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The Dubai Chambers Quarterly Enterprise Survey has revealed optimistic year-over-year development within the Enterprise Local weather Index, which rose to 168 factors for Q1 2024, up from 144 factors throughout the identical interval final 12 months. The rise displays rising confidence and optimism concerning Dubai’s financial outlook and the promising alternatives the emirate affords for traders and corporations.
The survey, which gathered the opinions of 507 CEOs and managers of corporations working in Dubai, signifies that 63% of contributors anticipate growth throughout the emirate’s enterprise local weather in the course of the first three months of 2024. 60% of respondents anticipate their corporations’ gross sales to extend throughout Q1 2024 in contrast with the earlier quarter, whereas 29% consider gross sales will stay at an identical stage to these achieved in the course of the fourth quarter of final 12 months.
Commenting on the outcomes of the survey, His Excellency Mohammad Ali Rashed Lootah, President and CEO of Dubai Chambers, mentioned: “The findings of the survey underline the significance of efforts to speed up the tempo of development throughout all financial sectors and additional improve the emirate’s beneficial enterprise setting. Creating situations which can be conducive to development strengthens the non-public sector’s confidence in Dubai’s potential to generate sustainable funding alternatives and make sure the emirate stays on the forefront of the worldwide enterprise panorama.”
Worldwide Growth AmbitionsThe survey revealed that 41% of respondents plan to develop into new markets at each regional and international ranges throughout Q1 2024. GCC international locations topped the listing of goal markets, adopted by India, the UK, the USA, Egypt, and South Africa. Among the many 59% of respondents who don’t plan to develop throughout this era, 25% indicated that they’re presently targeted on increasing inside native markets.
Gross sales Progress and Price ManagementThe outcomes of the survey confirmed that 57% of respondents plan to diversify their services or products throughout Q1 2024, whereas 47% purpose to extend manufacturing capability. A complete of 44% of respondents plan to extend their digital promoting budgets, and 42% indicated that they’re within the technique of acquiring further capital.
By way of probably the most vital value administration measures anticipated in the course of the first quarter of 2024, 43% of respondents intend to assessment or change their provider lists, and 41% plan to both negotiate the price of renting their premises or switch their operations to extra inexpensive areas.
Leveraging Digital AdvancesOn the digital entrance, 38% of the respondents confirmed that they’d utilized digital applied sciences of their companies throughout This autumn 2023. Elements influencing this pattern included easing entry to new markets (52%), lowering prices (49%), enhancing competitiveness (44%), creating new merchandise (26%), and making certain compliance with new laws (22%).
Probably the most outstanding companies and areas focused by contributors who plan to leverage digital applied sciences in Q1 2024 embody digital fee options (24%), digital advertising and marketing (21%), e-commerce (17%), and synthetic intelligence (12%).
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