ADVISORY VIEW
Opportunity knocks George Hojeige, Chief Executive Officer of Virtuzone, talks about how the UAE’s foresight and proactive strategy became the backbone of a resilient economy, positioned for firm recovery
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hile no one could have foreseen that the world will face an unprecedented pandemic in 2020 – one that nearly halted economies and industries across the globe – the UAE has proven that planning for the future and implementing proactive strategies can help build a resilient economy that can withstand even the most difficult times. The UAE’s approach to the pandemic has been one of “plan, research and act,” rather than simply following the herd. Since the onset of the pandemic, the UAE government has been launching initiatives aimed at sustaining the economy and the livelihoods of its people. The Central Bank of the UAE allocated a AED 100 billion Economic Support Scheme for retail and corporate businesses affected by the pandemic. To date, Dubai has launched an economic stimulus package worth up to AED 7.1 billion, while the Abu Dhabi Executive Council earmarked AED 3 billion for the SME Credit Guarantee Scheme. Unlike in other parts of the world, these stimulus packages are invested
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into the economy and businesses, rather than individuals. The UAE has spent years laying down the foundation and the infrastructure to become the region’s leading economic, financial and tourism hub, and it is now in a great position to reap the rewards of that investment.
UAE economy to continue growing in 2021 and coming years Experts anticipate the UAE’s GDP to grow by 2.6% in 2021 and 3.9% in 2022. Although last year brought many challenges to the country’s business community, it also became a record year for new business licences, mostly in the e-commerce, logistics and consulting sectors. This trend confirms that positive market sentiment in the region is increasing despite a challenging year, a development coinciding with data from authorities that forecast the UAE’s non-oil GDP to expand by 3.6% this year.
Foreign Direct Investment will increase primarily due to new policies The UAE has been making significant improvements to its corporate climate to
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George Hojeige, Chief Executive Officer, Virtuzone
