Survey suggests Gulf business confidence ‘broadly positive’

Business sentiment across the Gulf countries remains “broadly positive”, despite the current challenging economic climate, according to a new survey.

In its CEO survey of 196 business leaders, Oxford Business Group found that 52 per cent said they were likely or very likely to make a sizeable capital investment in the coming 12 months.

In addition, just under half said they found gaining access to credit easy or very easy while 57 per cent estimated government spending currently drives less than 40 per cent of business in their sector.

The questions were asked on an anonymous basis to gauge confidence levels and short-term plans for investment.

“Despite global media reports that the region is in a period of economic turmoil, our GCC CEO survey results point to a wholly more positive outlook, with sentiment across the sectors far from weak,” said OBG’s managing editor for the Middle East Oliver Cornock.

“What can be deduced from the results is that the region’s corporates remain broadly positive and are positioning themselves to be able to compete when stronger growth returns.”

A different survey of business leaders conducted by the Young Presidents Organization earlier this year suggested business confidence in the Middle East and North Africa had hit a three-year low.

Read: Economic confidence in MENA hits three-year low