78% of business leaders expect Expo to positively impact firms

Inayat-ur-Rahman, Business Editor

Business confidence in Dubai reached its third highest level in 10 years as companies in the emirate begin to feel the positive impact of Expo 2020 Dubai, a new survey from Dubai Chamber has revealed.

According to the findings of the Chamber’s quarterly Business Leaders’ Outlook Survey, 76% of respondents noted improved business confidence in the fourth quarter of 2021, compared to 66% in the third quarter and 48% in the second quarter of the same year.

Around 78% of survey respondents said they expect Expo 2020 Dubai to benefit their businesses in the coming months. In addition, 83% of business leaders expected an improvement in business conditions in Q4-2021 compared to 66% in the previous quarter and 51% in the second quarter. Global supply chain restrictions were identified as a key challenge for business leaders, along with a rise in global commodity prices.

Commenting on the survey results, Hamad Buamim, President & CEO of Dubai Chamber, said the findings reflect growing optimism within the local business community and promising economic prospects that are being created by Expo 2020 Dubai. Increased government support for the private sector, success in overcoming Covid-related challenges, new business incentives, easing travel restrictions and higher oil prices are among the other key factors that contributed to the positive outlook, he explained.

Buamim said trade, tourism, hospitality and logistics are the sectors that are expected to see the most business activity during Expo 2020 Dubai, adding that the mega event should create far-reaching benefits that will reach other market segments as well and drive the emirate’s sustainable growth and economic progress.

Meanwhile, Dubai Chamber, in cooperation with PwC Middle East, recently organised a webinar updating businesses on the legal and practical aspects of data privacy in the UAE.

The webinar was attended by 277 participants, including business owners, managers, lawyers, legal practitioners, corporate counsel, IT professionals, HR managers, risk and compliance professionals, and contract administrators representing a wide range of economic sectors.

Moderated by Phil Mennie, Middle East Data Privacy Leader at PwC Middle East and Richard Chudzynski, Middle East Data Protection and Privacy Legal Leader at PwC Middle East, sessions covered the fundamentals of data privacy and its legal aspects, risks related to non-compliance, and the effects of developing data privacy policies within organisations and companies.

In addition, the speakers explained the UAE’s data privacy laws and elaborated on the rights and responsibilities of companies, as well as the legal implications of using data for business purposes.

Jehad Kazim, Vice President — Legal Services at Dubai Chamber, said that the protection of data should be a top priority for businesses of all sizes and sectors, and noted that such matters have become more important following the digital transformation of various industries.

“Data privacy and protection plans continue to evolve globally and now the UAE has launched several digital initiatives designed to prepare the country for the future. A new data law for the UAE was recently announced as part of the forward thinking ‘Projects of the 50’ and clearly illustrates UAE’s commitment to creating a safe and transparent data environment for its citizens and businesses,” said Phil Mennie, Middle East Data Privacy Leader, PwC Middle East.

“That being said, it is truly an exciting time to be working in data protection in the UAE and to be building trust, delivering sustained outcomes and transparency for private, public institutions and people” Mennie added.

Dubai Chamber regularly organises training seminars and workshops to raise awareness about important matters and issues impacting the business community in Dubai. These events fall in line with its strategic objectives of creating a favourable business environment and supporting business growth in the emirate.

Meanwhile, Dubai Chamber recently organised a virtual event, titled Grow your Business Globally with eBay, which supported UAE-based companies that are keen on expand their businesses by boosting sales through the online marketplace.

The webinar was held as part of the eBay for Business - UAE Programme launched earlier their year under Dubai Chamber’s partnership with eBay. The event featured presentations from Daniel Biran, Business Development Manager, Global Emerging Markets, eBay; Muhammad Irfan, BS Broadcast, Refurbished and Broadcasting equipment; and Muhamad Qasim, Model Automotive Parts, Auto Spare Parts and Accessories.

During the webinar, speakers offered valuable insights on export opportunities on eBay that offer the most potential for UAE businesses, and shared success stories of companies that have leveraged the platform to expand their online business.

During his welcome address, Hassan Al Hashemi, Vice President of International Relations, Dubai Chamber, noted that the Chamber has long supported local businesses in setting up and building their online presence, adding that the launch of eBay for Business - UAE Programme will help UAE companies reach new customers and connect them with trusted buyers and sellers.

“There are around 5,000 UAE-based companies that currently sell on eBay. Over 300,000 items were exported by the UAE based sellers during 2020. And through the eBay for Business programme, UAE companies can stay one step ahead by accessing new markets, creating new revenue streams, expanding their online presence and capitalising on new business opportunities,” Al Hashemi said.

Established in 1965, the Dubai Chamber of Commerce & Industry is a non-profit public entity, whose mission is to represent, support and protect the interests of the business community in Dubai by creating a favourable business environment, supporting the development of business, and by promoting Dubai as an international business hub.