Corona strikes on UAE economy, 70% of business may stop

May 23 2020 01:39 PM
Corona strikes on UAE economy, 70% of business may stop

Dubai: At present, the world is constantly battling the global outbreak of Corona. In view of this, lockdown is in force in many countries and economic activities are badly affected. The global economy is in great disarray. Various countries of the world have taken many steps for the faltering economy.

In the sequence, after raising the VAT to 15% in view of the falling economy of Saudi Arabia, now the United Arab Emirates (UAE) economy is also seen with a cloud of apprehension. Many businesses in Dubai have reached the verge of closure. The oil-based semi-system UAE has been suffering heavy losses due to reduced demand for crude oil and prices, which have led to the closure of businesses in Dubai.

A survey by the Dubai Chamber of Commerce has revealed that about 70% of the UAE's businesses may close in the next six months due to the Coronavirus epidemic. The survey said that according to more than 90% of Dubai's companies, their sales and turnover have fallen drastically in the first quarter of 2020. If this continues, then in the coming days, 70% of these companies could be locked up.

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