According to the Dubai Economy, more companies expect better business conditions and an increase in commercial activity due to the Dubai Expo 2020.
60% of companies in Dubai, UAE, are optimistic about better business conditions during 2020, in comparison to the 58% last quarter.
Business owners were less optimistic in 2019, particularly towards the end, with 19% of businesses rating their performance as below standards due to a lag in consumer spending and activity which deteriorated for the first time in ten years.
As a result of this, job numbers significantly fell, with the decline noted by economist David Owens as “one of the quickest recorded.”
Additionally, ambiguity surrounding the US-China trade war also had an effect on entrepreneur sentiments.
However, despite this decline in business activity and optimism, companies in Dubai are now looking forward to the Expo 2020. Opening in October 2020, businesses are counting on the event to unlock future commercial opportunities.
Of the businesses surveyed by the Dubai economy, 56% said they expect a rise in commercial activity as a result of the Expo, 20% expect improvement in business or market conditions and 14% expect “visitor activity” to increase.
In relation to this, a spokesperson for the Dubai economy has stated that: “Improving domestic market conditions and strong prospects for international reach has seen businesses in Dubai welcoming 2020 with optimism.”