Business & Economy

UAE Economic Activities to Recover in 2021 Industry experts forecast that the UAE economic recovery will strengthen further in the second half of 2021, primarily because of the read more

UAE Hospitality & Tourism Sector is Expected to see an Accelerated Growth The hospitality and tourism sector in UAE is expected to accelerate its growth and strengthen in 2021, as a result of the push to …

Dubai Records Foreign Direct Investment of AED 24.7 Billion in 2020 The Dubai Investment Development Agency, a part of Dubai Economy estimated that the Emirate recorded a Foreign Direct Investment (FDI) of AE…

UAE an Attractive Destination for Investment Over Next 3 Years The United Arab Emirates (UAE) rose to 15th position globally in 2021, up by four positions compared to the previous year on the Ke…

Abu Dhabi Government Aims to Boost Economy Amid Covid-19 Pandemic There are two major challenges that the Abu Dhabi government is currently facing, in the post-pandemic market read more

New AED 30 Billion Strategic Programme to Boost the UAE Economy H. H. Sheikh Mohammed, VP & PM of UAE and Ruler of Dubai, recently announced a new strategic programme to boost vital sectors in the country. The initiative includes …

Operation 300 billion – Focus on Sustainable National Economy HH Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of UAE and Ruler of Dubai, has launched the Industrial Strategy “Operation 300 billion”, a 1…

Dubai Urban Master Plan 2040 In order to further enhance Dubai’s appeal to investors, visitors and residents, Dubai has launched the 2040 Urban Master Plan, a roadmap for sustainable urban development in the city. The masterplan was designed by H.H. Sheikh Mohammed bin Rashid Al Maktoum, V.P. and P.M. of the UAE and Ruler of Dubai. The plan focuses on using the available spaces within the city limits and concentrates on development in existing urban areas.  The major focus of Dubai 2040 urban master plan is to develop the five urban centres namely Deira & Bur Dubai, Marina & JBR, Business Bay & Dubai Downtown and Expo 2020 Centre & Dubai Silicon Oasis Centre. Initiatives such as infrastructure development and new property development will be carried out raising Dubai’s reputation globally as a business and financial hub. Furthermore, the implementation of 2040 Master Plan will strengthen Dubai’s resilience toward global challenges.  Impact of Dubai 2040 Urban Master Plan – Tourism & Hospitality It is estimated that Dubai’s population is set to reach 5.8 million by 2040 from 3.4 million in 2021, and the 2040 urban masterplan will provide the groundwork for how the city can grow sustainably over the next 20 years, accommodating the needs of the growing population. Under the plan, the land area used for hotels and tourist activities will increase by 134%, while the land used for commercial activities will increase to 168 Sq. kms.  While Dubai will continue to be a global hub for innovative start-ups, international corporations and an ideal platform for Foreign Direct Investments (FDI), the master plan will also increase the land area allocated to education and health facilities by 25%, while the length of public beaches will increase by as much as 400% in 2040. Easily accessible integrated service centres will be established across Dubai while the plan also seeks to raise the quality of life of the city while increasing population densities around key transit facilities. Read: Dubai Extends the Freeze on Government Fees to Support Local Economy and Businesses Investment Opportunities in Dubai The people-centric plan focuses on reinforcing Dubai’s competitiveness as a global destination for investment, by providing a wide diversity of lifestyle and investment opportunities for citizens, residents, visitors and addressing all their growing needs over the next 20 years. It will also enhance Dubai’s investment appeal and attract fresh investments into all the sectors. The plan will help raise the Emirate’s growing role as a pivotal business and trade hub, enhancing its attractiveness as an investment destination by leveraging its superior logistics infrastructure, including some of the world’s best ports and airports and maximising its ability to harness the vast talent pool available. The new master plan will help strengthen Dubai’s efforts to mitigate the repercussions of the Covid-19 pandemic, accelerate the pace of its economic recovery and prepare the ground for a bright new post-pandemic world. Read: Investors Positive & Confident about the UAE Economy Research Konnection is one of the leading market research companies in Dubai and UAE. Please feel free to reach out on waqas@researchckonnection.com to discuss about successfully entering the UAE market, Market Research, Business Plan Development, and Business Setup or Expansion. …

UAE Foreign Exchange Industry Experts Positive of Economic Recovery in 2021 The year 2020 saw a drop in remittances value by 10-15%, because of the Covid-19 pandemic. Despite the drop in remittances value by 10-15% in 2020, the UAE’s foreign exchange industry executives remain confident in recovery mainly due to the increase in economic activity, Covid-19 management by the government and the return of expat workers to the UAE being the major contributing factors for the increase in remittance flows. Read: Investors Positive & Confident about the UAE Economy UAE Foreign Exchange Industry Experts View Khaleej Times conducted interviews with several industry experts who were positive that remittances and foreign exchange business will pick up in 2021. Joyalukkas Exchange – Antony Jos, MD – Joyalukkas Exchange & Treasurer at the Foreign Exchange and Remittance Group (FERG), expects growth in remittances this year on the back of a strong rebound in the economy, strong vaccination drive, firmer oil prices, Expo 2020 Dubai and the opening up of the Israel market to UAE businesses. Lulu Financial Holdings – Adeeb Ahamed – MD Lulu Financial Holdings said that the outlook for UAE remittances is positive for 2021 and the Lulu Group remains bullish in their views for the remittance and foreign exchange business. Ahamed said a revival of the economic activity will be a huge boost to the business along with Covid-19 management by the UAE government, the return of expat workers to the UAE and better job opportunities which will influence the remittance flows. Al Ghurair International Exchange – Imad Ul Malik, GM – Al Ghurair International Exchange & Joint Treasurer at FERG said that remittances from the UAE are expected to grow in 2021 as a result of the vaccination drive and opening up of the leisure and travel industry. Likewise, the opening of the leisure and travel industry is also an indication of the increased confidence in getting back to normality. The upcoming Expo 2020 will also reflect directly on the remittance industry in a positive manner. Orient Exchange – Rajiv Raipancholia, CEO – Orient Exchange, said there is uncertainty on the outlook and does not expect a return to pre-pandemic levels this year. However, he stated that if more projects were launched this year, there will be demand for more migrant workers, which would lead to a bullish outlook for remittances. UAE Coronavirus Cases Decreasing  UAE was seeing a gradual decrease in the infection rates, as 52.46% of the population has received the Covid-19 vaccine according to the National Emergency Crisis and Disaster Management Authority (NCEMA) which is a positive sign and a step to recovery and resuming normal life in the country. Daily Covid-19 cases in the UAE dipped below 2,000 for the first time in more than two months, with 1,898 new cases reported on March 15.  UAE Economic Recovery 2021 Strategy The post-COVID 19 will give rise to new business patterns with governments playing a key role in the national economy, leading to substantial investments in digital infrastructure, 5G networks, Smart Cities & Services, health, education and trade. The measures taken by the government to control the Covid-19 and vaccinate against the population, will accelerate the pace of economic recovery by increasing the willingness of international investors to visit the Emirates. Furthermore, Dubai extended the freeze on government fees to support the local economy and businesses. The decisions taken by the Dubai government, reflects the government’s supportive and investor-friendly environment which will continue even beyond Expo 2020. Even though the Expo will end on March 31, 2022, the investors and businesses that are operating in Dubai will continue to benefit from these supportive measures till early 2023. Research Konnection is one of the leading market research companies in UAE. Please feel free to reach out on waqas@researchckonnection.com for Market Research in Dubai & Abu Dhabi, Business Idea / Concept Validation, Business Plan Development, Business Setup or Expansion and UAE Market Entry….