UAE mid-market businesses top global poll on growth outlook for 2023

UAE mid-market businesses top global poll on growth outlook for 2023

- Increasing international demand (46%) and ability to secure finance or investment (46%) are top factors underpinning UAE expectations.

- 37% of UAE respondents expect an increased stakeholder interest in sustainability.

- International businesses face a balancing act between international expansion and challenges to growth

An HSBC poll of 1,700 global mid-market enterprises (MMEs) – firms with a turnover of between $10 million and $500 million – has found determination among them to grow in 2023 with 77% across 14 markets predicting revenue growth for the year of 10% or more.

Confidence among these international businesses for double-digit growth is highest among senior executives polled in the UAE (93%), India (88%), Mexico (86%), Australia (84%) and Indonesia (80%).

International markets

The study surveyed internationally-focused businesses in from Australia, Canada, mainland China, France, Germany, Hong Kong SAR, India, Indonesia, Malaysia, Mexico, Singapore, the UAE, the UK and the US in the final quarter of 2022.

Investment priorities and threats to growth

When asked about immediate priorities, UAE respondents cited customer experience (69%), upskilling their workforce (68%) and increasing cybersecurity vigilance (63%) as the top three investment priorities for 2023. UAE respondents also rated these priorities higher than any other market surveyed.

The top three 2023 investment priorities for MMEs internationally