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Sun 27 Nov 2011 06:41 PM

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Business confidence levels in Dubai rise in Q3

Survey shows majority of companies expect a stronger performance in final quarter of 2011

Business confidence levels in Dubai rise in Q3
Business confidence is on the up in Dubai, according to the latest survey of 500 companies

Businesses in Dubai expect a stronger performance in the last quarter of 2011, according to the findings of a quarterly survey conducted by the Department of Economic Development (DED).

A representative sample of 500 companies, including small and medium enterprises (SMEs) and export-oriented businesses were surveyed to gauge the outlook among entrepreneurs and investors in Dubai.

The DED said the Business Confidence Index in Dubai stood at more than 115 points in Q3, against 100 in the previous quarter, indicating that a stronger performance is widely expected for the last quarter of 2011.

The rise in confidence levels is also reflected in higher sales expected for the rest of the year, the survey also said.

Nearly 57 percent of respondents said they anticipated higher revenues during Q4 of 2011 while 30 percent saw stable sales figures.

Better profits were foreseen by 44 percent while another 39 percent expected Q3 profits to remain stable.

A majority of the firms spoke of enhancing their procurement, indicating that the revenue boost would come from higher volumes rather than prices.

The survey also indicated that non-trade service-oriented firms continue to be more upbeat about their future profits than those operating in manufacturing and trade.

Small and medium enterprises (SMEs) and export-oriented businesses were also confident of improving their performance in Q4, the DED added.

The services sector expressed a strong appetite for hiring in Q4 while the overall outlook for employment was seen to be stable.

Almost 73 percent of respondents said they will retain their employee count.

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