reporting an increase in confidence, while 52 percent believe the state of the global economy is improving.

"But respondents in the Emirates have on balance believed for most of the past year that the government is engaged in a sustainable programme of fiscal stimulus which will support growth."

Respondents in the UAE cited growth in the tourism sector and an expanding pipeline of government and public-private sector funded infrastructure projects as key benefits.

The poll showed that while some UAE respondents reported benefits from this growth, they were also cautious about the prospects of increased long-term uncertainty for the entire region.

Elsewhere, the survey highlighted continued uncertainty across the Asia-Pacific region, which is still feeling the effects of the economic downturn in China.

The survey saw a glimmer of hope in Western Europe, where respondents said that they had started to see the beginnings of a credible plan to resolve the region's sovereign debt crisis.

Survey editor Manos Schizas, senior economic analyst with ACCA, said: "This quarter has seen business confidence fall for all the right reasons. Around the world, and with few exceptions, the fundamentals of the business environment are deteriorating, and businesses are once again having the kinds of liquidity problems we thought we had put behind us."

Join the Discussion

Disclaimer:The view expressed here by our readers are not necessarily shared by Arabian Business, its employees, sponsors or its advertisers.

Please post responsibly. Commenter Rules

  • No comments yet, be the first!

Enter the words above: Enter the numbers you hear:

All comments are subject to approval before appearing

Further reading

Features & Analysis
Women edge into Gulf boardrooms as economies, societies shift

Women edge into Gulf boardrooms as economies, societies shift

Amina al-Rustamani, CEO of TECOM Investments, is leading the...

Dubai mulls rule change to lure more domiciled funds

Dubai mulls rule change to lure more domiciled funds

Proposed rules would create a new class of funds in the Dubai...

Gulf's rift over Qatar may slow investment, reforms

Gulf's rift over Qatar may slow investment, reforms

Analysts suggest dispute may not hurt immediately but could impact...

Most Discussed
  • 15
    Germany puzzled as UAE think tank ordered to close

    Matt, your words sound kind of funny given the role the Britain has played in this region for so many decades.
    And given the democratic tradition that... more

    Thursday, 17 April 2014 7:10 PM - one of the joes
  • 10
    UAE father who whipped son to death wins appeal

    "Under Sharia, a parent cannot be executed for killing their child"
    A spouse could be executed if he/she kills his/her spouse, as none of them is... more

    Friday, 18 April 2014 3:38 PM - Nihar
  • 3
    To diet or not to diet?

    It is best to eat by your blood type. Following this diet is miraculous. Generic diets don't always work as certain foods are not good for the individual... more

    Friday, 18 April 2014 11:49 AM - Shamira Mitha
  • 54
    Three UAE women attacked with hammer at London hotel

    I really feel that Arabian Business.Com should now close this comments page. This should be all about sympathy for the families not what it is/has turned... more

    Wednesday, 16 April 2014 1:06 PM - Adrienne
  • 51
    Why Dubai isn't a plastic city

    What is definitely not a plastic city. The Arabs have a culture dating back to several centuries. 50 years back Dubai was just a fishing village. Today... more

    Tuesday, 8 April 2014 3:49 PM - P. MADHUSUDAN
  • 48
    DMCC boss Ahmed Bin Sulayem entertains Robert Mugabe in Dubai

    @fga ''However today, simply because he decided to dispossess a few white farmers of their land and redistribute to the poorer indigenous blacks'' more

    Sunday, 13 April 2014 3:02 PM - Matt Williams