Posted by Neil King
The Gulf Business Confidence Index by HSBC is now at its highest level for two years, it has been revealed.
According to HSBC, the mood of business people in the six countries of the Gulf Cooperation Council (GCC) has been trending upwards over the last seven quarters, with the Gulf index rising by over 15 points to 86 since the first quarter of 2009.
The bank noted that 43 per cent of business executives in the GCC are confident of an increase in business turnover in the Middle East during 2010, while 40 per cent are forecasting an increase in profit and 33 per cent are planning to increase investment.
Simon Vaughan Johnson, regional head of commercial banking at HSBC Group MENA, observed: "Companies are actively looking for new opportunities whilst continuing to rationalise unnecessary spend and streamline their operations to maximise revenue potential."
HSBC is the largest and most widely represented international bank in the Middle East.