(Source: Middle East Company News)

Residents across the UAE are feeling a marked improvement in
economic conditions, as consumer confidence rises for the second
time this year, according to the latest Consumer Confidence Index
(CCI).
The Consumer Confidence Index, a quarterly survey conducted by
the Middle East's number one job site - Bayt.com in conjunction with
research specialists YouGov, found that the UAE moved up the index
by 9.3 points, continuing the country's course of improved consumer
confidence from the last quarter. The survey showed that respondents
felt certain features of their economic positions were unchanged
from the previous year. More than a third of respondents, 34%, felt
that they were in the same financial position as last year, while
the same number agreed that their country's economy was unchanged.
Unsurprisingly, respondents are optimistic about the future.Almost
half of respondents, 48%, said that they believe business conditions
will be better, and 40% said they think their country's economy will
improve in a year's time.Across the rest of the Middle East,
consumer confidence levels showed a positive increase. Confidence in
Kuwait rose the highest among the surveyed countries with an
increase of 10.0 points, and as in the previous wave, Kuwait and the
UAE retain the two top spots in terms of improved confidence. While
Qatar followed with a strong increase of 9.0 points, the picture
around the rest of the Gulf varied, with an increase of 5.1 points
in Bahrain and 3.4 in Saudi Arabia. Despite being one of the only
countries in the Middle East to record a consistent improvement in
consumer confidence over the past year, Lebanon in this wave was the
only country to deteriorate, moving down the index by 0.7 points. By
comparison, Syria showed a significant improvement of 5.6 points.In
North Africa, Egypt and Morocco topped the table in terms of
improved consumer confidence, moving up 7.7 and 6.7 points
respectively, contrasted with a move up the index of just 2.6 points
in Algeria.The Consumer Confidence Index (CCI) is a measure of
consumer expectations and satisfaction of various elements of the
economy including inflation, job opportunities and the cost of
living. "While we are not seeing massive jumps up the index, the
data shows that there are steady improvements, which reflects what
is being reported and felt in economies around the region- namely
that things are starting to pick up. Improvements in the index have
been seen in countries in the Middle East for around six months now,
so the real test as to whether consumer confidence is being
sustained and improved as a result of the easing of the recession,
will become evident over the next year or so."commented Amer
Zureikat, Bayt.com's Regional Manager.The CCI is in part gauged by
asking the respondents about their personal financial situation, and
whether they feel that they are better, or worse off than 12 months
ago. In the UAE, 21% of respondents said they are better off than
last year, while a slightly lower 40% of respondents said they were
worse off - the highest figure amongst all surveyed countries.
Around the region, respondents in Qatar recorded the most positive
improvements in their financial positions: 35% stated their position
was better than last year. The other countries in the GCC reported
slight improvements in personal finances: 29% in KSA and 26% in
Bahrain stated they were better off. Following the UAE, and in line
with the results of the last wave, respondents in Jordan were
similarly hard hit in terms of their personal finances, with 39%
stating they are worse off.