UAE Economic Recovery Gaining Momentum, says Standard Chartered The UAE’s economic recovery is gaining momentum due to the rapid administration of the Covid-19 vaccine and hosting of Expo 2020 Dubai, according to a new report released on Sunday. “Almost 80% of the UAE’s population has now been fully vaccinated, and over 85% of the vulnerable population. This has allowed the economy to remain largely open, even though new cases persist. The recent surge in the Delta variant in key tourism markets including the UK and India may weaken near-term growth performance. However, Dubai’s hosting of the delayed Expo 2020 in October is likely to boost economic momentum in Q3,” Standard Chartered said in a new report. Interestingly, Capital Economics also noted that the Delta variant poses a bigger threat to non-Gulf economies than the oil exporting GCC countries. “That’s good news for the Gulf countries which, for the most part, have achieved high levels of vaccine coverage. Some restrictions may still be tightened to curb outbreaks – Abu Dhabi reintroduced some measures to coincide with Eid al-Adha. But, in general, containment
measures will lie towards the softer end of the spectrum and inflict little economic damage,” Capital Economics said. It said the Gulf economies are likely to lead the region’s economic recovery over the next few years. Standard Chartered noted that even if the target of 25 million visitors for Expo 2020 is not
met, the event should still drive a substantial recovery in the tourism sector. “We expect the UAE’s recovery to gain momentum in the second half of 2021,” Standard Chartered analysts said, adding that the UAE’s real GDP is projected to grow 2.5% in 2021, 3.0% for 2022 and 3.5% for the next year. Source: Khaleej Times (https://bit.ly/3xa5ewG)
Lulu Group’s Yusuf Ali Appointed Vice Chairman of Abu Dhabi Chamber Sheikh Mohammed bin Zayed Al-Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, recently issued a resolution to form a new board of directors for the Abu Dhabi Chamber of Commerce and Industry (ADCCI). The body will be chaired by Abdullah Mohamed Al-Mazrouei and prominent Indian businessman Yusuf Ali M.A. as the Vice Chairman. ADCCI is the apex governing body of all businesses established in Abu Dhabi and functions as an effective bridge between the government and business sector. Each of the business establishments in Abu Dhabi, one of the wealthiest and most influential economic hubs in the region, must be licensed by the ADCCI. Lulu opens Hypermarket in Dubai's Waterfront Market. Image used for illustrative purpose. Lulu Group/Handout via Zawya
Ali, the Chairman of retail giant LuLu Group, is the only Indian on the 29-member board, which is primarily made up of Emirati business owners and CEOs.
economy and the larger business community, especially in these challenging times,” Ali said.
“This is truly a very humbling and proud moment in my life. My sincere gratitude to the visionary leadership of this great country; I will strive to do my best toward justifying the great responsibility entrusted upon me. My primary focus will be toward the growth of Abu Dhabi’s
Al-Nahyan recently honored Ali with the Abu Dhabi Award, the highest civilian honor for his almost five-decade long contributions in the fields of economic development and philanthropy. The LuLu chairman was the only Indian along with other 11 prominent
personalities, which included nine UAE nationals, to receive the honor this year. The Abu Dhabi Awards — an initiative of the Abu Dhabi government — recognize and honor individuals who have selflessly dedicated themselves to support and contribute to the development of the emirate. Source: Zawya (https://bit.ly/3rFZ9qD)
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