According to the recent survey most of the local experts expressed confidence and predicted economic growth in different business arenas over the next 12 months.
53% of the Middle East CEOs are confident about the potential prospects of economic development, whereas their global counterparts are at 36%, additionally 75% strongly believe that this growth will subsequently help to boost workforce.
Let us have a closer look at how Dubai is doing. The UAE generally sees Middle-East market as a primary driver for the economy in 2013, however, with 25% of those speculating on the topic of the economy being stimulated by new operations in foreign markets , including mergers and acquisitions.
The only feasible factors highlighting the risk of economic development are mainly disruption arising from social unrest alongside with overregulation and lack of qualified professionals. But even taking those into consideration, the actual economy facts outnumber presumptions in terms of risks.
Optimism in terms of setting up new and operating the existing companies spans over the whole economy in Dubai. More than half of the companies in Dubai stated they would invest in capacity expansion during the next year.
This can be easily explained by the number of factors, including a spike in exports and re-exports which clearly shows 13.3 % growth in the 1st quarter of 2013 compared to the 1st quarter of 2012. Dubai’s position as a stable and secure base in the Middle East and strong government support are having a positive impact on investors’ assuredness.
Additionally, Dubai’s economy is expanding over the other markets, this is reflected in its strategy of opening branches in Azerbaijan, Ethiopia which are fully operational. The UAE is exploring possibilities in Arabia, India and China among other countries.
The UAE and especially Dubai is the core and touted as one of the most important and remarkable centres of business and finance regionally and globally. Its rapid economic development in various domains is revealed, despite the vagueness over world’s economic aftermath of the 2008. Dubai’s core assets of trade, tourism and infrastructure have proved to be very resilient to the global economy’s weaknesses, and the role of Dubai as a regional hub has been greatly reinforced recently.
Dubai’s economy has been kept open and free to attract investors and business. Government control and regulation of private sector activities has been kept to a minimum, which makes it even more attractive as a business destination.