After Saudi Arabia, now the situation in the UAE is worrying, 70% of business may close

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Dubai, Friday 22 May 2020

The Corona virus has hit the world's economies, including oil-rich Saudi Arabia and the UAE.

Saudi Arabia has imposed a 15 per cent VAT to save its sinking economy, a situation similar to that of the UAE now, with falling crude oil demand hitting the UAE hard.

Corona virus has now shut down businesses in Dubai, with about 70 per cent of businesses shut down in the country, according to a recent survey by the Dubai Chambers of Commerce.

The survey, released by the Dubai Chambers of Commerce on Thursday evening, found that more than 90 per cent of Dubai-based companies said their sales and turnover had fallen sharply in the first quarter of 2020. If this continues, 70 per cent of the companies in the country could be locked up in the near future.

The Dubai Chamber of Commerce reports that the tourism, real estate, hotel-restaurant and retail industries are in crisis, with almost all tourism companies at a loss, while 50 per cent of real estate companies have gone bankrupt.

People involved in the retail industry say their work has dropped by 70 per cent, and the next quarter results will be dire, with 48 per cent of companies surveyed saying they have no prepared plans to deal with the epidemic.

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