Sunday 24 January 2021

Dubai launches programme to reset economy

DUBAI, August 5, 2020

Dubai Economy, in partnership with the Mohammed bin Rashid School of Government (MBRSG) has launched "The Great Economic Reset Programme" as part of the efforts to reshape the emirate’s economy and reset it towards a more agile, sustainable, resilient, and inclusive post-pandemic future.

The programme will feature robust analyses of current and future policies, rigorous research and extensive stakeholder consultation to set the direction and tone of future economic policies, regulations and initiatives, reported Emirates News Agency Wam.

Part of a "CovExit", Covid Exit, initiative for promoting collaborative action to navigate recovery and reshape the next normal economy, "The Great Economic Reset Programme" will harness the collective knowledge of local and international experts for economies and societies to adapt growth strategies to the next normal.

The programme is in line with the directive of Sheikh Mohammed Bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, for governments to think beyond the coronavirus and move to the next normal and preserve the gains made by the UAE, refuel its economy and ensure its prosperity.

As a first step, global experts and thought leaders are being brought together in a "Virtual Policy Council," an engagement platform run by MBRSG, to discuss the enduring impacts of Covid-19 on different facets of the economy and potential policy responses and initiatives. The first roundtable was an invitation-only forum.

Chief economists, senior practitioners and researchers from leading global institutions including the World Bank, the Organisation for Economic Co-operation and Development, the United Nations International Labour Organization, the Development Bank of Latin America, Harvard Kennedy School, Cornell University, Brookings Institution, the Economist Intelligence Unit, European Schoolnet, The Edtech Hub, and Nasser Saidi & Associates joined experts from Dubai Economy and the Mohammed Bin Rashid School of Government at the first roundtable.

"I believe the triple helix collaboration between public, private and academia stakeholders have always produced the best solutions in the past. In the highly uncertain environment now, extensive collaboration and cooperation between all stakeholders are vital to our future prosperity. The Virtual Policy Council will propose the best approaches Dubai and the UAE can adopt to address the risks and opportunities in the next normal economy," said Mohammed Shael Al Saadi, CEO of the Corporate Strategic Affairs sector in Dubai Economy.

"This Virtual Policy Council is a key component of the whole process where global experts and thinkers share their views on the future economy. In this new era, the role of governments in enabling the new economic actors is becoming increasingly central, and Dubai is well-positioned to lead the way with innovative models of growth post Covid19," said Professor Raed Awamleh, Dean, Mohammed bin Rashid School of Government.

The globalisation debate analysed the impact of the pandemic on international trade, protectionist sentiment, global value chains, foreign direct investment (FDI, and tourism, and the rise of digital globalisation.

Education experts discussed the shift to distance learning, opportunities for a fundamental transformation in how young people learn, the evolving role of educators, and the need for changes in what young people are taught to prepare for future work and citizenship.



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