UAE CEOS among the ‘world’s most confident’
Chief executive officers operating within the UAE are among the world’s most confident about the future of their organisations, according to research from the Young Presidents’ Organization (YPO).
The study - produced quarterly - discovered that over two-thirds of respondents based in the UAE predicted double-digit growth this year and a further 38 per cent revealed they would be hiring new employees over the coming 12 months.
While the YPO ‘Global Pulse Confidence Index’ actually fell 3.4 points in the first quarter because of a wider decline within the Middle East and North Africa (MENA) region, the country and the regional composite index appeared to be firmly in “optimistic territory”.
According to the report, the UAE index settled at 67.2 and the regional reading was recorded as 62.9, both measurements are above the global composite index level of 62.5.
Commenting on the report’s findings. Manish Patel, managing director of Geap Group and an executive member of YPO’s Emirates Chapter, said: “With regards to the economic environment of the region and particularly of the UAE, I personally am extremely optimistic.
“The present economic conditions in the UAE are very good and the future looks very promising. In light of this, I expect both capital expenditure and employment to increase in the UAE.”
One of the key findings of the report was that fixed investments and employment rates remain robust in the country. Almost 40 per cent (38 per cent) of those surveyed said they expected to increase capital spending over the next year.
From a global perspective, the report discovered low interest rates and continued recovery in developed markets in the first quarter of 2014 to be the main drivers of sustained confidence in chief executive officers.
Overall, the YPO Global Pulse Confidence Index fell slightly from 63 to 62.5, according to the the organisation downturns in positivity in certain emerging markets are to blame for the small decline.
The survey is conducted in the first two weeks of April every and involves almost 2,000 chief executive officers from across the globe, including 74 in the MENA region and 23 in the UAE.