All the main economic foundations of UAE are currently affected by the COVID-19 pandemic. Nevertheless, after almost 4 months of lockdown measures, countries gradually begin to weaken quarantine. Some of the trade and transportation routed go back to their normal operations.
UAE, like many other countries, was strongly affected by this event. The long-expected EXPO 2020 was rescheduled, while lots of local small and big businesses were shut down, and whole industries are currently struggling to survive. Many thousands of residents were stranded outside of UAE due to the closure of the border.
Despite the fact that some of the economic prognoses speak of several years, United Arab Emirates stands positive of surviving through the upcoming period of economic recovery. As the economy of UAE was once in danger back in the 2008-2009 financial crisis, yet managing to survive and even thrive afterward, so now the country’s leaders are positive about its eventual return to stability and growth, thanks to numerous government initiatives to support it.
“The goal is to draw up a plan for the UAE after the Covid-19 virus crisis… a plan that will ensure that we are the fastest country in recovery”, said The Vice President and Ruler of Dubai Sheikh Mohammed bin Rashid Al-Maktoum leading the remote government meeting in May.
In order to ensure the fastest possible recovery, the most important principle is to be able to change its strategy and adapt to changing global conditions – multiple times, if needed. “The strategy and the economic model will be adjusted”- said Sami al-Qamzi, director of Dubai’s economic department back in April.
At the moment, UAE economy is poised for full recovery in 2022, with full dedication from the Authorities to meet this goal – and go beyond it.
Novel Coronavirus (SARS-CoV-2, also known as COVID-19) is a new strain of coronavirus which is causing illness in humans and animals. Most people infected with the COVID-19 coronavirus will feel mild to moderate respiratory illness and recover without any special treatment. Older people, as well as those with underlying medical problems like cardiovascular disease, chronic respiratory disease, cancer or diabetes, are more likely to develop serious illness, and require immediate assistance. Novel Coronavirus was first identified in a cluster with pneumonia symptoms in Wuhan city, Hubei province of China, quickly spreading around the world. On early March 2020, the coronavirus COVID-19 pandemic had officially started, becoming the defining global health crisis of our time. Today, it is the greatest challenge people have faced since World War II, worsened by subsequent lockdowns of whole countries, collapse of entire industries, and a major economic recession.