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Businesses in the Gulf region are more confident of a brighter trade outlook than their peers in financial hubs Hong Kong and Singapore, world banking giant HSBC said in a survey published this week.
The Middle East, the survey found, remains the key area for sales growth, surpassing the rapidly growing economy of Greater China and the developed economies of Western Europe.
Almost three-quarters of importers and exporters expect trade volumes to increase or stay the same, compared to 53 per cent in Hong Kong and 64 per cent in Singapore, according to the HSBC Trade Confidence Index.
"Traders in the UAE seem to have the highest confidence among all countries (surveyed) especially Hong Kong and Singapore," Kersi Patel, a regional manager at HSBC Middle East, said at a media conference.
The survey that gauges sentiment and expectations of small- and medium-sized enterprises on foreign trade activity and business growth in the next three months found that the UAE scored 115.2 points on a scale of up to 200 points, compared with 99.9 points in Singapore and 93.1 points in Hong Kong. The bullish outlook was a result of the region's strategic geographical position at the crossroads of three continents and the government's investment in trade-supportive infrastructure, HSBC said.
The UAE - the world's third-largest re-export zone - was battered by the global economic downturn that brought a six-year oil-fuelled boom to a screeching halt last year, but analysts say signs of recovery have emerged.
