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Dubai’s consumers are very optimistic about the labour market and are anticipating better job opportunities in the coming 12 months, according to the quarterly consumer confidence survey conducted by the Department of Economic Development (DED) for the third quarter of 2013, reports Gulf News.
While 83% of the participating consumers rated current job prospects as excellent or good, 92% showed strong confidence in the job market. A major driver of the growing optimism is the tourism boom and the increase in rentals and property prices across Dubai.
Dr Abdul Hameed Radwan, UAE based economist, advised that this result could be attributed to the healthy business environment in the Emirate as well as to the sustainable performance of most of the business sectors in the market.
“This year, Dubai market has shown to be more attractive to a lot of businesses as a lot investments did inflow to the emirate and it is anticipated to sustain this performance on the long run. Government policies and initiatives that have been put in place have made business conditions more favourable, as well as enhancing consumer confidence,” Dr Radwan added.
More consumers believe that the state of economy will improve in the next 12 months, while the percentage of those who believe that the Dubai economy is still affected by recession decreased to 17% from 23% in Q2 2013.
Almost 42% of respondents believe the state of the economy will be excellent during the next 12 months while 73% predict a strong economic recovery during the same period, this compares with 67% in the second quarter, according to the survey.
Omar Khalifa, Deputy Chief Executive Officer of Commercial Compliance and Consumer Protection (CCCP) sector in DED: “The unique strengths of Dubai as a land of opportunity and its varied lifestyle choices are being cemented by recent developments as is reflected in consumer perceptions. Consumers are confident that Dubai will continue to grow over the next 12 months and such optimism will in turn support growth.”