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.
The Dubai Chamber of Commerce in late April surveyed 1,228 CEOs across a range of sectors during the city’s strictest lockdown period.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, during the emirate’s strictest lockdown period. Nearly three-quarters of those surveyed 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: 27% said they expected to lose their businesses within the next month, and 43% expect to go out of business within six.