Confidence among business leaders in the UAE remained robust in the third quarter of 2013, according to the YPO Global Pulse sentiment index.
While the score edged down marginally to 67.5 on the 100-point scale, CEOs in the UAE are more optimistic than the regional composite level for the Middle East and North Africa, which scored 63.3 in the October survey.
The index revealed that CEOs were slightly more optimistic in Saudi Arabia, where the index registered 68.1.
In the UAE, CEOs were relatively bullish about sales growth, with more than three quarters of those surveyed expecting to increase revenues by at least 10 percent over the next 12 months.
Nearly half (45 percent) said they also expected to hire more workers, the survey revealed.
“Confidence levels have certainly been boosted by recent figures showing how non-oil exports are driving economic growth, a trend which is likely to accelerate,” said Ali Tabbara, managing director of UTC International, a member of the YPO Saudi Chapter and the chair of YPO’s Middle East and North Africa region.
Tabbara said: “CEO confidence in MENA has risen for three consecutive quarters, based not only on strong oil prices but also increasing diversification within some of the region’s economies.”
Globally, overall confidence levels across different regions continued to converge, with less than a point now separating Asia and the EU, compared with a 12.8-point difference six months ago.
While other regions showed marginal increases in optimism, confidence in the United States edged lower, still stuck in the tight 3-point range it has held since July 2012.
Follow us on
