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Sun 31 Jul 2011 07:59 PM

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51% see UAE's economy improving over next year

Better business conditions seen in future, according to new consumer confidence survey

51% see UAE's economy improving over next year
Despite a positive outlook, 51 percent of respondents believed there would be either no change or fewer jobs than at present.

Nearly half of all UAE respondents in a consumer confidence survey said they were positive about their financial future, pollsters Bayt.com and YouGov said on Sunday.

According to the results of the MENA Consumer Confidence Index survey, 51 percent of respondents also said they saw the UAE's economy taking a turn for the better within the next year, with a majority also believing that this will bring around better business conditions.

However, a majority of surveyed employees felt that their current remuneration was not in line with the cost of living.

And more than half (51 percent) of respondents believed there would be either no change or fewer jobs than at present, and only 34 percent holding the opinion that there will be more jobs available in a year's time.

"The overall feeling is that while the coming year will be favourable for business and corporations, this may not necessarily reflect on employees' benefits," said Amer Zureikat, VP sales at Bayt.com.

The survey showed that 38 percent of respondents believed their organisation's employee-count would increase in the coming quarter.

With regards to respondents' present situation, the general feeling across the region was that the financial situation for them and their family was no different than it was a year ago.

Survey statistics showed that feelings towards the level of job security in the UAE were relatively balanced with 38 percent having a neutral opinion of their job security, 30 percent said they were unsatisfied and 26 percent were highly satisfied.

Data for survey was collected online from June 1 to July 17, with 7,245 respondents from the UAE, Saudi Arabia, Kuwait, Oman, Qatar, Bahrain, Lebanon, Syria, Jordan, Egypt, Morocco, Algeria, Tunisia and Pakistan.