In a major turnaround from last year, the UAE capital Abu Dhabi is now the most preferred place for doing more business by the respondents in the annual IIR Leaders in Dubai Business Forum 2007 Doing Business in the Gulf Survey.
Abu Dhabi now heads the list at 49.9% (13.5%), followed by Saudi Arabia on 46.5% (31.4%). Dubai at 44.4% (23%) only just heads off Qatar this year at 43.3% (14.4%), followed by Kuwait on 26.6% (5.6%), Oman 24% (3.5%); UAE other 23.7% (3.5%) and Bahrain 23.1% (5.1%). (The percentages don’t add up to 100 because respondents could select multiple choices).
Event Director and survey organiser Alan Kelly says this year’s results may reflect greater awareness of the opportunities available in the poorer performing locations in last year’s survey rather than any perceived shortcomings in last year’s survey leaders in this category.
“It looks like good news all round and not just for those who topped the poll,” he said.
For example, all countries could expect a growth in business, despite the change in the overall rankings. Nearly half of all respondents (47%) said they wanted to do more business in Saudi Arabia this year when compared with last year, while 93% wanted to do more in Dubai. Oman (585%) was the biggest percentage winner followed by the other Emirates (557%) and Kuwait (375%).
“Last year’s survey showed a major concentration on Saudi Arabia and Dubai at the expense of the other countries and Emirates. There seems to have been a wake up call to the fact that there were opportunities going begging elsewhere,” he said.
The survey showed a continued high level of business confidence with a small increase over last year. A massive 86.4% (83.85%) of those surveyed say they intend increasing their investment in the GCC over the next 12 months. Less than 2% intend to reduce their investment.
And 96.7% (92.75% last year) said they expected to do more business in the Gulf over the next 12 months. An increased number (81.3%, compared with 79.3%) expected their GCC profits to increase at a greater rate than earned elsewhere.
An overwhelming number of respondents - 82.7% (72.2%) - say they intend to increase staff numbers within the next 12 months. Dubai is still likely to be the greatest beneficiary of the increased employment with 46.7% (52.7%) of companies stating that is where they do the most business.
Mr Kelly says these and other results of the survey will be closely scrutinised by delegates to this years Leaders in Dubai Business Forum, which gets underway at the Dubai International Convention Centre on November 18.
“They will be of particular interest to our Al Rouad members, because they come from the countries who feature most prominently.
The Leaders in Dubai Business Forum 2007 Doing Business in the GCC Survey is the second annual study of business leader opinions, following last year’s inaugural survey that was the most comprehensive activity of its kind to be conducted in the GCC region in recent years.
This year’s results reflect the opinions of more than 450 of the region’s most senior corporate and public sector leaders and provide an insight into the future plans of key companies and industries operating in the GCC Co-operative Council countries.
Leaders in Dubai Business Forum 2007 is supported by:
HEADLINE SPONSORS: Citi Private Bank, Nokia, Dubai Properties, BIDAYA, Addax Bank, The Monarch Dubai and MasterCard.
International Media Partner CNN & Headline Media Partner Al Arabiya News Channel
SUPPORTING SPONSORS: Fujitsu Siemens Computers, Cadillac, Omniyat Properties, Al Barari, Ithmar Capital, TCS Express, SP Jain Center of Management, Damac Properties and Dubai Real Estate Institute.
