Saturday, Apr 4, 2020
International Finance
Economy Featured

Study shows 75% of consumers positive about Dubai economy

Dubai economy
Government initiatives coupled with reforms have improved employment and personal finances in the emirate

Bold initiatives coupled with reforms have improved Dubai’s economy in terms of employment and finances. The Consumer Confidence Index of Dubai Economy showed that 75 percent of them are positive about the emirate’s employment situation over the next one year . 

The survey was conducted during the last quarter of 2019. It appears that 74 percent of the UAE nationals and expats have rated the economy to be good or excellent. However, 25 percent of the respondents believe that the economy is under recession. Also, the percentage of respondents who believe that the economy will recover over the next 12 months decreased to 41 percent from 55 percent. 

Mohammed Ali Rashed Lootah, CEO of the Commercial Compliance & Consumer Protection (CCCP) sector in Dubai Economy, told the media that, “Dubai’s economy recorded positive results during Q4 2019 as a result of the initiatives launched by the government as directed by Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai. The public and private sectors responded overwhelmingly to these initiatives consolidating optimism among various communities and attracting more domestic and foreign investments in varied sectors.” 

Nearly 77 percent of UAE nationals are currently confident about finding a job. Of those nationals, 22 percent describe the situation as excellent, while 55 percent as good. 

Employment was a huge concern for expats and nationals in the fourth quarter of 2019. About 86 percent of consumers said that they are easily able to meet day-to-day expenses. The Consumer Confidence Index draws insights into consumer’s perception of the economy.

Leave a Comment

* By using this form you agree with the storage and handling of your data by this website.