Some 63% of CEOs and business managers in Dubai anticipate improvements in the emirate’s business climate in 1Q 2024, with Dubai Chambers’ Business Climate Index for the quarter reaching 168 points, up from 144 points last year, according to a Dubai Chambers statement. The survey is based on responses from 507 Dubai-based CEOs and managers.

Demand + sales outlook is high: Sixty percent of participants expect sales will grow q-o-q, while 29% predict sales to remain stable, according to the survey. Some 57% are planning to diversify their products and services, while 47% aim to boost production capacity.

Plenty will be seeking capital: Some 42% businesses are seeking additional capital during the quarter, the survey said, adding that 44% are planning to increase digital advertising budgets.

Cost management is also underway: Forty three percent of respondents plan to review or change their suppliers, and 41% aim to renegotiate rent or relocate to more cost-effective spaces, according to the survey.

REMEMBER- Rentals for office spaces are expected to climb 10-15% y-o-y in 2024 as new market entrants continue to pour into the emirate amid a booming property market, while established entities expand operations. Prices rose 21% y-o-y in 2023, with the sharpest increases witnessed in Downtown Dubai (45%) and Business Bay (36%), while sales prices rose 23% y-o-y.

A lot of businesses are looking to expand, with41% of respondents saying expansion is on the cards in 1Q 2024, the survey said. The GCC, India, UK, US, Egypt, and South Africa were the most common targets for expansion, it found. Of the 59% who said they do not plan to expand their operations geographically during the quarter, 25% are concentrating on local market growth.

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