UAE: Two in three small firms express positive view of the future business environment

  • Date: 01-Apr-2024
  • Source: Khaleej Times
  • Sector:Retail
  • Country:UAE
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UAE: Two in three small firms express positive view of the future business environment

From left: Vikas Suri; Dhiraj Kunwar; Raheel Ahmed: Khalid Younis Kalbat: Abdulaziz Alnuaimi: and Emad Ahmed of RAKBank at the press conference. — Supplied photo

Published: Mon 1 Apr 2024, 10:00 AM

Small and medium Enterprise (SME) sectors in the UAE have moved from a stage of resilience to prosperity after the Covid-19 pandemic, with two out of three expressing a positive view of the future business environment in the country, according to RAKBank SME Confidence Index.

Conducted by research company RFI Global, the survey covered over 1,000 SMEs in the country and responses were collected during November-December 2023.

With most of the industries in the report topping the index base score of 50, the report found an overall confidence index score of 61 among UAE SMEs.

The inaugural study found that UAE SMEs across the board experienced a period of robust growth, propelled by notable increases in revenue over the past two years, especially within key sectors such as construction, manufacturing and public services.

The RAKBank SME Confidence Index projected a steady recovery in factors such as hotel occupancy rates close to pre-pandemic levels, which signalled a rebound in the tourism sector that was contributing to the generally positive outlook among SMEs about their future