UAE small businesses report growing confidence

24/01/2011 - Dubai Investment News Posted by Neil King
UAE small businesses report growing confidence

Small businesses operating in the UAE registered a 12 point increase in confidence in the second half of 2010, according to HSBC's bi-annual Small Business Confidence Monitor.

The result reflected a trend seen across the Middle East and North Africa (MENA) as 59 per cent of small and medium-sized enterprises (SME) in the MENA region said they expected their local economy to grow at a greater pace in the six months.

In addition, it was shown that in the UAE, 58 per cent of businesses expect to be operating internationally by 2013.

"Increased confidence in the SME sector is encouraging and reflects a positive outlook for the overall UAE economy in 2011," commented Rana al Emam, head of Business Banking, HSBC UAE.

"The UAE government has clearly demonstrated its commitment to building a vibrant SME sector as a cornerstone of economic policy for the country, which will support diversification and innovation."

The news comes after the recent HSBC Middle East Gulf Business Confidence Index showed that 36 per cent of respondents regarded increasing oil prices as impacting positively on their businesses.ADNFCR-2019-ID-800359756-ADNFCR