Business confidence in the Gulf fell sharply in the last quarter amid sector-wide layoffs, earnings report fears and unstable market conditions, according to a business survey released Tuesday.
While sentiment in Qatar and Saudi Arabia showed a more gradual decline, the UAE business outlook showed the steepest dip, falling to a rating of 62.2 out of 100 in the quarterly HSBC Gulf Business Confidence Survey. The survey tracked business sentiment across all six Gulf nations through a series of questionnaires in the first week of this month.
Even within the UAE, the survey revealed distinctions in business confidence. In Abu Dhabi, 43 per cent of businesses were optimistic about revenue growth, compared with just 26 per cent in Dubai, while negative sentiment about meeting annual budgets was twice as high in Dubai, at 35 per cent, as in Abu Dhabi, at 17 per cent.
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