Small Saudi businesses among world’s most confident: HSBC
Posted by Arab News
Wednesday 3 February 2010 (18 Safar 1431)


JEDDAH: The Kingdom’s small businesses are among the most confident in the world, according to a new survey by HSBC, the global banking associate of SABB.

“Global Small Business Confidence Monitor,” a study by HSBC of more than 6,000 enterprises in 20 key markets, showed that Saudi Arabia’s small-scale business sector was especially optimistic about growth prospects for the Saudi economy, increasing capital expenditure in their own operations, enlarging their workforce and expanding their international business.

The survey confirms the results of another HSBC study published last month of business confidence among leaders of larger companies in the region. Saudi Arabia came top in that poll.

Of the 300 Saudi companies participating in the new survey, 86 percent see the Kingdom’s economy growing at or above the current rate, with more than half predicting a growth of at least 4 percent over the next 12 months. Only 14 percent believed the economy could slow down.

More than half of those companies involved in cross-border and international trade believe that this part of their business will grow over the next 12 months, particularly with the rest of the Middle East, South East Asia and Europe. Fewer companies expect their trade with China and India to expand as fast.

“It is highly encouraging to find the two HSBC surveys showing high levels of optimism across the whole spectrum of Saudi Arabian business,” said Adel Al-Nasser, deputy managing director of SABB.

“We, at SABB, share that confidence and will continue to give the financial support to the country’s commerce and industry necessary to fuel the further expansion of the economy,” he said.


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