Businesses optimistic about improving Dubai’s growth prospects – News


Dubai has undoubtedly weathered the global pandemic shock wave thanks to national teamwork.

Dubai – The IMF raised the UAE’s growth forecast to 3.1% for 2021 in its latest World Economic Outlook, from 1.3% forecast in October 2020.



Posted: Sun Sep 26, 2021, 11:05 PM

Last update: Sun Sep 26, 2021, 11:07 PM

Dubai‘s incredible recovery journey from a Covid-19-induced economic downturn is set to shift into high gear as the emirate prepares for the spectacular 2020 World Expo, which opens in a few days.

It’s ‘all systems work’ for the emirate’s resilient economy as corporate optimism hits an all-time high as global investors and tourists prepare to explore the myriad opportunities and exciting experiences and perspectives that Dubai will present over the next six months of breathtaking exhibition.

Dubai’s optimistic outlook and readiness for the future are echoed by Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, the Crown Prince of Dubai, who tweeted on Tuesday that “the emirate has weathered the global shock waves of the pandemic thanks to the guidance and foresight of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the United Arab Emirates and Ruler of Dubai.

The Crown Prince also appeared very optimistic about Dubai’s economic outlook, predicting that the economy is set to grow 3.1% this year and 3.4% in 2022.

Sheikh Hamdan’s realistic growth projections are in line with revised forecasts from the International Monetary Fund. The IMF raised the UAE’s growth forecast to 3.1% for 2021 in its latest World Economic Outlook, from 1.3% forecast in October 2020.

Business leaders and analysts shared their thoughts and aspirations on the future prospects of Dubai’s investor-friendly ecosystem and the dividends they expect to reap from the game-changing World Expo .

“This is commendable as the world emerges from the economic crisis and the economies of the Gulf Cooperation Council (GCC) are expected to grow by just 2.2% in 2021, according to the World Bank’s Gulf economic update recently published. Appreciate Dubai’s focus on planning and executing to move forward on a higher trajectory, ”said Dr Azad Moopen, Founding President and CEO of Aster DM Healthcare.

Dubai has undoubtedly weathered the global pandemic shock wave thanks to the national teamwork and guidance of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the United Arab Emirates and Ruler of Dubai , said Shabbir Merchant, Managing Director of Champion Neon. .

“The expected economic growth is great news for all SMEs, businesses and government entities. This allows all companies to regain their level of confidence as they can operate at full capacity and also add resources and capacity to meet the expected growth in local demand during Expo2020. There is already a huge influx of talent from all over the world as companies are able to create employment opportunities. “

Merchant added, “I have no doubts that Dubai’s growth curve will continue to rise during and after Expo2020. We are proud to operate our businesses from Dubai, which hosts the world’s largest trade fair, Expo 2020 Dubai. “

Paras Shahdadpuri, chairman of the Nikai group, said the crown prince’s tweet was very encouraging. “I have no doubt that Dubai’s economy will grow well above the 3.4% estimated in 2022. After the devastating economic effects of the Covid-19 pandemic, the global economy is growing with vengeance. The UAE’s position as a major trade and tourism hub, and their highly energetic and dynamic national talents have helped the country stand out from its peers in the economic and cultural fields. I see a very bright future of growth for the UAE in 2022 and beyond, especially after Expo 2020. ”

Faizal Kottikollon, chairman of KEF Holdings, said the UAE has indeed become a beacon of hope for the world in the way it has handled the pandemic. “It has become a global hub for vaccine distribution and has developed several visionary policies facilitating healthcare collaboration across the region. At KEF Healthcare, we are committed to partnering with the government of the United Arab Emirates to make high-end healthcare services available in a fair and patient-centered manner, leveraging world-class technology and clinicians.

Bharat Bhatia, Chairman and CEO of Conares, said economic growth projections are pushing Dubai’s economy to the next level at this particular time. “We are ready to meet the expectations of Sheikh Hamdan. This prediction conveys the energy of Dubai’s growth and development with the New World Order and shouts a message that what Dubai will offer the world in the next 10 years.

Adeep Ahamed, Managing Director of Lulu Financial Holdings, said the UAE leadership is firmly committed to supporting its people and believing in the future of the country and its various emirates. Through various initiatives, and now at the upcoming Expo, the country has become a flagship brand of innovation and is rightly moving forward prioritizing health and economic development in all spheres of life. life. “The mood is visibly upbeat and several signs point to a positive recovery, thanks in large part to the collaboration between the country’s leadership and its people. “

Taher Shams, Managing Director of Zulekha Healthcare Group, said: “’50 Years of Excellence’ is my definition of the transformation the UAE has experienced as a nation and we are proud to be a part of that celebration this year. . It is absolutely inspiring to see how each challenge is tackled and strategically handled. The pandemic was just another challenge that hit the nation along with the rest of the world. The rigorous and timely actions of the government of the United Arab Emirates have ensured a promising recovery. “

Anita Guliakina, partner and co-founder of Anitas, said the successful handling of Covid-19 has helped Dubai and the United Arab Emirates bounce back. “Economic activities are returning to normal. As Expo 2020 prepares to welcome the world, we anticipate accelerating economic growth and look forward to healthy growth in the activities to come. Exciting times are ahead. We have already seen an increase in our orders, which is great.

Imran Farooq, CEO of Samana Group, said the positive outlook for Dubai’s economy by Sheikh Hamdan has greatly boosted investor confidence, which will have a ripple effect across all sectors and Expo 2020.

“We, as a group of companies based in Dubai, are witnessing the positive effects which are reflected in the increased sales revenues flowing into our real estate business. It was all possible thanks to Dubai’s resilient approach during the global pandemic, the determination and commitment of its leaders to fight back with a well-organized and successful vaccination campaign across the country. “

PB Abdul Jebbar, group chief executive, Hotpack Global, said Dubai has always resisted all kinds of economic barriers in the past and this forecast proves the same.

“We are extremely grateful to the government of Dubai for the support given to companies in different sectors. This forecast is expected to create colossal tangible and intangible economic benefits for Dubai. We can also expect new and expanded infrastructure that would serve business communities and corporations over the long term. “

(with contributions from Sandhya D’Mello), [email protected]

About Tammy N. McFarlane

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