Nearly three quarters of the region’s construction and manufacturing SMEs are optimistic about the business conditions in the next 12 months, according to Mastercard.

Confidence levels for small and medium enterprises were highest among businesses in retail, while construction and manufacturing had the most businesses forecasting increases to steady revenues, the credit card company’s MEA SME Confidence Index revealed. 

The report showed that construction and manufacturing had the best forecasts, with 76 percent of SMEs projecting revenues that will either grow or hold steady. Half, or 50 percent, are projecting an increase.

Mastercard said 56 percent of small and medium sized enterprises (SMEs) in the Middle East and Africa (MEA) region’s construction and manufacturing sector have identified upskilling staff, 56 percent easier access to credit, and 52 percent better data and insights, as the top drivers for growth.

The chief concerns over the next 12 months, were the rising cost of doing business, which 60 percent said was their biggest concern, while 47 percent cited access to capital.

Maintaining current staff levels was the biggest concern for 47 percent, training and upskilling staff, 44 percent, finding the right talent for new needs, 39 percent, and mental and physical wellbeing 39 percent, highlighting the growing trend around the development of people as a key theme for small business success, Mastercard said.

(Writing by Imogen Lillywhite; editing by Seban Scaria)

Imogen.lillywhite@refinitiv.com

This article is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Read our full disclaimer policy here. 

© ZAWYA 2021