By Staff writer
New Citi Commercial Bank report says more than 10% of UAE companies plan to grow internationally
Companies in UAE plan to expand internationally more than firms from any other country in the world, according to a new report by Citi Commercial Bank.
The results of its annual mid-market survey in Central and Eastern Europe & the Middle East showed that the most popular destinations for expansion for UAE companies are the United States, China and Vietnam.
It also revealed that among the companies surveyed in the UAE, the companies operating in wholesale trade are most likely to expand internationally.
"Global confidence is increasing in companies based in emerging Europe and the Middle East for the clients we polled," said Vincent Valladares, head of Citi Commercial Bank, Middle East.
"Companies are increasingly finding more partners in the region than in recent years and it's encouraging to see that UAE companies rank top of the list globally in international expansion plans," said Valladares. "We feel this reflects well on the UAE and indicates they see expansion as a means of growing their businesses."
The report showed that more than 10 percent of UAE firms are planning international expansion, ahead of Taiwan (8.2 percent) and the United States (8.2 percent).
On the other hand, the report showed that only 6 percent of companies polled are planning to expand into the Middle East within the next two years.
The Citi study also revealed that 23 percent of Middle East companies are looking to expand cross border within the region, with the UAE among the most popular destinations.
The UAE plays a key role as a trade corridor with its logistics infrastructure connecting with other top destinations like Hong Kong, Singapore, India, South Africa and The United Kingdom.For all the latest banking and finance news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.