Business confidence in Dubai on the rise

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Dubai’s business environment is expected to see positive momentum in the third quarter of this year.

That's according to a new survey by Dubai Chamber, which indicates rising confidence among companies and investors ahead of Expo 2020.

Sixty-six per cent of respondents said they expect to see better business conditions during the quarter, compared to 51 per cent who said the same in the previous quarter.

The government's proactive approach, economic stimulus initiatives and progress of vaccination drive are the key factors behind the positive outlook.

Around 57 per cent of business leaders said they expect a recovery in oil prices to positively affect the business environment in the third quarter, while 62 per cent said global restrictions on trade and travel would be a risk impacting business conditions in the emirate.

The survey also found that SMEs, in particular, were more optimistic about Dubai’s economy in the short term compared to large companies, while debt collection, late payments, strong competition in prices and the high cost of raw materials were identified as key challenges and risks.

"The findings demonstrate Dubai’s success in minimising the impact of the COVID-19 pandemic through a series of policies, initiatives and measures that have ensured a favourable business environment and addressed new challenges created by the pandemic," said Hamad Buamim, President & CEO of Dubai Chamber.

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