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Confidence amongst businesses in the UAE on the short term outlook for trade has reached an all-time high since 2009 ? jumping 9 points to 141, according to the latest HSBC Trade Confidence Index.
The UAE scored the highest amongst countries surveyed across the globe. An overwhelming 83 per cent of respondents expect trade volumes to increase over the next six months, of which 49 per cent expect a significant pick up in trade. The positive sentiment has been primarily fuelled by a general increase in global demand or in particular key markets.
?We know that UAE based businesses view Asia as their most promising trade corridor over the short term, but it doesn?t come as a surprise that the rest of the Middle East, Europe and North America are also listed in their trading corridors of choice. Thanks to its strategic geographic location, open trade hub, and currency pegged to the US dollar ? the UAE can truly leverage its trade position with all regions around the world,? said Nicholas Levitt, Head of Commercial Banking for HSBC Bank Middle East, UAE.