Yousuf Mohamed Al Jaida (left), Chief Strategic Development Officer at QFC Authority and Sheikh Mohamed bin Faisal bin Qassim Al Thani of Qatar Business Association (QBA) during the press briefing at the QBA yesterday. (Shaival Dalal)
DOHA: Over 50 percent of Qatar’s business community is cautious about their business growth due to global economic uncertainties, declining oil prices and difficulty in finding skilled labour, according to the latest Dun and Bradstreet (D&B) Business Optimism Index (BOI) survey for Qatar for 2013 second quarter.
However, about half of the respondents of the survey are confident of withstanding the continuing consequences of the global economic crisis.
In the hydrocarbon sector 48 percent, and in the non-hydrocarbon sector, 46 percent of respondents maintain that no negative factors will impact their business this quarter.
Dun and Bradstreet South Asia Middle East Ltd in association with Qatar Financial Centre (QFC) Authority released the survey yesterday during a press conference hosted in partnership with the Qatari Businessmen Association (QBA).
Associate Director of Dun and Bradstreet South Asia Middle East Ltd, Prashant Kumar, said: “The government’s policy of targeted infrastructure investment to encourage economic diversification and growth in non-hydrocarbon sectors has kept business confidence more or less steady. There has been only a slight decrease in the optimism levels of the non-hydrocarbon and hydrocarbon sectors of five points and three points respectively in Q2, 2013.”
Chief Strategic Development Officer at QFC Authority, Yousuf Mohamed Al Jaida, added: “Qatar’s economy is robust and resilient, as this survey demonstrates. The Qatari business community’s continued optimism is soundly based. The strong growth of the non-hydrocarbon sector shows that economic diversification is gathering momentum. A notable example is the rapid expansion of the financial sector, which the QFC has a mandate to help develop.”
On behalf of QBA, Sheikh Mohamad bin Faisal bin Qassim Al Thani, said: “The Qatari business community is optimistic about our country’s development, which has been and remains a remarkable growth story. We are committed to invest in wealth creation to help meet the goals of the Qatar National Vision 2030, under the wise guidance of the Emir, H H Sheikh Hamad bin Khalifa Al Thani, and Heir Apparent, H H Sheikh Tamim bin Hamad Al Thani, and play our part in diversifying the economy through entrepreneurship and expanding the private sector.”
The survey reveals that the overall Composite BOI score for the hydrocarbon sector has reduced by three points to 12 in the current quarter compared to 15 in the previous quarter, mainly due to a sharp fall in the net profits parameter.
The index value for net profits plunged to five in Q2 2013, a 15 point drop from the Q1 2013 value.
While the index for non-hydrocarbon sector fell five points from the previous quarter to 40 in 2013 second quarter, primarily because of a sharp drop in optimism about sales.
The BOI for the volume of sales parameter has plummeted by 21 points to attain a value of 40 in the current quarter, as compared to 61 in the previous quarter. The New Orders parameter has held steady at 56.
The Peninsula
