70% of companies in Dubai expect to go out of business within six months due to the Covid-19 pandemic

According to a study by the Dubai Chamber of Commerce, about 70% of businesses expect them to close their businesses in the next six months, as the coronavirus pandemic and global deficit are destroying demand for goods and services. From April 16 to 22, during the toughest quarantine period, The Dubai Chamber of Commerce conducted a survey of 1,228 CEOs in various sectors. Almost 3/4 of the respondents were small enterprises with less than 20 employees. Of the respondents, more than 2/3 noted that in the next six months the risk of leaving the business will be moderate to high. About 27% said they expect that their business will close down in the following month, and 43% expect to stop all the business operations with the next 6 months. It is worth mentioning that Dubai is one of the most diverse economies in the Gulf region and the least dependent