Focus on fast and sustained recovery:
The economy of UAE is one of the most vivacious economies in the world. It is known to be the second-largest economy in the Arab world after Saudi Arabia and is also the third richest country as per GDP per capita. It is a developing nation and continues to gain more influence in the world.
The economy has picked up momentum in the last quarter of 2020. The UAE aimed and took measures to speedily recover from the economic fallout of the COVID-19 pandemic. And, now with the COVID-19 vaccine drive across the country, this has further aided in the recovery process. Additionally, policymakers are equally focused on steering the country through unprecedented economic turmoil in the wake of the global pandemic. With their continuous efforts, various sectors, such as health, medical, IT, security, and e-commerce, have shown a drastic improvement.
Securing ties with other countries:
The recently concluded Abraham Accords too serves as a silver lining after the dark clouds. Given this deal that comes after almost 26 years, the geopolitical tension between countries is sure to subside. As per this agreement between Israel, the UAE, and the USA (with Bahrain, Tunisia and Sudan also in the fold), better economic, political, and security engagement is expected. In my opinion, the Accords will lead to a pronounced shift in regional alliances and a convergence of interests, which is sure to result in more stable, prosperous, and secure economies.
Growing the economy:
The UAE recently laid down in its Vision Plan its growth agenda for the next 50 years.The 2021 UAE’s Ministerial Retreat has been extremely crucial in boosting the country’s competitive edge and speeding up the growth of the nation. During this retreat, the officials and dignitaries did put together interactive panels and discussions to develop ideas and suggestions that will be vital in shaping the future of the country’s important sectors.The country’s focus remains taking concrete measures to support its people through the ongoing COVID-19 pandemic. It aims to stimulate and support entrepreneurship and foreign trade; create partnerships to attract investments and talent, and, at the same time, cultivate the skills of Emirati professionals to enable them to lead the future of the country.
The future:
The New Year has brought with it newer reasons to celebrate the ongoing progress of the nation. I truly believe that the Emirates Mars Mission, ‘Hope Probe’ has been an enormous milestone for the country. With its first mission to Mars being a success, the country, is slowly and steadily transitioning into the science orbit. This augments well for some more groundbreaking developments in the future as well.
In view of all the necessary measures that are being taken by the officials and dignitaries to help the nation leap forward, I am confident that sectors like health, trade, education, community development, media, infrastructure, and advanced sciences are bound to flourish massively in the coming years. It is indeed wonderful to witness how this government is constantly supporting creative talents, intellectuals, and people from all walks of life in their journey to success.
To conclude:
With new strategies and policies being undertaken, the economic impact of the pandemic in 2021 is expected to be limited on the UAE economy, as the officials, businesses, and consumers are finding and continue to find newer ways to adapt and sustain their growth. With talent in demand, the workforce however needs to acquire new skills and enhance existing ones to be a part of the new economy as envisaged by the UAE’s Vision Plan for next 50 years.
At Beta Consultants, I am glad that for the last 15 years, we have had the opportunity to aid pioneering decision-makers, potential leaders and aspiring professionals to identify and grasp the best opportunities for their businesses thereby contributing positively to the growth of the economy.
