Majority of UAE residents foresee improvements in business conditions
Nearly three quarters of UAE respondents expect the business conditions in their country to “improve” within the next year.
These are the latest results from the Middle East Consumer Confidence Index survey carried out by Middle East job site Bayt.com and research and consulting organisation YouGov. Furthermore, 58 per cent of UAE respondents expect their country’s economy to improve within the next six months.
“We want to empower professionals, job seekers and employers alike, to address and overcome any economic changes and make room for improvements in their careers. Employers who are invested in attracting, hiring, and retaining quality talent, who help them maximise productivity, will find our tools, such as CV Search and Job Postings, to be exactly what they need. Similarly, job seekers who stand in face of tough competition will make use of over 10,000 jobs that are available on Bayt.com on any given day as well as the numerous job search tools and resources that help make them stronger candidates,” said Suhail Masri, Vice President of Employer Solutions, Bayt.com
National Economic Conditions
Around 61 per cent of respondents 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 nine 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 six 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–40 per cent of respondents believe the number of jobs available will “increase” over the next six months.
Personal Economic Conditions
Approximately 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, 56 per cent 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”, while only nine per cent of respondents expect it to become worse.
Looking at UAE residents’ opinions on the cost of living, 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
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, 51 per cent of UAE respondents are satisfied with their career growth opportunities. When it comes to compensation, 36 per cent are satisfied. Half of respondents 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.
Spending and Investment
When it comes to future spending and investment plans, 40 per cent of UAE respondents claimed 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 said 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 look to buy a new property, while 32 per cent plan to invest in a pre-owned property. In terms of the type of property, 50 per cent of UAE respondents are planning to purchase an apartment, while 30 per cent will buy a villa/townhouse/bungalow and 22 per cent plan to invest in commercial property.
Regarding purchasing plans for consumer goods, 25 per cent of UAE residents plan to purchase a desktop or a laptop in the next six months, and 21 per cent of respondents are planning to buy a tablet or a smartphone, and 20 per cent from the UAE plan to buy furniture.
“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,” said Elissavet Vraka, Research Manager, YouGov.
Data for the Bayt.com Middle East Consumer Confidence Index survey was collected online from January 10 to January 31, 2017, with 2750 respondents from the UAE, KSA, Qatar, Oman, Kuwait, Bahrain, Syria, Jordan, Lebanon, Egypt, Morocco, Tunisia and Algeria. Males and females aged over 18 years old, of all nationalities, were included in the survey.