Business confidence in Dubai gained its third-highest level in 10 years as companies in the emirate begin to feel the positive impact of Expo 2020 Dubai, a new survey from Dubai Chamber has revealed.
According to the Chamber’s quarterly Business Leaders’ Outlook Survey, 76 percent of respondents stated an increase in business confidence in the fourth quarter (Q4) of 2021, up from 66 percent in the third quarter (Q3) and 48 percent in the second quarter (Q2) of the same year.
Around 78 percent of survey respondents said they expect Expo 2020 Dubai to benefit their businesses in the coming months. However, 83 percent of business leaders expected an improvement in business conditions in Q4 2021 compared to 66 percent in the previous quarter and 51 percent in Q2. Global supply chain restrictions, as well as an increase in global commodity prices, have been cited as major challenges for business leaders.
Commenting on the survey results, Mr. Hamad Buamim, President and CEO of Dubai Chamber, said the findings reflect growing optimism within the local business community and promising economic prospects that are being created by Expo 2020 Dubai.
Other major elements that contributed to the good outlook include increased government support for the private sector, success in overcoming COVID-induced challenges, new business incentives, easing travel restrictions, and higher oil prices.
Mr. Buamim further said that the trade, tourism, hospitality, and logistics are the sectors that are expected to see the most business activity during Expo 2020 Dubai, adding that the mega event will have far-reaching benefits that will reach other market segments, as well as support the emirate’s sustainable growth and economic progress.