Thursday , February 21 2019

Most Dubai firms see higher growth in Q1

DUBAI / WAM

A majority of businesses in Dubai foresee accelerated economic growth during first quarter of 2019, according to quarterly survey conducted by Department of Economic Development (DED) to gath-er the performance expectations and economic outlook of the local business community. The survey, conducted during final quarter of 2018, showed 59% of companies as optimistic about economic growth in Q1 2019, compa-red to 41% for same period of 2018, and 34% expecting stability while those expecting any decline in growth
decreased from 8% to 7%.
Sustained public spending on infrastructure and social development, initiatives to increase of ease of business, and a brighter outlook on sales and profits have all contributed to businesses in Dubai welcoming the New Year with improved confidence. Large companies and the manufacturing sector as a whole foresee seasonal tourist footfall and the Expo 2020 as well as varied projects aimed to accelerate innovation, industry and exports as part of the Dubai Plan 2021, driving demand during Q1 2019.
The final quarter of 2018 saw the composite business confidence index (BCI) improving year-on-year and quarter-to-quarter.

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