Most UAE firms bullish on new market forays despite global recession fears

Most UAE firms bullish on new market forays despite global recession fears

93 per cent of respondents indicated their organisations are planning to expand in the next 12 months, into a new region entirely.

Published: Wed 6 Jul 2022, 6:11 PM Last updated: Wed 6 Jul 2022, 6:14 PM

Despite concerns of a potential looming recession globally and talk at the World Economic Forum in Davos about the end of globalization, businesses in the UAE appear to remain bullish about their plans for further global expansion, new findings from an annual survey of technology decision-makers revealed.

Of the UAE IT decision-makers surveyed in Equinix 2022 Global Tech Trends Survey, 93 per cent of respondents indicated their organisations are planning to expand in the next 12 months, into a new region entirely (66 per cent), a new country (47 per cent), or a new city (43 per cent).

The survey found that 48 per cent of those IT decision-makers across the UAE planning an expansion are most likely to deploy virtually in the short-term and then building permanent physical infrastructure in the new market, while 44 per cent said they will support an expansion using existing teams. While 86 per cent of the technology decision-makers in the UAE, regard accelerating the pace of innovation, digitizing their business,