- May 15, 2020
- Posted by: Waqas Siddiqui
- Category: Business & Economy
UAE Government Develops Economic Sustainability & Business Continuity Plan To Combat COVID-19 Challenges
Dubai – Under the directives of H.H. Sheikh Mohammed bin Rashid Al Maktoum, the Ruler of Dubai, Vice President and Prime Minister of UAE, a session entitled “Implications of COVID-19 on the UAE: Risks & Opportunities” was held to discuss and develop UAE’s response plan for the post-COVID-19 era.
Sultan bin Saeed Al Mansouri, the UAE’s Minister of Economy affirmed that the government has developed a response plan addressing the economic implications of coronavirus (COVID-19) and at the same time ensuring economic sustainability and business continuity in the country. Sultan Al Mansouri stated that UAE’s economy is not only competitive and resilient but has a strong ability to overcome crises. He noted that some sectors such as aviation, petrochemicals, retail, real estate and tourism have been hard hit by pandemic while sectors such as technology, internet services, digital entertainment, e-Commerce and food business recorded a significant growth.
UAE Economic Strategy & Response Plan 2020
Al Mansouri further stated that the economic strategy and response plan to address the implications of COVID-19 related crisis consisted of two main phases with the first being a short-term phase, wherein both the economy and businesses in UAE will be gradually opened. In addition, the first phase will also include an AED 282.5 billion economic stimulus plan dedicated to the sectors most affected by the crisis as the government aims to support the country’s SME (Small & Medium Sized Enterprises) sector.
Likewise, the second phase consisted of a long-term stimulus package to accelerate the economic recovery and growth by transforming challenges into opportunities and creating an environment to encourage investment in high potential sectors. This included digital economy such as artificial Intelligence (AI), 5G Networks, Internet of Things (IoT), Smart Cities and Blockchain; green economy sectors including Renewable Energy and Electric Cars; and circular economy which aimed at boosting productivity by merging 3D printing & robotics and enhancing food security through adaptation of AI, biotechnology and genetic engineering.
Emerging Global Economic Trends (Post-COVID 19 Era)
According to Al Mansouri, the post-COVID 19 era will give rise to a new global supply chain and business patterns with governments playing a key role in the national economy. The new era will also lead to substantial investments in digital infrastructure, 5G networks, Smart Cities & Services, health, education and trade. Al Mansouri further stated that innovation has always been the key support of economic recovery and therefore the UAE government will continue to support startups and tech companies.
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