UAE is a country which has a glorifying history for being the fastest country to recover from crises. It has recovered at a more rapid and effective pace compared to other economies from the Gulf war, the global financial crisis and many more. The country had proved to be a supporting pillar to business sectors. UAE business can be witnessed back on track after COVID.
What makes the UAE Strong?
The Emiratis and government had always possessed bold and visionary leadership at the time of tackling obstacles.
The UAE has always prepared itself for overcoming unpredicted and unseen pernicious situations by investing in its future. They have productively invested in infrastructure, technology, systems, human resource and formation of a global connectivity chain which at the time of need can be used as a catalyst for fast recovery.
It won’t be shocking or flabbergasting to term UAE a future-ready country.
There are internal and external factors which are immensely helping in boosting the economy of the UAE and Dubai. Economic sectors are showing signs of confidence to recover from the negative impacts of Coronavirus.
Reasons Behind Success
The UAE has done its utmost for winning over the deadly virus; the reports said it could soon become Covid-19-free country.
The Indian Premier League (IPL)-
The pandemic has caged and restricted people across the world to travel across various countries rather citizens are not even free to mobile in their own respective country.
The IPL has boosted the demand of hotels and restaurants, as the players of all the cricket IPL teams need a place to reside and food to eat.
These two sectors have reported a rise in their business revenue, which has indirectly contributed to the supply of money to all intermediaries or input factors, such as staff workers, raw-material suppliers, cleaning staff etc.
Efficient Medical Industry
With the pandemic spreading faster than the light, across the world, tourists, business entrepreneurs, potential investors are looking for ‘safe-haven’ destinations.
The UAE is known for its significant and commendable medical and scientific research centre. Thus, the country holds the power of persuading pool of wealthy people such as-
· Business people; for establishing a company in UAE
· Professionals hold a significant role in the success of the business. Thus, a proper match between the skill required for a job role and candidate is essential. It can help in the growth of people in the industry who have incorporated the company in the UAE.
The retail sector mainly relies on international and regional tourism for its revenue. The restriction on UAE residents on travelling abroad had enticed them to move within the country. As a result, Dubai’s malls are witnessing citizens, who are spending more time in malls than ever before, shopping from food outlets, book stores and other various stores.
The UAE government surveyed the expenditure incurred by an Emirati family on travelling to a foreign country. It comes to their notice that an annual spend ranging from Dhs4.5bn to Dhs10bn is incurred on air tickets, hotel booking, site-seeing, food and beverage, transport and entertainment.
Due to pandemic, rather even after COVID people still fear going on a trip to other countries. Thus, part of that money which was usually spent on travelling is now being spent in the domestic market.
On purchase of products such as-
· Food and beverage
· Home furnishings
· Electronic gadgets
· Household appliances
An expected rise in shoppers in the retail sector in the UAE is expected in the fourth quarter, i.e. when tourism would be regular, preferably in a better place than it was during the lockdown.
Banking and Finance Industry
When the crisis hit, the money supply economy went down. It was the need of the hour for the UAE government to take a significant step for boosting citizens to spend and investors to establish a company in UAE.
The government takes initiatives-
· They announced a liquidity buffer to banks to persuade financial lenders to assist consumers and businesses in need.
· The UAE Central Bank announced a package worth Dhs256bn, which would be of enormous help to banks and financial institutions in their endeavour of managing the situation.
· These reforms were significant as UAE banks were able to earn profits. Stabilising situation motivated banks to financially assist with loans and advances to small and medium enterprises (SMEs) who want to incorporate a company in UAE.
In a Nutshell
Once the negative impact of the Covid-19 crisis fades somewhat slows down, business sectors could regain their lost consumer base. A leader or an entrepreneur is the one who is always ready to fight against uncertainties and shine out as a survivor. You can take advantage of the country’s robust market by incorporating a company in UAE.
We at Commitbiz are aimed at assisting budding entrepreneurs in multiple documentation proceedings and other vital business decisions and fields. Contact us to reserve your position in the competitive UAE’s industry.