Gulf firms are targeting higher growth in turnover over the next two years than companies in almost all other parts of the world, according to the results of an international business survey released today.
A total of 84 per cent of businesses surveyed in the Gulf were planning to increase turnover in the next two years as access to finance improved, show the Institute of Chartered Accountants in England and Wales's (ICAEW) Global Enterprise Survey Report 2010.
"The dangers that we were been talking about in some parts of the world about the potential for a double-dip recession are receding," said Michael Izza, chief executive of ICAEW.
"As various areas of the world become stable that will have a beneficial impact on the Gulf as they are trading partners."
Of those Gulf firms planning expansion, companies were targeting average growth of 15 per cent per year, according to the regional section of the report published today.
Only firms surveyed within Africa were planning higher average annual growth. Companies surveyed from the UK, EU, US, Asia-Pacific, and Hong Kong, Singapore and Malaysia were all planning average annual growth of between 10.1 and 14.3 per cent, lower than Gulf firms.