Dubai Will Reopen to Tourists in July. How Will it Affect the Stock Market? #Dubai - Dubai City Guide
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Dubai Will Reopen to Tourists in July. How Will it Affect the Stock Market?
(9 July 2020)

 

Despite having found close to 50,000 COVID-19 cases, the United Arab Emirates is not among the hardest-hit countries by the global pandemic and based on the latest statistics, daily new cases had eased as compared with the month of May when a peak of 994 cases had been reached.

With the situation on a positive track, Dubai authorities had already announced tourists will be able to visit Dubai starting from July 7th, although strict guidelines will apply for those traveling through airports. As economic activity gets back to normal, the big questions are how quickly the recovery will occur and at the same time, what effects should be expected on the stock market now that companies could start to see an increase in revenue.

Tourists to comply with strict rules

Appropriate visa entry permits, medical travel insurance, a complete Health Declaration Form, registration on the COVID-19 DXB app, and the signing of a form declaring they won’t bear all costs of treatment or quarantine, are the requirements all tourists visiting Dubai from July 7th will need to comply. Things will be completely different as compared to a year ago and all tourists must be fully aware of this.

Additionally, they will need to undergo thermal screenings at airports, with airlines having the right to reduce anyone with COVID-19 symptoms. Wearing masks and strict social distancing measures are mandatory. At the same time, all individuals will need to provide a recent COVID-19 negative certificate with a maximum validity of four days.

Although initially it was assumed that the new coronavirus won’t infect too many people living in hot areas, The United Arab Emirates is a great example of a country where the spread can accelerate when people don’t obey restrictions.

Opening for tourists good for businesses

Imposing travel restrictions had been a huge hit for the tourism industry in Dubai. Since companies were heavily exposed via hotels, restaurants, bars, etc. their revenue dropped sharply, but now that tourists will be allowed starting from July, things should get back to normal gradually. Social distancing measures and wearing masks as well as the fear of the virus continuing to spread will definitely have an impact on the number of people willing to visit Dubai.

Optimism around the reopening had started to build up since April on the stock market. The DFMGI, which is the most important index in UAE, jumped from 1,700 to currently around 2,050. That’s in line with most of the global stock markets, which had been rising on optimism around a V-shaped recovery, and also on stimulus from global central banks. Retail traders had been increasingly active during the past few months, buying stocks, futures, and CFDs, as they rushed to not miss the stock market recovery.

An increasing number of tourists will mean higher revenue for companies in Dubai and although the number will be poorer as compared to 2019, it is important for them to keep their activity going. No company can survive without revenue for an extended period of time and the opening up for foreigners will act as a relief.

What should tourists expect?

Aside from the restrictions imposed to prevent the spread of the coronavirus, tourists wanting to visit Dubai should be aware of several other aspects. On June 24th, Dubai Police had issued a new circular stating that all bars and pubs must stop serving alcohol immediately. According to the notice: “We would like to inform you that it has been decided to close all bars and pubs and stop serving alcoholic beverages as of Wednesday 24/06/2020 until further notice. Kindly inform and abide by the decision to close in order to avoid legal issues. You will be notified to restart at a later time.”

However, venues registered as restaurants can continue to serve alcohol as long as people order a meal as well. The rules could change in the meantime, but right now, this is still valid and all tourists must be aware of it. Local people are accustomed to such rules but from it comes from Western World tourists, it might seem a little odd, given there had never been a similar restriction imposed in recent history.

Despite the enthusiastic news about opening up for tourists, people must take into account the virus is still spreading globally and a complete “return to normal” may be far away. Social distancing measures should be respected without hesitation, due to the high infection rate that could spark at any time. Several countries around the world are already experiencing a spike in new cases, showing the battle with the virus is far from being over. Dubai wants to proactively avoid such an occurrence, which is why strict measures had been imposed for new tourists wanting to visit the city.

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