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Majority in UAE Expect Improvement in 6 Months
World Economy

Majority in UAE Expect Improvement in 6 Months

A majority of the UAE residents have a positive outlook on the future of the country’s economy, as well as their own financial future despite many saying that their savings have decreased this year in comparison to last year, a study said.
Almost a third of UAE respondents believe that the country’s economy has improved in the last six months, while 17% believe that it has receded. About 33% of respondents believe that the economy has remained the same, said the latest Bayt.com Middle East and North Africa Consumer Confidence Index survey, conducted by Bayt.com, a leading job site, and YouGov, a major market research agency, TradeArabia reported.
A majority (59%) of respondents expect the economy to improve in the next six months, while one in five expect it to remain the same, it said.
About half of employed respondents in the UAE believe that business conditions are either good or very good (48%), while 11% believe that business conditions are either bad or very bad. Moreover, the majority of employed respondents (71%) believe that business conditions will improve in a year’s time, it said.
About 31% of UAE respondents believe that their or their family’s current financial situation is better now than it was six months ago, and 41% believe that it remained the same. About 19% believe that their financial situation is worse.
The future outlook is positive too: 59% of respondents believe that their personal financial situation will improve in the next six months, while 22% feel it will remain the same.
In the last quarter of 2014, 83% of UAE residents made purchases online.
When it comes to investing in property, 29% of UAE respondents are planning to invest in the next 12 months, while more than half have no plans to invest. Of those who are planning to buy property, 45% will invest in an apartment, while 29% plan to buy a villa/townhouse/bungalow and 24% will purchase commercial property.
Presently, half of the respondents surveyed believe that there are plenty of jobs available in the UAE; with 29% claiming availability across multiple industries and 21% claiming availability across a limited number of industries. About 34% believe that few jobs are available in the UAE.  Around 46% of respondents expect job availability to increase in the next six months.

 

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