‘The confidence of the investment community is driving us forward to reach the highest levels of economic competitiveness and leadership’
UAE – The Department of Economic Development in Ajman (DED Ajman) has achieved a remarkable business confidence index score of 116 in the first half of 2018, up from 109 points in the first half of 2016. The high score, which reflects the positive prospects within the local business and investment environment, is due in part to the department’s efforts to attract more regional and global investments to Ajman and raise its international competitiveness.’
Additionally, the 7-percentage-point increase is attributed to increased demand, vibrant construction opportunities, robust exports, and higher tourist arrivals. The results also show that the business confidence index for the local small and medium enterprise (SME) sector went up to reach 114 points in the first half of this year versus 108 points during the same period of 2016. The findings cited higher corporate sales revenues due to the stability and optimism prevailing within the business environment.
Zahra Al Bannai, Director of Planning and Business Development said: “The growth is the culmination of our ongoing efforts to organize economic affairs, revitalize the business sector in the emirate, and provide the economic infrastructure required to diversify the economic base and develop economic sectors. This is in line with the national directive towards placing Ajman among the most attractive destinations for investments locally and regionally. These results indicate a positive prediction for the local business environment and an optimistic view from the companies about the prospects and opportunities that are available in Ajman. This leads us to move forward to improve the services provided to the investment community and attract more investments to the vital sectors in order to realize the objectives of Ajman Vision 2021 to boost sustainable development and promote the emirate’s reputation as a global destination for trade and investment.”
Al Bannai added: “This positive development also reflects the confidence of large companies and SMEs in Ajman. We are keen to enhance business and economic activities by providing commercial protection and control over economic establishments and organizing fair competition among them while establishing businesses in the hope of creating a fair economic environment that meets the aspirations of our investors. The department seeks to achieve the highest levels of economic competitiveness and leadership at the regional and global levels, while enhancing the emirate’s investment climate.”
Ajman reports positive economic and business activities, with 71 per cent of surveyed companies saying they didn’t face obstacles to their business operations in the first half of 2018 compared to the 52 per cent recorded in the first half of 2016. Companies in the transport sector and trade and retail are more optimistic, where 100 per cent and 98 per cent, respectively, are confident that they are not going to experience major business challenges during the second half of 2018.
The survey included 93 non-exporting companies in Ajman. The Business Confidence Index for the exporters category reached 131 points in the first half of 2018. The survey showed that exporters’ expectations are much better than non-exporters, with 58 per cent of exporters expecting an increase in revenues in the first half of this year compared to 33 per cent of non-exporters.