Business confidence in GCC soaring

The Leaders in Dubai Business Forum - 2006 Doing Business in the GCC Survey found that a massive 92% of the companies surveyed expect to increase the amount of business they do in the region in the next 12 months.

More than 83% of the more than 400 business leaders and corporate decision makers planned to increase their investment in the region over the next 12 months.

More than 70% said they would employ more staff and a massive 92% expected to increase the business they do in the region in the coming year.

The survey was commissioned by IIR, organisers of the Leaders in Dubai Business Forum 2006, and conducted by local company Fusion Marketing & Management in conjunction with United States survey company, SurveyMonkey.

It is one of the most comprehensive of its type ever conducted in the Gulf and questioned hundreds of public and corporate decision makers from throughout the Middle East about their plans and attitude towards doing business in the GCC.

More than 400 senior executives, comprising mainly chief executive officers, managing directors and general managers, from UAE, Saudi Arabia, Jordan, Lebanon, Oman, Qatar, Kuwait, Bahrain, Egypt and Syria, responded to the survey.

The respondents represented companies doing business in the GCC but with headquarters in 28 different countries from Austria and Azerbaijan to the United Kingdom and United States.

The resulting report found the Dubai can expect a major boost in investment and employment over the next 12 months as companies scramble to increase their business in the emirate.

The UAE was considered the easiest place to do business in and while more than half of the more than 400 companies represented in the survey do the majority of their GCC business in Dubai, with 23% wanting to increase the amount of business they do there.

While confidence in doing business in the GCC in general was very high, more than half of the executives said bureaucratic delays, poor corporate governance, a lack of skilled labour and difficulties with visas had a noticeable to severe impact on their business.

The full 2006 Doing Business in the GCC Survey will be debated at the Leaders in Dubai Business Forum which starts on November 28.

"This is one of the most important and comprehensive surveys of senior corporate decision makers doing business in the GCC ever conducted in the region," said Leaders in Dubai Business Forum event director, Mr Alan Kelly.

"It represents more than 400 local, national and multi national companies and public sector organisations and the results point to a very positive foreseeable future for the region.

"Rarely does a region enjoy such a high level of business confidence among the people who make the key money decisions in business.

"The executives who responded to the survey are in charge of companies that between them employ more than 200,000 people and have a combined turnover of many billions of dollars.

"Ninety two per cent of them say they expect to increase the amount of business they do in the GCC in the next 12 months. That's an astounding figure," said Mr Kelly.

"There is a lot of good news in the results but there are also lessons for governments in the region.

"While confidence in government is high, bureaucratic delays are causing severe problems for many companies; the shortage of skilled labour is an on going problem and something needs to be done to improve the visa system."

The comprehensive results would be discussed and debated throughout this year's Leaders in Dubai Business Forum, said Mr Kelly.

The Forum, which has a line up of keynote speakers that includes former US Secretary of State Colin Powell, Queen Noor of Jordan, former Disney boss, Michael Eisner and others, has already attracted a record number of registrations from business leaders throughout the Middle East.

The Forum also will feature a CEO debate and a roundtable discussion with members of Al Rouad, a group of the regions leading Arab business leaders.