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Wed 29 Apr 2020 12:23 PM

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British firms in the UAE report cash flow, revenue concerns amid Covid-19

Just 5% of British Business Group members in the UAE have benefited from government assistance

British firms in the UAE report cash flow, revenue concerns amid Covid-19

Statistics from the British Business Groups in Abu Dhabi and Dubai show that one-third of British businesses in the UAE foresee revenue drops of more than 50 percent in 2020

A large proportion of British businesses in the UAE are concerned about cash flow and revenue drops amid the coronavirus pandemic, according to new figures released by the British Business Groups in Abu Dhabi and Dubai.

According to the statistics, 62 percent of members cited finance and cash flow as their primary concern, while 54 percent forecast significant declines in revenues.

One third of businesses predicted revenue drops of more than 50 percent this year.

Additionally, 65 percent of British Business Group members said that they would like more clarity on what government assistance schemes are available to them, with only 5 percent saying they have so far benefitted.

The statistics show that 75 percent of firms said they will increasingly turn to web technology to facilitate meetings and workforce management, with 51 percent planning to digitise more as a result of the disruptions caused by Covid-19.

To assist its members during the pandemic, the British Business Groups have launched a new online portal that provides advise on legal and business continuity issues.

Bilateral trade between the UAE and the UK stands at almost $21.1 billion in goods and services. The country is home to over 100,000 British expats and is visited by 1.5 million British visitors each year.

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