Dubai: A recent survey conducted by Dubai Chamber of Commerce and Industry (Dubai Chamber) has revealed that business confidence in Dubai has reached its third highest level in the last 10 years as organizations in the emirate begin to see the positive impact of Expo 2020 Dubai.
The Quarterly Business Leaders’ Outlook Survey by Dubai Chamber reported that 76 percent of the surveyed remarked better business confidence in the fourth quarter of 2021, compared to just 66 percent and 48 percent in the third and second quarters of 2021 respectively.
THE EXPO 2020 EFFECT
Reiterating the importance of the global mega event, Expo 2020 Dubai, 78 percent of the survey respondents expected the event to benefit their businesses in the coming months. Moreover, 83 percent of business leaders expected an improvement in business conditions in in the last quarter of 2021, compared to just 66 percent and 51 percent of business leaders expecting the same in the third and second quarters of the year respectively.
Global supply chain restrictions were identified as a key challenge for business leaders, along with a rise in global commodity prices.
Sharing his remarks about the newly revealed survey results, HE Hamad Buamim, President & CEO of Dubai Chamber observed that the findings reflect growing optimism within the local business community and promising economic prospects that are being created by Expo 2020 Dubai.
Increased government support for the private sector, success in overcoming COVID-related challenges, new business incentives, easing travel restrictions and higher oil prices are among the other key factors that contributed to the positive outlook, the Dubai Chamber President & CEO further explained.
HE Buamim remarked that sectors such as trade, tourism, hospitality and logistics are expected to see the most business activity during Expo 2020 Dubai, adding that the mega event should create far-reaching benefits that will reach other market segments as well and drive the emirate’s sustainable growth and economic progress.