Source: Gulf News 2013
Dubai: Dubai’s consumers are very optimistic about labour market anticipating better job opportunity in the coming 12 months, according to the quarterly consumer confidence survey conducted by the Department of Economic Development (DED) during the third quarter of 2013.
While 83 per cent of the participated consumers rated current job prospects as excellent or good, 92 per cent showed strong confidence in the job market.
A major driver of the growing optimism is the tourism boom and the increase in rentals and property prices across Dubai.
Dr Abdul Hameed Radwan, UAE based economist, said that this result could be attributed to the healthy business environment in the emirate as well as to the sustainable performance of most of the business sectors in the market.
“This year, Dubai market has shown to be more attractive to a lot of businesses as a lot investments did inflow to the emirate and it is anticipated to sustain this performance on the long run.”
Government polices and initiative that put in place have made business conditions more favourable as well as enhance consumer confidence, he added.
More consumers see the state of economy improving in the next 12 months while the percentage of those who believe that the Dubai economy is still under the impact of recession has decreased to 17 per cent from 23 per cent compared to Q2 2013.
Almost 42 per cent of the respondents believe the state of the economy will be excellent during the next 12 months while 73 per cent foresee a strong economic recovery during the same period, as against 67 per cent in the second quarter, according to the survey.
Omar Khalifa, Deputy Chief Executive Officer of Commercial Compliance and Consumer Protection (CCCP) sector in DED : “The unique strengths of Dubai as a land of opportunity and its varied lifestyle choices are being cemented by recent developments as is reflected in consumer perceptions. Consumers are confident that Dubai will continue to grow over the next 12 months and such optimism will in turn support growth.”
More consumers see the state of economy improving in the next 12 months while the percentage of those who believe that the Dubai economy is still under the impact of recession has decreased to 17 per cent from 23 per cent compared to Q2 2013. A major driver of the growing optimism is the tourism boom and the increase in rentals and property prices across Dubai.
Conducted in each quarter, the survey gathers feedbacks from 2,000 respondents, equally divided between the four quarters of the year. The respondents come from all major residential communities across Dubai and cover males and females as well as nationals and expatriates, aged 18 to 59.