DUBAI — Business sentiment among UAE traders has grown since October 2009, buoyed by expectations that impending new government regulations will benefit them, a survey by HSBC shows.
The UAE improved its score from 118 to 134 out of a scale of 200 in HSBC’s Global Trade Confidence Index, the bank said on Monday. The score puts the UAE in the lead of 17 countries surveyed by HSBC. The survey also revealed that the UAE trading community endorsed the UAE’s attractiveness as an import and export centre albeit concerned about access to financing that remained a key barrier to trade growth.
The UAE Minister of Foreign Trade Shaikha Lubna Al Qasimi said that the overriding confidence of businessmen in the UAE, underscored the fact that it remained on the frontline in commercial activities with the ability to attract growth opportunities on an international level.
She argued that the results confirmed the confidence the private sector and traders have in the regulations and laws, which are being adopted by the state and the government to strengthen commerce and develop the economy.
“We’re seeing continued optimism and willingness among traders in the UAE to increase their trade,” said Simon Cooper, HSBC’s chief executive for the Middle East and North Africa. [Read More]
