In 2020, along with several other economies around the globe, the UAE economy has also suffered from the impact of COVID-19. The foundations of the UAE economy has been Tourism , Trade and Transportation and as the Nation has had lockdown , travel restrictions and strict lockdown measures have had a serious impact on tourism, trade and the supply chain of companies in the UAE.
In numerous ways, United Arab Emirates has proved to be one of the most prepared countries to deal with this pandemic. Along with safeguarding the health and well being of the residents and citizens, the country has combat the economic impact of the crisis. As per an article in THE NATIONAL UAE , The Vice President and Ruler of Dubai HH Sheikh Mohammed bin Rashid said – The spread of the corona virus around the globe was “one of the biggest challenges humanity has faced in its known history”. We have been tested in our ability to deal with this unforeseen situation, but we have emerged out of it tougher. Regardless Covid-19 headwinds, The UAE kept hold of its position as the ninth most competitive nation in the world for the second year in a row, maintaining its position as the only Arab nation among the top 10. The government has chosen two fold frameworks for the economic strategies of the UAE, where the short term framework was the gradual opening of the business activities and the economy while considering and prioritizing the health precautions. The government also extended its support by protecting SME’s and entrepreneurs with economic stimulus plan.
The vision for long term stimulus plan or the UAE economy was to speed up recovery and advanced growth of the country. Achieving sustainable economic development by enhancing the economic model and transforming challenges into opportunities was one of the key features of the long term plan. It also encourages financing and investment in sectors with huge potential for future. UAE government will focus on a digital economy; including artificial intelligence, AI, 5G, Internet of Things, IoT, smart cities, and green economy concepts and industries such as renewable energy, electric cars, and circular economy by enhancing productivity by integrating 3D printing technologies and robotics, promoting food security using advanced technologies such as AI, biotechnology, and genetic engineering.
The UAE’s Ministry of Finance has announced to work upon proposing the required policies, legislations, and incentives to reinforce opportunities for the businesses across the Nation to ensure self-sufficiency and training for any upcoming challenges. Programs supporting health, technology, education and food security sectors have been launched, keeping the human factor as the foundation of comprehensive development. The Government has also joined hands with international community to make sure that an economic and geopolitical system gets build which addresses and contains health and environmental disasters and mitigates their effects.” The UAE’s vision of the future is to showcase UAE as a steadfast healthcare provider and to boost up the medical tourism.
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