Most UAE residents feel the country’s economy is improving.
Business conditions set to improve, feel UAE residents
DUBAI, March 13, 2017
Nearly three quarters of UAE residents expect business conditions in their country to improve within the next year, according to a survey.
Furthermore, a majory of UAE respondents (58 per cent) expect their country’s economy to improve within the next six months, said the Middle East Consumer Confidence Index survey carried out by Bayt.com, a leading job site, and YouGov, a research and consulting organisation.
National Economic Conditions
About 61 per cent of respondents in the UAE believe that the country’s economy has either improved or remained at the same level during the past six months. When asked about future expectations, 58 per cent of UAE respondents said that they are optimistic about the economy improving, compared to only 9 per cent who believe the opposite. 16 per cent of respondents expect the economy to remain the same.
When it comes to current business conditions, more than four in 10 UAE respondents believe that the business conditions are either good or very good and 37 per cent believe that the conditions are average.
UAE respondents are very optimistic about business conditions within the next year, where 72 per cent believe that they will improve. 15 per cent expect business conditions to remain the same and only 6 per cent said that they could get worse.
Looking at future availability of jobs in the UAE, there is a general positive outlook amongst UAE residents, where 40 per cent of respondents believe the number of jobs available will increase over the next six months.
Personal Economic Conditions
About 67 per cent of UAE respondents believe that their current financial position is now better or the same as six months ago. When it comes to future expectations, more than half (56 per cent) of UAE respondents expect that their financial situation will improve in the next six months, and 22 per cent believe that it will remain the same as it is now. Only 9 per cent of respondents expect it to become worse.
Looking at UAE residents’ opinions on the cost of living, a considerable proportion of respondents (61 per cent) expect the cost of living to increase in the next six months, compared to 20 per cent who believe that it will remain the same and 10 per cent who believe that it will decrease.
Current Job Perspective
In the UAE, one third of employed respondents reported that the number of employees in their companies has increased over the past six months. The majority of those who were surveyed (47 per cent) expect the number of employees in their organisation to increase over the next six months.
With regards to satisfaction levels, over half (51 per cent) of UAE respondents are satisfied with their career growth opportunities. When it comes to compensation, more than a third of UAE respondents (36 per cent) are satisfied. Half of respondents (50 per cent) in the UAE are satisfied with the non-monetary benefits they receive, and 52 per cent are satisfied with the level of job security that they have in their current organisation.
“As the leading job site in the Middle East, we find it vital to provide all professionals with insights on the economic and financial conditions and how they connect to the job market and availability of career opportunities,” said Suhail Masri, vice president of employer solutions, Bayt.com.
Spending and Investment
When it comes to future spending and investment plans, 40 per cent of UAE respondents claim that they are planning to buy a vehicle for personal use in the next 12 months. Of those who are planning to purchase a vehicle, 56 per cent are planning to buy a new one, while 38 per cent are planning to buy a used one.
Respondents were asked about their plans to invest in property, 29 per cent of UAE respondents say that they are planning to purchase property in the next 12 months. Of those who are planning on making a property investment, 56 per cent will be looking to buy a new property, while 32 per cent plan to invest in a pre-owned property.
Elissavet Vraka, research manager, YouGov, said: “It is important for us to regularly conduct thorough research regarding consumer sentiments and opinions and share that information with the region. The Middle East Consumer Confidence Index survey gives us many insights into the personal, business and economic conditions of the region. For instance, the majority of respondents are anticipating an increase in the cost of living and perhaps that signals a need to re-evaluate the stability of personal finances and plan income sources accordingly.”
Data for the Bayt.com Middle East Consumer Confidence Index survey was collected online from January 10 to January 31. - TradeArabia News Service