InvestorQ : Is it true that the city of Dubai may face huge losses due to the Coronavirus pandemic?
Lavanya Subramanian made post

Is it true that the city of Dubai may face huge losses due to the Coronavirus pandemic?

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ishika Banerjee answered.
8 months ago
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It is estimated that nearly 70% of the businesses currently operating in Dubai may have to wind up in the next 6 months if the COVID-19 pandemic ahs a deep impact in slowing demand. According to a survey, more than two-thirds of businesses saw a moderate-to-high risk of going out of business in the next six months. Dubai is one of the few cities in the Middle East, which depends less on oil and more on sectors like hospitality, tourism, entertainment, logistics, property and retail. Ironically, all these sectors have taken a big hit on account of the pandemic lockdown. However, the Dubai Chamber of Commerce has disputed the survey on the grounds that a sample of 1228 companies cannot be representative of the total of 245,000 companies in Dubai. The chamber is confident that business confidence will improve significantly in the coming months as businesses return to normal operations. However, this is something we may only know by end of the year.

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