UAE - Mubasher: The expectations of business leaders on factors affecting business conditions in Dubai during the third quarter (Q3) 2021 have greatly improved, when compared to the earlier quarter, as shown by a survey released by the Dubai Chamber.
Confidence among companies and investors about the positive momentum expected to be witnessed in Dubai’s business conditions in Q3-21 has increased ahead of Expo 2020 Dubai, the Business Leaders’ Outlook for Q3-2021 found.
The Business Leaders’ Outlook for Q3-2021 reflected that the improvements in confidence were namely seen in the category of financial transactions.
The survey showed that 66% of respondents predicted to see better business conditions in Q3-21, compared to 51% in the previous quarter.
Meanwhile, 66% of business leaders surveyed were more optimistic about the business environment, compared to 48% in the second quarter.
Around 57% of business leaders forecast that a recovery in oil prices will have a positive impact on the business environment in the third quarter, while 62% of them said global restrictions on trade and travel would pose risks to Dubai's business conditions.
In the meantime, small and medium-sized enterprises (SMEs) were more optimistic about Dubai’s economy in the short term compared to large companies serving regional and global markets, according to the survey.
These results are the highest readings of the survey since the last quarter of 2014, attributed to the pro-active approach of government, growing domestic demand, economic stimulus initiatives, and progress of vaccination.
