Business confidence in Dubai reached its third highest level in 10 years as companies in the emirate begin to feel the positive impact of Expo 2020 Dubai, a new survey from Dubai Chamber has revealed.

According to the findings of the Chamber’s quarterly Business Leaders’ Outlook Survey, 76 percent of respondents noted improved business confidence in the fourth quarter of 2021, compared to 66 percent in the third quarter and 48 percent in the second quarter of the same year.

Around 78 percent of survey respondents said they expect Expo 2020 Dubai to benefit their businesses in the coming months. In addition, 83 percent of business leaders expected an improvement in business conditions in Q4 2021 compared to 66 percent in the previous quarter and 51 percent in the second quarter. Global supply chain restrictions were identified as a key challenge for business leaders, along with a rise in global commodity prices.

Commenting on the survey results, Hamad Buamim, President and CEO of Dubai Chamber, said the findings reflect growing optimism within the local business community and promising economic prospects that are being created by Expo 2020 Dubai.

Increased government support for the private sector, success in overcoming COVID-related challenges, new business incentives, easing travel restrictions and higher oil prices are among the other key factors that contributed to the positive outlook, he explained.

Buamim said trade, tourism, hospitality and logistics are the sectors that are expected to see the most business activity during Expo 2020 Dubai, adding that the mega event should create far-reaching benefits that will reach other market segments, as well and drive the emirate’s sustainable growth and economic progress.