By Innovation-sa on September 13, 2018 in News
The EY Barometer, an annual survey of growth strategies among entrepreneurs and middle-market leaders, found that Saudi-based businesses are more optimistic about revenue growth and business opportunities in the Kingdom in 2018 than last year.
The survey revealed that 33 percent of middle-market businesses in Saudi Arabia foresee a growth of more than 10 percent this year and sixty percent are targeting a growth of 6-10 percent, a 24-percentage hike compared to last year’s survey results.
Over one-third of the Saudi population considers regulations and reforms set by Crown Prince Muhammed bin Salman as the key driver of innovation, a 28-percentage points increase since 2017. 73 percent respondents are looking forward to IPO, 29 percent waiting for overseas expansion and 18 percent for domestic growth – as another sign of gaining business confidence.
Fahad Aloaimi, the Managing Partner of EY in Saudi Arabia said that the ambitious growth expectations of Saudi middle-market quoted in the survey far outstrips the International Monetary Fund’s 2018 GDP growth forecast of 1.7 percent and that this is very encouraging for Saudi businesses. “This is very encouraging for Saudi businesses- one of the key goals of Vision 2030 was to increase participation from middle-market businesses in the economy, and this has clearly boosted confidence”, he added.