The ‘Gulf Businesses Confidence Index’ by HSBC hit a two year high reinforcing the optimistic sentiment of the Gulf job market. This index is a kind of barometer that looks at the ‘moods’ of the industry leaders and other parameters like budgets, predictions of revenue, achieving targets and maintenance of profits. Its figures have reached the highest this week after the world economies caught the fiscal flu 2 years back.
The confidence in markets has been growing every quarter ever since it slid towards the end of the year2008. Even though the boom period of a few years ago will take time to make a comeback, the economy is definitely recovering. The figures present the positive outlook for Middle Eastern economy with around 45% respondents envisioning increased turnover, 40% predicting higher profits and nearly 35% eyeing at increasing investments. The numbers of jobs in Middle East regions have also been growing across all industries, professions and levels.
As expected, Saudi Arabia emerged as the most confident market with a 97 index while UAE on the other hand was the least confident with an index of 78.4. But, UAE succeeded to achieve one of the highest quarterly rises especially in Dubai and Abu Dhabi. Amongst the Gulf states, Bahrain has been showing the highest quarterly rise. This index has helped substantiate the talks of steady and sustainable growth in Gulf job market and overall economy.
Almost all the cities and states in Middle East have been performing way better than they were a year ago. This realistic optimism is to continue as proved by various surveys and reports that are being continuously conducted and carried out from the last two quarters i.e. from January to June 2010. The economy of Middle East has recovered bringing smiles on the faces of expatriates, companies and governments.
The confidence in markets has been growing every quarter ever since it slid towards the end of the year2008. Even though the boom period of a few years ago will take time to make a comeback, the economy is definitely recovering. The figures present the positive outlook for Middle Eastern economy with around 45% respondents envisioning increased turnover, 40% predicting higher profits and nearly 35% eyeing at increasing investments. The numbers of jobs in Middle East regions have also been growing across all industries, professions and levels.
As expected, Saudi Arabia emerged as the most confident market with a 97 index while UAE on the other hand was the least confident with an index of 78.4. But, UAE succeeded to achieve one of the highest quarterly rises especially in Dubai and Abu Dhabi. Amongst the Gulf states, Bahrain has been showing the highest quarterly rise. This index has helped substantiate the talks of steady and sustainable growth in Gulf job market and overall economy.
Almost all the cities and states in Middle East have been performing way better than they were a year ago. This realistic optimism is to continue as proved by various surveys and reports that are being continuously conducted and carried out from the last two quarters i.e. from January to June 2010. The economy of Middle East has recovered bringing smiles on the faces of expatriates, companies and governments.
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