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Business sentiment in Dubai has surged as companies are feeling upbeat about the impact of Expo 2020 Dubai, according to a new survey released on Sunday by the Dubai Chamber.
Most business leaders (83 percent) polled for the latest Business Leaders’ Outlook Survey said they expect conditions to improve in the fourth quarter of 2021, up from 66 percent who shared the same view in the previous quarter.
Most respondents (78 percent) also said they expect their business to benefit from Expo 2020 in the coming months, while 76 percent have already noted improved conditions in the current quarter.
“Business confidence in Dubai reached its third-highest level in 10 years as companies in the emirate begin to feel the positive impact of Expo 2020,” Dubai Chamber said.
Video: Dubai business sentiment rises due to Expo 2020
Dubbed as the biggest in-person event since the start of the coronavirus pandemic, Expo 2020 Dubai is expected to attract around 30,000 visitors each month.
Conditions, challenges
Business conditions in the UAE’s non-oil economy showed robust improvement recently, with output and new orders rising strongly in September 2021, according to the IHS Markit.
In Dubai Chamber’s survey, businesses said they continue to face challenges, such as global supply chain restrictions and commodity prices.
Hamad Buamin, 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.
Also contributing to the improved sentiment, Buamin added, are increased government support for the private sector, success in overcoming COVID-related challenges, new business incentives, easing travel restrictions and higher oil prices.
He said various sectors, such as trade, tourism, hospitality and logistics are likely to see the most business activity during Expo 2020 Dubai.
(Writing by Cleofe Maceda; editing by Seban Scaria)
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