Executives Expect Middle East to Lead World out of Downturn
The Middle East will lead the world out of the current economic slowdown, according to 76 percent of senior business leaders responding to a poll.
The survey of delegates attending the World CEO forum in Dubai later this month shows that 66 percent are “very optimistic” about the long-term prospects for their company in the region.
A further 33 percent of delegates, who hail from the US, the Middle East, Asia and Europe said they were “optimistic” about doing business in the region.
A $20bn bond project announced by the Dubai government last week, of which the UAE Central Bank has bought $10bn, had helped boost confidence among business leaders seeking opportunities in the region, said James Magee, CEO of the forum.
“The long-term fundamentals of this region have not gone away overnight, and business leaders clearly see the UAE and the Middle East as a great opportunity,” he said.
“At the same time, governments are aggressively promoting investment to diversify the economy in a range of industries including finance, tourism, transport and manufacturing,” Magee added.
The survey also found that the majority thought exports to the UAE would rise in the near future – both from the US and China.
A total of 52 percent predicted that imports from the US would more than double from the current figure of $10.1m to $25bn by 2015 - with 100 percent of responders from the US agreeing exports to the Emirates would rise.
Meanwhile, 92 percent said a similar increase would be seen in Chinese exports to the UAE, which totalled $14.9bn in 2007.
However, there was less optimism around Indian exports, with just under half predicting they will rise during the next 16 years from $11.6bn in 2007.
Of the 188 responders 76 percent described themselves as CEO or owner of their organisation and 11 percent said their company had a turnover of more than $100m.
The survey of delegates attending the World CEO forum in Dubai later this month shows that 66 percent are “very optimistic” about the long-term prospects for their company in the region.
A further 33 percent of delegates, who hail from the US, the Middle East, Asia and Europe said they were “optimistic” about doing business in the region.
A $20bn bond project announced by the Dubai government last week, of which the UAE Central Bank has bought $10bn, had helped boost confidence among business leaders seeking opportunities in the region, said James Magee, CEO of the forum.
“The long-term fundamentals of this region have not gone away overnight, and business leaders clearly see the UAE and the Middle East as a great opportunity,” he said.
“At the same time, governments are aggressively promoting investment to diversify the economy in a range of industries including finance, tourism, transport and manufacturing,” Magee added.
The survey also found that the majority thought exports to the UAE would rise in the near future – both from the US and China.
A total of 52 percent predicted that imports from the US would more than double from the current figure of $10.1m to $25bn by 2015 - with 100 percent of responders from the US agreeing exports to the Emirates would rise.
Meanwhile, 92 percent said a similar increase would be seen in Chinese exports to the UAE, which totalled $14.9bn in 2007.
However, there was less optimism around Indian exports, with just under half predicting they will rise during the next 16 years from $11.6bn in 2007.
Of the 188 responders 76 percent described themselves as CEO or owner of their organisation and 11 percent said their company had a turnover of more than $100m.
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