MENA Residents Become Richer

Survey shows majority of residents are either the same or better off than this time last year.

The latest Consumer Confidence Index, conducted by Middle East job site Bayt.com and YouGov, has revealed that the majority of MENA residents have either maintained or improved upon their financial status in the past 12 months, with more positive sentiments for the year to come.

While roughly a third of regional respondents experienced a decrease in their finances in comparison to 2011, 34 per cent stating that they have not had any change at all and 27 per cent claim to have an improved financial situation.

Suhail Masri, vice president of sales at Bayt.com said: “Feelings towards economy, commerce and employment are relatively consistent across the MENA region, while regional sentiment for the current situation remains relatively low.

“However, there is always hope for a more positive tomorrow. That employees feel secure in their current job is a welcome find.”

Only 12 per cent claim that there are jobs readily available. The MENA-wide sentiment is that remuneration and compensation are not keeping pace with the cost of living, with 40 per cent of respondents stating dissatisfaction with their current job and career prospects along with chances for growth

Despite this, job security appears not to be too much of an issue for professionals in the MENA region; 61 per cent say their job security is ‘neutral’ to ‘high’.

“With the majority of people stating that their financial situation has either remained the same or improved over the last year, it may be that the positive outlook for the future may be realistic,” said Sundip Chahal, CEO, YouGov.

“While the majority say that now is a bad time for business, there are some countries that are clearly experiencing a more positive commercial atmosphere – which, undoubtedly, is a good sign for things to come.”

The overall sentiment is that there will be little growth in terms of number of employees in companies in the coming three months, with 37 per cent stating that they feel ‘neutrally’ about staffing requirements being met. As far as the year ahead is concerned, the outlook is positive across MENA.