ABU DHABI, United Arab Emirates--(BUSINESS WIRE)--Confidence amongst business leaders in the United Arab Emirates strengthened in the final quarter, according to the YPO Global Pulse sentiment index. CEOs in the UAE are amongst the most optimistic in the world about current economic conditions and the future prospects for their organisations. This is in line with the wider Middle East and North Africa region, which recorded the highest regional reading in the world at 67.1.
In the UAE specifically, CEO sentiment climbed 3.1 points to 70.6, above the regional composite and on a par with Saudi Arabia (71.8).
“Growing trade with China and increasing economic diversification in UAE help counterbalance the economic impact of weakening oil prices,” said Manish Patel, managing director of Geap Group and executive member of YPO’s Emirates Chapter.
Globally, a rising tide of optimism lifted business confidence in all regions except Africa and Australasia, where CEO sentiment edged lower from already-lofty levels. Notably, the European Union surged to a new high at 62.2; the United States broke out of its 15-quarter confidence rut, jumping 3 points to 63.5; and Asia’s index rose for the second consecutive quarter, to 63.6. The global index stands at 63.0.
Key findings in UAE
Sales and hiring forecasts stay strong: Business leaders in the UAE were bullish about the prospects for their organisations over the next 12 months: 74% expected to increase turnover by at least 10%, and the majority (60%) expected to increase headcount in 2014.
Better conditions to come: CEOs in the UAE were overwhelmingly positive about the upward trajectory of the economy. Nearly all (96%) of the survey participants said that they expected overall business and economic conditions to improve over the coming six months.
The quarterly electronic survey, conducted in the first two weeks of January 2014, gathered answers from 2,088 chief executive officers across the globe, including 103 in MENA. Visit www.ypo.org/globalpulse for more information about the survey methodology and results from around the world. For more information about YPO, visit www.ypo.org.