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Fri 9 Jul 2010 12:39 PM

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Sense of recovery taking hold in GCC - survey

82 percent C-Suite executives see improved conditions in the next two years.

Sense of recovery taking hold in GCC - survey
(Getty Images)

Business confidence is building in Gulf Cooperation Council (GCC) countries as a sense of recovery takes hold, according to the second Oliver Wyman/Zogby International survey of C-Suite executives located in Saudi Arabia, Qatar, and the UAE.

According to a report in The Saudi Gazette daily on Friday, the survey of 134 CEOs, CFOs, and COOs, conducted in April and May 2010, showed GCC executives are broadly upbeat: 58 percent of those surveyed say they find current business conditions improved, and 82 percent expect improved conditions in the next two years.
In the UAE, the percentage of executives expressing optimism about two-year prospects is 74 percent, up 29 percentage points from the previous survey in October 2009, the daily said.

Optimism also increased in Saudi Arabia (up 19 points to 85 percent) and Qatar (up 13 points to 96 percent), it added.

"In the survey last October we saw confidence down in the shadow of the financial crisis," noted James Zogby, of Zogby International. "This time, when we asked more general questions about business confidence and the prospects for the future we found real optimism across the region, with Qataris and Saudis the most confident."

The Saudi Gazette said that nearly half (46 percent) of the GCC executives surveyed say that diversification of the region's economies presents the greatest opportunity to increase competitiveness.

The findings of this survey are in contrast with the opinions of the Arabian Business Think Tank (ABTT).

The ABTT has reported a nine percent decline in business confidence during the last two months.

With growing fears of a double dip recession in Europe spreading to the region, the latest forecasts from the ABTT suggest a continued decline in the Dubai property market.

“We are heading for a long summer and between us, the view appears to be that more distress sales will come into the Dubai property market, driving down prices even further,” said one panel member.

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Paolo C 10 years ago

What kind of CEOs, CFOs, and COOs would they be if they paint a gray picture in the future?

johnny Smith 10 years ago

I believe most GCC Countries and specifically Dubai need to have a serious look at the quality of the C-Suite level Executives who were leading before the Crisis and in the past 2 years through the Crisis so that there is a fresh perspective and the right calibre to take us out of the recession rather than implementing the same ineffective strategies that got us in where we are today! A helicopter view of demand and supply in city is required to avoid a second dip which could be detrimental to Dubai's Real Estate future as a perfect example

Kate 10 years ago

Of course C-level executives are being positive, otherwise the majority shareholders would be seeking their scalps - besides which, most C-levels I know here resemble the nodding doggies you see in the backs of cars, no individual opinion, just regurgitating what they read in AB. Can we get some man on the street, small business owner perspectives, that would offer a real picture. Ta