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ME to Lead the World Out of Crisis: Survey

DUBAI — The Middle East will lead the world out of the current economic meltdown, according to 76 per cent of the business leaders who participated in a survey conducted by CONNECT - World CEO Forum.

Almost two-third of the respondents said they are “very optimistic” about the long-term prospects for their company in the Middle East, while another 33 per cent said “optimistic”. On the outlook for this year, 66 per cent are “optimistic” or “very optimistic.”

“The long-term fundamentals of this region have not gone away overnight, and business leaders clearly see the UAE and the Middle East as a great opportunity,” James Magee, CEO of the 4th CONNECT-World CEO Forum, said.

“The region is home to more than half the world’s proven oil reserves, which will underpin strong growth and consumer spending. At the same time, governments are aggressively promoting investment to diversify 
the economy.”

The 4th CONNECT-World CEO Forum takes place in Dubai between March 17 and 19. Hundreds of business leaders are gathering in the city to network and share ideas. A strong line-up of regional and international speakers will address the forum.

Most respondents predict exports to the UAE will rise sharply in the coming years. For example, US exports to the UAE were worth $10.1 billion in 2007. More than half the respondents — 52 per cent — said that the figure will surpass $25 billion by 2015. Most respondents — 92 per cent — predict a similar increase in Chinese exports to the UAE, which totalled $14.9 billion in 2007. They were slightly less optimistic about Indian exports with just under half predict that these will rise over the same period, from $11.6 billion in 2007.

business@khaleejtimes.com