SMILE, YOU’RE IN UAE
The UAE stands out in the research for its optimism and positive outlook, and a sense that businesses are key drivers to a bright future Rupert Young, Partner, head of Brunswick Gulf
— Residents of the UAE stand out globally for their optimism and positive outlook of the country they live in unlike the less optimistic views of residents of other countries around the world, a research has disclosed.
An overwhelming sense of well-being and security, trust in the capacity of business for doing good, and a upcoming generation that is enjoying more financial stability than its predecessors, are some of the main factors underpinning optimism in the UAE, according to Brunswick Insight’s global research. Brunswick Insight surveyed over 42,000 people in 26 countries — the largest research study undertaken by an advisory firm that looks into global perspectives of national well-being, critical issues facing society, and attitudes to businesses in our history.
“Our global research comes out at a critical time. The world of politics is going through great shifts, and increasingly the onus is on business to be agents of change,” said Rupert Young, partner and head of Brunswick Gulf.
He said the UAE stands out in the research for its optimism and positive outlook, and a sense that businesses are key drivers to a bright future.
“This highlights the importance for companies here to have a greater role in society and the opportunity to develop social purpose as part of their business models.”
A key finding was the unequivocal sense of national well-being among residents of the UAE, across the board, and far beyond that exhibited by any country surveyed.
More than nine-in-ten (92 per cent) residents in the survey believe things in the UAE are going “well,” with 56 per cent saying things are going “very well”. This is compared to the survey’s 26-country average where just 51 per cent believe things in their country are going well and only nine per cent say “very well.”
This positivity is shared across age groups, with more than 90 per cent in each age group thinking saying things are going well. The next most positive country in the survey was Switzerland. At the other end of the spectrum are France, Brazil and Italy, with 20 per cent or fewer think things are going well.
The survey asked who people believe are most capable of solving problems facing their countries, looking at six key institutions: businesses, government, academic institutions, non-profit organizations, the military, and religious institutions.
In the UAE, government comes in first in terms of which institution is most effective in providing solution to major challenges. Business in the UAE is seen as most representative of the interests of “people like you,” with 60 per cent rating it in the top two, and government (48 per cent) and academic institutions (43 per cent)) also came in at the top (compared to world averages of 32 per cent) for government and 41 per cent) respectively in the study).
The survey also looked into insights of how people view business as a whole and their openness to trade and foreign investment.
In the UAE, more than four-infive (82 per cent)) have a positive view of businesses. Three-in-four (74 per cent)) think that businesses in the country are honest and trustworthy. This is in stark contrast to the rest of the world.
However, a small majority (56 per cent)) in the UAE agree that business leaders “do not really understand the challenges I face in my life.”
“There is an opportunity for businesses here to improve their communications and relationships with all their stakeholders to be sure that they are perceived to understand the challenges that their customers face. This is particularly important here in the UAE as the country scales and ages, to avoid the negativity and distrust that is now so prevalent in the West,” said Jeehan Balfaqaih, Partner, Brunswick. Most survey respondents in the UAE expressed a sense of financial security beyond that of the previous generation, and one they felt confident would grow and endure in future generations.
The latest Middle East Consumer Confidence Index survey by Bayt.com and YouGov has shown that more than half of the respondents in the UAE are optimistic about the country’s economy improving, bolstered by a predicted increase in the number of available jobs in the coming months.
The latest Bayt.com and YouGov results showed that 58 per cent of UAE respondents said they are optimistic about the country’s economy improving within the next six months.