For Expo 2020 Dubai Most of the UAE Firms Have Driving Growth Plans, says HSBC
Over four fifths (82%) of UAE companies to grow over the next two years, as the twin engines of Expo 2020 Dubai and their own investment plans drive new business, according to research by HSBC.
The uplift in business confidence makes the UAE one of the world’s most encouraging markets for growth globally, behind only Indonesia, India, China, and Mexico.
According to the new HSBC study which involved over 2,500 companies in 14 countries, UAE businesses aims to follow an assertive investment plans in order to push growth in the medium-term.
Almost two-thirds plan to expand investment by over 5% with the majority focusing on up skilling staff (56%). It added that 78% think the mix of skills and variety in their workforce would change their business in the medium-term.
Change also remains at the front of attaining growth, the report stated, adding that regardless of 37% of UAE businesses identifying cost as a barrier, 86% of UAE businesses assumes technology to change.
The internet of things (68%), 5G (66%) and artificial intelligence (63%) are considered as the greatest opportunities to ease the increased speed to market, business transparency, improved productivity and improved customer experience.
The impulse to operate in a more eco-friendly future is also apparent with more than a third of UAE businesses aiming to boost investment in sustainability, out of which 60% aims to attain this by more than 5%. Some businesses stated they plan to better product manufacturing, upgrade plants/premises or equipment. Others would focus on promoting in sustainability practices. Some businesses stated that they plan to improve product manufacturing, upgrade plants/premises or equipment. Others would focus on investing in sustainability practices.