Dubai Economy takes pulse of businesses to gauge the impact of Covid-19

More than 1,574 firms and 10 business groups participated in an online survey

Dubai Economy is engaging with business groups and companies to gauge the impact of coronavirus pandemic on their businesses . Alamy

Dubai's Department of Economic Development is embarking on a major survey of companies to gauge the impact the coronavirus pandemic has had on the economy.

Around 1,574 firms as well as business groups have already taken part in the survey run by the department, also known as Dubai Economy, through its EngageDXB virtual platform, it said in a statement on Monday.

“The purpose was to identify the challenges and repercussions of the pandemic within a short span of time and ensure the flexibility and sustainability of the emirate’s economy through consultations and maintain continuous engagement with 10 business groups comprising over 2,000 companies,” Dubai Economy said.

Last week, Dubai allowed many businesses to resume normal operating hours after stay-at-home directives in place for three months were lifted following a drop in the number of active coronavirus cases. The emirate is also allowing people to travel abroad on holidays and will welcome back visitors and tourists from next week.

The business impact survey was rolled out in March and about 1,324 companies took part in the first three months – 702 in March, 251 in April and 370 in May.

The survey, which is still ongoing, is seeking responses on how Covid-19 and the measures put in place to stop its spread has affected businesses and employees, the role of economic incentives in supporting business continuity, and companies' future prospects.

“Our digital engagement through EngageDXB has strengthened and enabled us to reach out to the business community instantly to hear and work on recommendations to resolve on-ground challenges. EngageDXB will be the business engagement platform for the economy to sustain public and private sector relationships,” Mohammed Shael Al Saadi, Dubai Economy's chief executive of corporate strategic affairs, said.

Dubai Economy also held consultations with business representatives to discuss any concerns on safety guidelines and protocols to ensure the safe reopening of businesses. Consultations have been held with 52 shopping malls, 16 retailers, 20 F&B manufacturers, five food aggregators and five banks.

The UAE has so far introduced Dh256 billion in stimulus measures to help offset the impact of Covid-19 on the economy.

The measures consist of zero interest funding to encourage banks to lend more. Governments in each emirate also launched several other initiatives, including discounted utility bills and waivers of fees.