UAE businesses set sight on recovery in the fourth quarter

dubai — Corporate leaders and senior industry executives in the UAE are confident of recovering losses incurred due to the coronavirus outbreak this year and said that business will do soul-searching over the next couple of months to cope with the impact of Covid-19. Most of them believed that their sectors will reach pre-pandemic sales level in the first half of 2021.

Though the trend-curve has moved upward a bit, they believed that around 6070 per cent of the business will only be recovered in the second half of this year, when activity traditionally picks up post summer. As local and international carriers are also expected to resume their regular flights in the coming weeks, this will restart the tourist inflow, giving fillip to the retail, gold and jewellery, tourism and hospitality sectors.

“We expect sentiments to begin improving in the third quarter. By the end of September when economic activity picks up, we will match hopefully 60-70 per cent of business achieved during the same period last year. By the second quarter of 2021, business will be as usual and hopefully normalcy will return, reaching the pre-pandemic period,” said Tawhid Abdullah, chairman of the Dubai Gold and Jewellery Group.

By the second quarter of 2021, business will be as usual and hopefully normalcy return, reaching the pre-pandemic period Tawhid Abdullah,

Chairman of Dubai Gold and Jewellery Group

We anticipate a strong uptick in demand and sales that will become apparent by fourth quarter of 2020

Farhad Azizi,

CEO of Azizi Developments