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Zaidan: Gulf Markets Move From Cautionary To Hopeful
Published May 24, 2010
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A recent economic study evinced the Arab market’s recovery and relative revival after the months of prevalent recession after the Global Financial Crisis GFC. In their 13th annual report, Price Waterhouse Coopers concluded that the Arab markets have begun their gradual recovery after the GFC and are heading to their natural status quo the year 2008.
According to the technical study, more than 82% of the participating executives in the Middle-East expressed that they believe the markets will hit full recovery point during the next 12 months. On the other hand, 1130 executives from 52 different countries forecasted that their own economy needs twice that period to regain its strength and achieve full recovery.
Sermon Business Solutions CEO, Eng. Omar Zaidan said: “It is obvious that the Arab economies have surmounted the period of cautionary anticipations and are heading for cautionary optimism. It is expected that the markets in general, the Gulf markets specifically, will witness a notable revival in the next half of the current year. Several companies have already recommenced their investments and projects which they freezed months ago due to the crisis.”
Zaidan added: “The report illustrated the effects of the last financial crisis on businesses leaders. It forced them to reconsider their working strategy regarding risk management. They realized the importance of re0structuring their strategies according to new considerations and dimensions for risk management,” emphasizing on the business solutions sector’s role and its ability to cut down on operational costs and increase productivity.
In line with the previous, a technical IDC study forecasted that the MENA and GCC countries will witness exceptional growth in the virtual solutions sector during the current year, with a 20 to 25 percent raise, since it is considered the most effective tool in companies’ development, achieving the maximum possible benefit out of available technology and human resources.
The IDC study outweighed that the Kingdom of Saudi Arabian will achieve a 14.4% growth, increasing expenditures on the Informational Technology sector in the Kingdom to 21.5 billion dirham. The total technical expenditures in Kuwait will reach around 4.6 billion dirham in the current year, closely followed by 3.1 dirham for Qatar. The study forecasted that the UAE expenditures on information technology will increase by 12.2% to reach 17.5 billion dirham, opposed to 15.6 billion for the previous year.
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Posted by
VMD - [Virtual Marketing Department]
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