Dubai – Today on 2nd December, UAE is celebrating its 47th national day. Once a desert outpost, the country has come a long way to become a dynamic economy, fueled by a powerful infrastructure, trade, energy, exports and tourism sectors. The country is also not pulling any punches to invest into technology, innovation and service industry. It has made a notable progress in Ease of Doing Business Ranking and has jumped by 10 positions to become the 11th most conducive economy around the globe in terms of setting up and growing business. This will further consolidate its position as one of the most prosperous, advanced and dynamic nations in the Middle East region.
UAE – A Pioneer in Transformation
Like other oil rich nations in the region, hydrocarbon exports played a crucial role in helping UAE mark a position on the world stage. However, the visionary leadership of UAE soon decided the flaw in relying too much on petroleum exports. As a result, the money generated from energy exports was poured in to develop world-class cities such as Dubai and Abu Dhabi to create state of the art infrastructure, enhance the logistic facilities and give facelift to the tourism industry. This transformed the economy from an oil-dependent one into a diversified and more sustainable nation.
The upbeat economic growth has been instrumental in attracting high caliber expatriate man power and organizations from all over the world. This resulted into over 200 nationalities living the country, thereby making its cities at par with the global cities such as New York, London and Singapore. The country also ensured equitable sharing of growth between state, authorities and residents; thereby ensuring peace, harmony and well being of all. It was also part of the great vision of late Sheikh Zayed bin Sultan Al Nayhan, the founding father of the country to build a modern economy underpinned on the universal values of brotherhood, love, justice and prosperity for all.
Disruptions and Innovations in UAE will be the new Torchbearer
Economic diversification and transformation has marked the growth of the country over the last two decades. Going forward, innovation and technological disruptions will be the torchbearer of its growth. UAE is investing heavily into developing state of the art research labs, educational institutions and innovation hubs. It is also emerging as inviting field for entrepreneurs from the region and international arena to develop their business. To further its objectives, it has unleashed USD 13.6 billion economic stimulus package apart from overhauling its overall policies. Foreign companies can now enjoy 100% ownership along with 10 years visa for its investors, knowledge specialists and technocrats. These steps will go a long way in stepping the existing dots and embolden the country on the path of advancement and innovation.
International Companies will Pivot to UAE
As a host of policy reforms have been unveiled recently, UAE will continue to be a major catalyst in helping international companies to grow and expand in the region. While international companies will continue to enter the UAE market, local organizations will also expand to capitalize on an environment of heightened growth, optimism and opportunities. Over 10,000 new advanced jobs are expected to be added over the course of 5 years. As per IMF’s predictions, the UAE’s GDP is expected to grow by 3.7% in 2019, which will further give impetus to business.
UAE & The Future
In a nutshell it could be described that notwithstanding the recent slashing of oil prices, the overall economic outlook of UAE looks promising, with various sectors performing offering great avenues of investment to local as well as international investors. The success could be largely attributed to the vision of the leadership and dedication and hard work of its citizens and residents. On the occasion of the UAE’s 47th National Day, Research Konnection Team wishes everyone a happy National Day and hope that the toils and efforts towards excellence continue from every quarter.
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