Dubai Traders Seek Bailout Scheme to Offset Crisis Impact: Survey

DUBAI - Dubai traders seek government support to run their businesses smoothly because tight liquidity situation has made their life miserable, according to a survey.

By Abdul Basit

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Published: Mon 30 Mar 2009, 11:58 PM

Last updated: Thu 2 Apr 2015, 7:46 AM

These, among other issues, were raised during a Dubai Chamber seminar on Sunday, which covered three important topics, including Dubai traders’ expectations for 2009, export performance of Dubai Chamber members and their future challenges and exploring export markets for Dubai exports businesses.

The survey, conducted by Dubai Chamber during the last quarter of 2008, shows that 36 per cent of Dubai traders expect the liquidity crunch to last for six months to one year, while 46 per cent expect it to last longer.

Traders look upon the government to support their efforts through comprehensive bailout scheme for financial institutions, including the small firms, and policies to encourage financial institutions to provide greater access to capital.

Traders are also asking the government to provide subsidies to lower cost of their operations and improve their competitiveness.

These could be in the form of direct subsidies, lower fees for Government services and lower import tariff and port services, and regulations of transport and property rental costs.

The outlook for the current year is lowered in comparison to last year when oil prices were high and negotiations for FTA and purchase of planes and high-end products were continuing with developed countries, according to the survey.

· abdulbasit@khaleejtimes.com


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