Business

Dubai Economy engages with firms to gauge Covid-19 impact

Dubai Economy engages with firms to gauge Covid-19 impact

Dubai Economy has continued its efforts in ensuring business continuity and competitiveness in Dubai by engaging with over 1,574 firms and 10 business groups to gauge the impact of Covid-19.

The firms took part in an impact survey hosted by Dubai Economy's single business engagement platform EngageDXB, polling the impact of the Covid-19 crisis and for a programme to assess the future economy. 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.

Dubai Economy launched a business impact survey in March 2020 at the start of the pandemic in Dubai through which about 1,324 companies took part across three stages. The survey, still underway, set out to explore various aspects, such as the size of the Covid-19 impact on businesses and employees alike, the role of economic incentives in supporting business continuity, and future prospects as well as expectations of companies and their readiness to deal with the crisis.

Companies and businesses were evaluated based on their size, type, and nature of investment; revenue; top three concerns at present; changes in human resource management policies; layoffs; changes in employee salaries; corporate financial flows; sales; and awareness of the situation as well as changes taking place beyond Covid-19.

The responses received identified the nature of incentive plans and initiatives needed in the emirate, which in turn will optimally assist companies in restarting growth and developing strategies that will also contribute to overall economic recovery. The next stages of the survey will continue to monitor and measure the business impact during each stage of the market re-opening as well as identify the required precautionary measures.

Mohammed Shael Al Saadi, CEO of Corporate Strategic Affairs in Dubai Economy, said: "We have an active Business Community Engagement programme in place to serve the interests of the various business groups and councils. We listen to feedback and ideas to improve our economy, especially as the Covid-19 crisis has further strengthened the engagement process, where both the business community and Dubai Economy have consulted each other to share ideas and feedback. 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."

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