The survey, conducted between April 16 and April 22, surveyed 1,228 CEOs of businesses across a range of sectors.Almost half the restaurants and hotels surveyed by the Dubai Chamber expected to go out of business in the next month alone, with three-quarters of travel and tourism companies expecting to close in that time.
A picture shows the closed compound of the Dubai Mall amid the COVID-19 coronavirus pandemic on March 23, 2020 in the United Arab EmiratesDUBAI, United Arab Emirates — A staggering 70% of businesses in Dubai expect to close their doors within the next six months as the coronavirus pandemic and global lockdowns ravage demand, a survey by the Dubai Chamber of Commerce revealed Thursday.
The Chamber surveyed 1,228 CEOs across a range of sectors between April 16 and April 22. Nearly three-quarters of those were small businesses with fewer than 20 employees. Of the respondents, more than two-thirds saw a moderate-to-high risk of going out of business in the coming six months. Some 27% said they expected to lose their businesses within the next month, and 43% expect to go out of business within six.
Dubai, which has one of the most diversified and non-oil dependent economies in the Gulf, relies on sectors like hospitality, tourism, entertainment, logistics, property and retail. Its hotels and restaurants are internationally acclaimed, but nearly half the restaurants and hotels surveyed by the organization expected to go out of business in the next month alone.
"Full and partial city-lockdown measures are bringing demand in key markets to a standstill ... The double-shock impact is pushing economic activity down to levels not seen even during the financial crisis," the Dubai Chamber wrote in its report released Thursday, entitled "Impact of Covid-19 on Dubai Business Community."
The biggest mall in the world. Dubai infrastructure is amazing...
I heared similar thing back in 2008.... This Dubai, it will always teach the doubters a free lesson
Its not only UAE, most of the businesses are closing all over the world but on top of that UAE really needs to bring some major changes on investment policies to attract new/existing investors to survive amid crises
Lockdowns have consequences
Hertz—Airlines—Overpriced corporate restaurants that gouge you—
Are you surprised? Most of the world are doing this, not realizing c19 is fake and has been...but most are acting this way... Gold_Bitches
This may be it.
The business model in Dubai was never sustainable. You can not build a there and expect it to last when there was not another reason for building the place in the first place.
This is gonna hit Special Economic Zones like Dubai and Singapore the hardest...😖
AllahYahdhum
They are paying the price of overconfidence and splurging money on unnecessary things
Fake news
Lol
adabel16
Is it just me or a war is on the way again.
We've shut down the world for a disease with a 96% survival rate.
That’s a lot.
Wow
That is what happens when your economy is not diversified and it is based only on oil.
interesting stats as I am currently in China inspecting factories and there are several hotel projects that are still underway.
Good example of why humans should adapt rather than waste resources and not adapt.
Who cares
I think we the world needs a Coronavirus system in place not a vaccine. Waiting for Vaccine will just end business.
What’s that old Arab proverb about Camels and Ferrari’s
maybe they can sell all of the high end luxury cars, bugattis, lambos etc to stay open?