Sunday 26 September 2021

Dubai’s diverse digital economy primed for swift rebound

DUBAI, July 28, 2021

Dubai’s diversified and digitalised economy was able to absorb the impact of the Covid-19 pandemic relatively well and is primed for a swift rebound, says a new Covid-19 Recovery Roadmap produced by Oxford Business Group (OBG). 
The report explores the key role that the delayed Expo 2020 is expected to play in driving Dubai’s economic recovery by boosting the important tourism and retail sectors, and showcasing the emirate as an international centre for technological innovation. 
The report provides in-depth analysis of Dubai’s response to the pandemic, prospects for recovery, and vision for long-term growth in an easy-to-navigate and accessible format, focusing on key data and infographics relating to the emirate’s socio-economic landscape. 
It highlights the benefits that Dubai’s mature digital economy delivered when the pandemic arrived, which included facilitating a smooth transition to remote learning and working, as well as widespread e-commerce adoption. Here, the roadmap also explores opportunities emerging for both Dubai’s younger generation and foreign national workers in segments such as fintech, ed-tech and smart mobility.
Dubai’s industrial sector is another area of the economy examined. The report looks in detail at the emirate’s plans to further capitalise on its strategic location and robust infrastructure, which has already enabled it to become a key international transport and logistics hub. It also notes the role earmarked for Dubai’s free zones in attracting investment for specific sectors by offering incentives. 
In separate coverage, OBG analyses Dubai’s advanced health care system, noting that the emirate’s high Covid-19 vaccination and testing rates are likely to be instrumental in instilling confidence in visitors ahead of Expo 2020, which opens on October 1, 2021.
The roadmap also provides details of the fiscal and monetary measures implemented by the Central Bank of the UAE to support individuals and enterprises through the crisis.
Jana Treeck, OBG’s Managing Director for the Middle East, said that while the pandemic inevitably weighed heavily on Dubai’s tourism and retail sectors, an uptick in consumer sentiment and the gradual easing of international travel restrictions, buoyed by the UAE’s successful vaccination campaign, are expected to support a rebound.
“Dubai’s government is projecting growth of 4% in 2021, while the IMF is forecasting economic expansion of 3.1%, for the UAE as a whole,” she said. “The Expo 2020 event will help to galvanise this rebound, with receipts from the 5% VAT imposed in 2018 on many goods and services also set to support government revenue during the recovery phase. Looking ahead, the Expo will support Dubai’s long-term vision for urban development, digitalisation and further economic diversification.”
The roadmap on Dubai forms part of a series of tailored reports which OBG is currently producing with its partners, alongside other highly relevant, go-to research tools, including a range of country-specific Growth and Recovery Outlook articles and interviews.-- TradeArabia News Service  


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