Due to Covid-19 pandemic, thousands of businesses are at risk and some even had gone Bankrupted. Due to State Subsidized Loan, handling Salaries for the workers which is one of the big issue disturbing many businesses for which Dubai’s Private Sector has advised for government interventions in assistance of covering workers’ salaries and reducing taxes, which could help them to survive Coronavirus. Dubai the world most visited tourist destination is now facing finical crises Due to Outbreak of Covid-19.
Many Family owned Business communities call for state’s help to Speed up the payments for contractors and suppliers by also reducing percentage from 5% to 2% sales tax, Financial Times in Dubai had seen the proposal, but also claim for the reduction of utility bills and duties by almost 50% . After studying the proposal by Emirate’s top Strategic council on Sunday Chamber of Commerce hosted a meeting which was between His Highness Sheikh Mansour bin Muhammad Al Maktoum Son of ruler of Dubai and senior private sector representatives, Meeting went to positive path and said the Government and Private Sector should be supporting each other’s back which could help to create a flexible Economy to overcome challenges to pass this stage of pandemic and move stronger forward, signed by Chairman of Dubai Commerce and Industry, Majid Al Ghurair,
Dubai is an open Economy which heavily depends on Tourism, Trade, Retail and Transportation, after been on Global Lockdown it had been harsh situation for Dubai and 24 hour curfew on last month on Emirate also had caused Expo 2020 pushed ahead by year.
Dubai is the one the emirate in Middle East which lacks in crude Oil resources, whereas it Capital Abu Dhabi which is Oil Profit nation has left it behind with fewer profit measures.