More than two thirds (69 per cent) of the business leaders in the Middle East are confident about their company’s revenue growth for 2012, according to a recent survey by global law firm DLA Piper.
Almost half (49 per cent) of the respondents were quite upbeat on their company’s prospects for revenue growth in 2012, with almost a fifth (18 per cent) feeling very confident, the survey revealed.
These results indicate that although the region is not exempt from the economic issues facing other regions, such as the Europe and the US, there is optimism in the Middle East for the coming year despite the regional challenges it faces, it added.
The survey had asked business leaders, across the region, including the UAE, Saudi Arabia, Qatar and Kuwait, for their thoughts on the coming year, looking at a number of different themes, including: revenue growth, business expansion and M&A activity.
Nearly two thirds of respondents (65 per cent) expect to grow their revenue organically, with 23 per cent expecting it to grow through a mixture of natural development and acquisition.
When asked about geographic expansion, the Middle East was the most popular focus with 44 per cent citing the Middle East as a growth area. Slightly less, but a fifth of respondents (20 per cent), anticipated international expansion.
“It’s encouraging to hear the business community in the region speak so positively about the coming year,’ commented Abdul Aziz Al Yaqout, the regional managing partner, DLA Piper Middle East.
‘There continues to be extensive commentary in the media about the world economy and how businesses are coping with global market volatility, but it is clear that with the combination of its move towards building a knowledge based economy, underlying wealth created by the region’s natural resources and its position as an emerging economy located between east and west, the outlook remains relatively positive in the Middle East,’ he noted.
“The region does have major challenges to face over the coming year, especially in countries faced with regime changes, however with high confidence levels we hope this will translate into an increase in market activity with investors confident to focus on regional opportunities,’ Al Yaqout stated.
‘DLA Piper will continue to canvas the market to ensure the advice it offers clients is based on solid business sentiment as understanding the ‘business of business’ is invaluable for our growth and development,’ he added.