Business confidence rises throughout Dubai

05/02/2013 - Dubai Property News Posted by Neil King
Business confidence rises throughout Dubai

Dubai businesses are increasingly confident about their future prospects and this is great news for the city's labour market.According to a new study by the Department of Economic Development (DED), 94 per cent of companies said they expected higher or stable sales in 2013.The Business Confidence Index for Dubai was measured at 135.9 points in the fourth quarter of 2012, which was 10.8 per cent higher than the previous three months and a two per cent rise on the corresponding period in 2011.With life looking very rosy for Dubai corporations, it is no surprise that many are expecting to recruit new workers this year.Indeed, the DED research indicated that 27 per cent of the survey respondents planned to hire new staff in the first quarter of 2013, while 71 per cent confirmed they would maintain their current headcount."The prevailing business sentiment in Dubai is strong evidence that economic growth in the emirate is steady and heading towards sustainability," commented DED director general Sami Al Qamzi."Rising confidence in critical economic sectors and strengthening macroeconomic fundamentals are stimulating business and employment prospects in Dubai."Around 65 per cent of enterprises said they would invest in their company in the first three months of the year, which is a huge rise on the fourth quarter of 2012, when just 29 per cent thought they would expand their business.Unsurprisingly, firms that operate within the construction sector are in good shape at the moment.Two-thirds of builders are expecting postponed projects to be kick-started in the next 12 months, as property investors continue to flood back into the UAE.Last week, the Real Estate Regulatory Agency - the regulatory arm of the Dubai Land Department - revealed that the number of "on-hold" developments was steadily declining across the city.The demand for property investments in Dubai increased sharply last year and the organisation said there were 253 shelved projects at the end of December 2012, compared with 291 just nine months earlier, Emirates 24/7 reports. The First Group will help you find a range of properties for sale in Dubai