From a major push in employment to robust economic progress, Expo 2020 has a lot to offer to the UAE. Image Credit: Gulf News Archive

Dubai: Business confidence in Dubai reached its third highest level in 10 years. A new survey by Dubai Chamber indicates that the Dubai based companies are witnessing the positive effect of Expo 2020.

According to the findings of the Chamber’s quarterly Business Leaders’ Outlook Survey, 76 per cent of respondents noted improved business confidence in the fourth-quarter of 2021, compared to 66 per cent in the third-quarter and 48 per cent in the second-quarter of 2021.

Around 78 per cent of survey respondents said they expect Expo to benefit their businesses in the coming months. In addition, 83 per cent of business leaders expected an improvement in business conditions in the upcoming quarter compared to 66 per cent in the previous quarter. Global supply chain restrictions were identified as a key challenge for business leaders, along with a rise in global commodity prices.

Hamad Buamim
“Increased government support for the private sector, success in overcoming COVID-19-related challenges, new business incentives, easing travel restrictions and higher oil prices are among the other key factors that contributed to the positive outlook,” said Hamad Buamim, President & CEO of Dubai Chamber.

Buamim said trade, tourism, hospitality and logistics sectors are expected to see the most business activity during Expo, 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.