3 in 4 Dubai firms plan international expansion

Two-thirds expect their businesses to grow its headcount in coming year
3 in 4 Dubai firms plan international expansion
sheikh zayed road, weather
By Staff writer
Thu 18 Aug 2016 09:50 AM

Almost 75 percent of Dubai firms are targeting new export markets, a survey has revealed.

And 66 percent expect their businesses to grow headcount in the coming year, according to a survey conducted by Citi bank and YouGov.

"We're pleased to say that 74 per cent of companies surveyed in Dubai plan to open new international offices and similarly 74 per cent will target new export markets as a means of growing their businesses in the next two years," said Vincent Valladares, Head of Citi Commercial Bank, Middle East.

"We feel this reflects well on Dubai as a place to do business. Close to 66 per cent of respondents in Dubai also expected their businesses to grow headcount in the coming year.''

The survey polled senior staff members from 290 mid-market companies with turnover from $50 million to $1 billion in Dubai, Istanbul, London and Moscow in early 2016.

It revealed that optimism about economic prospects of the Asia Pacific and the Middle East regions, but pessimism over Europe. 

Two GCC countries were named in the top five favourably viewed markets for business expansion, with India, Canada, the US, Saudi Arabia and Qatar respectively making up the list.

In the past three years, four of five in the survey’s sample had targeted new export markets while three quarters had opened new offices, with the Middle East the most popular location for both.

Europe is the most popular anticipated location for new offices and the Middle East most popular for targeting of new markets.

"Confidence is increasing for the majority of companies we polled," said Valladares.  “In fact they are increasingly looking beyond their national borders for growth. Close to 66 percent of respondents in Dubai also expected their businesses to grow headcount in the coming year.''

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