Even in the midst of a global economic crisis, small businesses continue to exude confidence, especially those in Turkey and the Middle East. A recent survey revealed that Middle Eastern small and medium enterprises (SMEs) are planning to hire more people and boost investment.
HSBC’s semi-annual monitor on global small business confidence showed that 49% of SMEs in these areas keep a positive perspective of the next six months, while 50% are looking forward to increasing capital expenditure by the end of the year.
The data, which included results from UAE for the first time, suggested a positive outlook among many businesses in all Middle Eastern countries. Saudi Arabia ranked second (after Vietnam) in the global rankings, and for the second time, the Middle East scored higher compared to developing and emerging markets.
HSBC’s bi-annual Small Business Confidence Monitor looks at the outlook of SMEs regarding capital investment plans, local economic growth and recruitment. The latest monitoring session covered more than 6,300 SMEs in North America, Europe, Latin America, the Middle East and the rest of Asia.
Saudi Arabia scored 145, the highest among all Middle Eastern countries. While Qatar’s score dropped from 159 in 2009 to 137 in 2010, it’s still well above the regional average (132) and the global average (118).
