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Just under 60 percent of UAE workers do not believe the country’s economy will recover strongly until early 2011, the results of a new survey reveal.
The poll, conducted by global services firm Regus, sought the opinions of thousands of workers in four countries in the GCC, and in 60 other nations throughout the world.
Elsewhere in the world, the overall average of workers believing that their countries’ economies would not recover until next year was a little lower, at 56 percent.
Only 35 percent of UAE workers believe that their company’s revenues rose in the last year, compared with a global average of 42 percent, according to the results of a worldwide survey.
Almost as many employees (34 percent) believed that revenues had actually declined over that period.
The poll also revealed that only 27 percent of UAE workers thought their firm’s profits had increased in the last 12 months, against a global average of 38 percent.
The figures were especially stark when compared to other countries in the Gulf region. Over 60 percent of Saudi respondents believed that their company’s revenues had risen, while just under 57 percent said that profits had grown.
In Qatar – which had a lower number of respondents to the Regus survey – 55.6 percent believed that revenues had risen, and 44.4 percent thought that profits had increased.
When asked whether their country’s economy would advance strongly in the first half of the year, only 10 percent of UAE workers said yes, in comparison to just under 48 percent in Saudi Arabia, and 44.4 percent in Qatar. The global average was 14 percent.
However, the outlook was more positive for the next six months, with 32 percent of UAE workers saying the country’s economy would rebound strongly in the second half, as opposed to a global average of 29 percent.
Posted by Gareth Allan @ Project IT Resource ME, London, UK on 23 August 2010 at 13:07 UAE time
The UAE has a GDP growth of predict at just over 2.5% in comparison to many parts of Western Europe and America, this is still a stable and promising environment. Having recently return from Dubai and Doha, I feel many in the western hemisphere believe the negative PR around Dubai and equate that to UAE, and they forget Raz Al Khaimah / Shrjah and Adbu Dhabi are still strong developing emirates.
I honestly believe that with the surrounding GCC economies being some of the strongest in the world, Oman, Qatar and Saudi in particular, many multinational and leading Arabic firms with see great growth than predicted. The “uplift” from being within the region and being able to base or develop business from the UAE, while attracting some of the worlds best talent, will out strip the negative pre-conceptions.
Please let me know if you agree?
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