78% of UAE businesses 'optimistic for 2011'

17/01/2011 - Dubai Investment News Posted by Bob Brunskill
78% of UAE businesses 'optimistic for 2011'

The International Business Report by Grant Thornton has found that 78 per cent of UAE businesses are optimistic about the country's economy in 2011.

Grant Thornton, a leading financial and business advisory firm, noted that this figure contrasts starkly with a global average of 23 per cent and placed the UAE as the joint-fourth most optimistic country among the 39 surveyed.

The survey also revealed that a balance of 74 per cent of companies in the UAE expect revenue to increase in the next 12 months, while 56 per cent said they expected to see an increase in profitability and 55 per cent forecast an increase in employment.

Hisham Farouk, international practice partner at Grant Thornton, said that compared to Western economies, Middle East-based businesses remained more optimistic due to stable income from oil reserves, greater disposable income, growing youth population and increased investment opportunities.

"The UAE has well established itself as a business hub of choice for companies aiming to capitalise upon the opportunities presented in the region," added the specialist.

"A pioneer in infrastructure development in the region, the world-class facilities offered by the UAE continues to encourage businesses to set up regional base here."