GCC Corporates Ready to Tackle Challenges as Investor Confidence Reaches New Heights

UAE, 3 September, 2024 : GCC corporates are well-equipped to navigate challenges such as geopolitical tensions, fluctuating oil prices, and high interest rates, according to Iridium Advisors CEO Oliver Schutzmann. Speaking to Zawya, Schutzmann emphasized the region's continued optimism, with the latest GCC Sentiment Index reflecting strong confidence and resilience.

The GCC Sentiment Index surged 63% above its historical average, driven by positive outlooks across all regional economies. Notably, Saudi Arabia saw a 23% increase to 44.1 points, while the UAE rose 8% to 49.1 points. Other GCC nations, including Kuwait, Bahrain, Oman, and Qatar, also reported significant improvements in Q2.

Schutzmann noted that companies are increasingly diversifying strategies, managing risks, and optimizing operations to mitigate potential negative impacts. Despite challenges, the overall outlook remains cautiously optimistic, with companies focusing on both organic and inorganic growth strategies, expanding production capacities, and enhancing service offerings.

The Iridium report, based on analysis of over 2,100 earnings calls from listed firms across eight GCC stock exchanges, aligns with the IMF's June forecast predicting economic growth in the GCC to rise from 0.5% in 2023 to 2.5% in 2024.

Source : www.zawya.com