Claims of UAE’s economy may stop 70% of business

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Business Desk, Web4Study, New Delhi
Updated Sat, 23 May 2020 12:33 PM IST

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The world is constantly reeling from the havoc of the global pandemic Corona. In view of this, the lockdown is in force in many countries and economic activities are badly affected. The global economy is in crisis. Countries have taken several steps for the faltering economy. After Saudi Arabia raised VAT to 15 per cent in view of the declining economy, the United Arab Emirates (UAE) economy is now under cloud.

Business in Dubai is on the verge of closure
The UAE is facing losses due to low demand and prices of UAE crude oil, due to which businesses in Dubai are now on the verge of closure. A survey by the Dubai Chamber of Commerce has revealed that around 70 percent of the UAE’s businesses may close in the next six months due to the Corona virus epidemic.

The survey said that according to more than 90 per cent of Dubai-based companies, their sales and turnover have fallen drastically in the first quarter of 2020. If this continues, then 70% of these companies could be locked in the future.

The condition of these industries is bad
It has been reported in this report that tourism, real estate, hotel-restaurant retail industry are in bad condition. Almost all tourism companies are in loss, while 50 percent of real estate companies may go bankrupt. Those in retail industry say that their work has fallen by 70% and the results for the second quarter will be even more terrible. 48% of the companies surveyed said that they have no ready plan to overcome this epidemic. However, some of these companies say that they have taken some measures to limit the outbreak of Kovid-19.

Number of infected more than 5.3 million
It is known that the number of people who died due to this virus has increased to more than three lakh 40 thousand and the number of infected people has reached more than 53 lakh. While more than 21 lakh 58 thousand people have beaten Corona. The number of dead in the most affected country in the world has crossed 97 thousand and more than 16 lakh 45 thousand people are infected.

abstract

  • The global economy is facing a crisis because of Corona.
  • The economy of the United Arab Emirates (UAE) is also clouded with apprehension.
  • 70% of UAE’s businesses may close in the next six months.

Detailed

The world is constantly reeling from the havoc of the global pandemic Corona. In view of this, the lockdown is in force in many countries and economic activities are badly affected. The global economy is in crisis. Countries have taken several steps for the faltering economy. After Saudi Arabia raised VAT to 15 per cent in view of the declining economy, the United Arab Emirates (UAE) economy is now under cloud.

Business in Dubai is on the verge of closure

The UAE is facing losses due to low demand and prices of UAE crude oil, due to which businesses in Dubai are now on the verge of closure. A survey by the Dubai Chamber of Commerce has revealed that around 70 percent of the UAE’s businesses may close in the next six months due to the Corona virus epidemic.

The survey said that according to more than 90 per cent of Dubai-based companies, their sales and turnover have fallen drastically in the first quarter of 2020. If this continues, then 70% of these companies could be locked in the future.

The condition of these industries is bad
It has been reported in this report that tourism, real estate, hotel-restaurant retail industry are in bad condition. Almost all tourism companies are in loss, while 50 percent of real estate companies may go bankrupt. Those in retail industry say that their work has fallen by 70% and the results for the second quarter will be even more terrible. 48% of the companies surveyed said that they have no ready plan to overcome this epidemic. However, some of these companies say they have taken some measures to limit the outbreak of Kovid-19.

Number of infected more than 5.3 million
It is known that the number of people who died due to this virus has increased to more than three lakh 40 thousand and the number of infected people has reached more than 53 lakh. While more than 21 lakh 58 thousand people have beaten Corona. The number of dead in the most affected country in the world has crossed 97 thousand and more than 16 lakh 45 thousand people are infected.

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