UAE Business: Mideast firms with Asean focus upbeat about business growth – Gulf Digital News

UAE Business: Mideast firms with Asean focus upbeat about business growth – Gulf Digital News

Middle East companies focusing on Asean are positive about business growth in the region with over 80% of them projecting an annual increase in both revenue (82%) and production (81%) of over 10%, a survey says.

The survey commissioned by Standard Chartered shows Malaysia, Singapore, and Indonesia as the most attractive expansion destinations for Middle East corporates.

The survey titled “Borderless Business: Middle East-Asean Corridor”, a strategic report that explores high-potential opportunities for cross-border growth in this corridor. All surveyed Middle East companies expect business growth over the next 12 months.

Fast-growing trade bloc

Mohamed Salama, Head, Client Coverage, Head, Corporate, Commercial & Institutional Banking (CCIB), Mena, and Head, CCIB, UAE, said: “Asean is a fast-growing trade bloc with increasing economic and financial influence. As Middle East countries look to diversify their economies away from oil, regional businesses are exploring new avenues of investments and Asean has emerged as the preferred option due to multiple regional and country-level alliances. The region provides unparalleled trade and investment prospects across various sectors such as refinery and petrochemicals, real estate and infrastructure.”

He added: “Asean’s focus on becoming future-ready in areas such as digital and renewable energy offers Middle East companies and investment firms’ ample opportunities to invest,