85% firms in UAE positive about generating profits in coming months
Nearly 82% of the entrepreneurs in the UAE are ready to start a new business venture, a recent survey by the Entrepreneurs’ Organization (EO) has revealed. The figures arrive from the most recent Global Entrepreneur Indicator research project that’s conducted biannually. The survey had 38 entrepreneurs from the UAE that put forth the latest trends in the job market.
According to the results, 67% of the businessmen believe that the employees working full time have increased in the past six months and about 76% of them predict that the number will increase in the forthcoming months. A little more than half of the respondents predict that the number of contract based employees will increase in the later part of the year as compared to the global count of 54.16%.
Approximately 73% of entrepreneurs have generated profits in the past six months of the year and about 85% of them are positive about increasing their cumulative profit in the following months. More than half of the respondents believe that their debt load stayed the same since the past 6 months, with a quarter of them experiencing an increase in the same. However, only 18.18% of the entrepreneurs have experienced a slump in the debt load as compared to the global number of 26.23%.
Nearly 40% of those surveyed opined that their access to capital increased, while more than half of the respondents reported that it remained the same. Nearly 76% of the businessmen reported an increase in the business revenue, while about 88% of them expect the figure to grow in the coming days. A whopping 93% of the respondents are optimistic about the country’s economic development while only 6% of them believe that the scenario will remain the same.
In this age where volatility is the name of the game, nearly 82% of the entrepreneurs want to enter the business scenario with a new vision. The results from the UAE chapter indeed show that business is pacing at a good rate in the Middle East as compared to its global counterparts.
Entrepreneurs’ Organization UAE Chapter