Saudi Arabia topped the regional charts of business optimism index at 97, followed by Qatar (89.5), Oman (87.8), Bahrain (86.8) and Kuwait (85.3, HSBC said on Monday in its June 2010 Gulf Business Confidence Index. Business confidence levels in the region's major economies continues to gain positive momentum, with business confidence in Saudi Arabia rising 5.9 percent and that in Qatar by 5.7 percent in the same period. Confidence among the UAE's business community has jumped 12.3 percent since December 2009, the highest among the six GCC countries, HSBC added. Despite the highest growth in percentage terms in the past six months, confidence in the UAE remains at 78.4, the least in the GCC. Across the region, the mood of business people has been trending upwards over the last seven quarters, after a low in late 2008, seen as the height of the financial crisis, the bank said in a statement. While many of the markets surveyed have shown only a slight increase against Q1 2010, the upwards trend is more marked when viewed over the past year. From Q1 2009 to date, the overall index has risen by more than 15 points to 86. Although the overall index remains below the heights of 2007 and early 2008, specific indicators show a positive outlook in key operational areas. Forecast growth for 2010 shows 43 percent see an increase in business turnover in the Middle East, 40 percent see an increase in profit, and 33 percent are planning to increase investment. Over half of respondents were optimistic the next three months would see increasing revenue, and 35 percent anticipate revenue growth from global trade opportunities.
