Dubai Launches an Economic Reset Program for a Post Coronavirus World

by commitbizadmin 11, Sep 2020

Dubai Launches an Economic Reset Program for a Post Coronavirus World

Dubai is looking to build a stable, sustainable, resilient, and inclusive economy in a post-COVID-19 world with its new Great Economic Reset Program. The Government of Dubai, in a partnership with the Rashid School of Government (MBRSG), has launched the program as a crucial part of the Emirate's plan to reset and reshape its economy.

The program features a detailed analysis of current and future policies, new research, and stakeholder consultations to decide future economic policies of the kingdom.

The Great Economic Reset Program

The Economic Reset Program is part of the Emirate's "CovExit" program. An initiative to promote a collaborative action plan to drive economic recovery. The program brings together local and international experts to create prospective growth strategies for post-pandemic Dubai.

The program aims to bring economic experts and thought leaders together in a Virtual Policy Council, an engagement platform run by the MSRSG. The council's primary objective is to discuss the impact of COVID-19 on business and form policies to combat the fallout.

The Virtual Policy Council

The council features chief economists and researchers from the World Bank, the United Nations, and the Bank of Latin America. Experts and CEOs from top global universities and Fortune 500 companies are also a part of the virtual delegation joining the council. They join a panel of experts from Dubai Economy and the Mohammed Bin Rashid School of Government. 

The first round of talks was an invitation-only event where the panel discussed the fallout of the pandemic. They also spoke about how the virus will impact the future of globalization in the next few decades.

Outcome of Talks

"I believe the triple helix collaboration between public, private, and academia stakeholders has always produced the best solutions. 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, the head of Corporate Strategic Affairs at Dubai Economy. (Source: Arab News)

Al Saadi further added that the Virtual Global Policy Council will not limit itself to business solutions for a post-pandemic UAE and continue to network with potential collaborations to enable Dubai to face the 'now, next and beyond COVID-19' with confidence.

After the first round of talks, the Dean of Rashid School of Government Professor Raed Awamleh gave the following statement to the press:

 "The Mohammed Bin Rashid School of Government is delighted to partner with Dubai Economy on this important project to enhance the vitality of our economy with sound evidence-based policy solutions.

This Virtual Policy Council is a key component of the 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. Dubai is well-positioned to lead the way with innovative models of growth post COVID19.

“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". (Source: Khaleej Times)

UAE Forsan later tweeted about the event saying the council would play a crucial part in the post-coronavirus recovery of the Emirate and the country.

In a post-coronavirus world, Dubai is also looking to revamp its economy to new heights with a booming property and investment market with suggestions from the council.

In the first round of talks, a panel of Education experts discussed the transition to distance learning in schools and transformative changes in school education. The committee also discussed an educators' evolving role in virtual classrooms and changes to classroom syllabi to prepare students for a post-coronavirus job market & citizenship requirements.

The council also discussed the pandemic's impact on international trade, foreign investment, tourism, and digital globalization.

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