64% of Egypt's businesses are more optimistic about future in the market

Egypt’s businesses are more optimistic about their future than they were a year ago and their expectations for sales growth are the strongest in the Middle East, according to a new HSBC report released on Tuesday.

The latest HSBC ‘Navigator: Now, next and how’ survey of over 9,100 companies in 35 countries and territories found that 64 percent of businesses in Egypt are more optimistic now than they were this time last year.

"88 percent of survey respondents expect their sales to rise over the next 12 months, making Egypt’s businesses the most optimistic compared to other surveyed countries in the Middle East, such as the UAE, Turkey and Saudi Arabia," the report said.

According the report, two in five Egyptian businesses expect to grow by 15 percent or more, compared to only a quarter globally and one-third in the Middle East.

Country Head of Commercial Banking at HSBC Egypt Richard Lelong said that due to the strength of Egypt’s economy, businesses in Egypt are becoming more confident about growth.