At present the world is facing the most horrible health crisis of all time which has completely turned the global economy upside-down, ruptured the supply chains and throw away the financial market, in a turmoil as the world economies are struggling to survive this crisis, UAE has observed a shrill narrowing in economic growth.
As quoted by Gulf News “The UAE, one of the most open economies in the region, has historically been susceptible to global economic events. However, after every major global or regional crisis the country has always managed to pull itself back to growth trajectory that is stronger than before.”
UAE did not stop due to the situation around the globe instead demonstrated the operative traits through the initiatives and measures executed by the country. They include structuring one of the world’s largest testing laboratories, conducting mass testing that now ranks third in the world, promptly releasing a series of economic stimulus and sending humanitarian aids to many other countries.
These actions will firmly establish UAE’s role as a global leader and exemplary for other countries to follow.
The sources like IMF, World Bank, Institute of International Finance and leading Credit agencies have mentioned that the see only a sharp short-term dip in the Economic growth of UAE. But also revealed that the year 2021 will see a solid repossession.
The post COVID-19 period, would be evident as the strongest recoil of the UAE economy and the entire credit for the same goes to the support from the government, robust fundamental and considerable financial reserves.
In the global financial crisis that happened in 2008, UAE took in consideration a variety of fiscal- monetary policy supports to make sure the business permanency and soundness of business institutions.
The Central Bank of UAE has supported the economy by introducing TARGETED ECONOMIC SUPPORT SCHEME (TESS) of Dhs256 billon. It has come out as a great relief to individuals and companies in the form of loan interest postponements. UAE has excelled through the unparalleled crunch as one of the rare safe havens for ventures and a serene, constant oasis of pecuniary development.
Dubai is Set to Link the World Yet Again
Dubai greets back the world. Commercial flights recommence normal maneuvers to more than 40 destinations, with stress-free travel for citizens, while visitors and travelers are welcome to relish the sensational city opening on the 7th of July, the decision was made under the directives of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai.
One of the assurances of the UAE’s approach to combat the pandemic has been a comprehensive fusion of methods. It relieved rigorous movement constraints by imposing guidelines on social distancing, other sanitation practices, disinfecting the entire nation.
The major lesson from this pandemic is that anxiety has no place in fighting this virus. We must bit by bit recommence the much-loved life that the pandemic endangered. Let’s remember that we are all accountable for ourselves and each other.
This blog is written by Ms. Anushka Singh, Partner Relation Executive at Flyingcolour Business Setup, VAT and Accounting Services, Dubai. If you have any question regarding setting up business in Dubai or anywhere across the UAE then please contact us at +971 4 4542366 or email us at info[at]flyingcolour[dot]com.