UAE economy remains dynamic despite pandemic, says minister
Dh256 billion economic stimulus package helped counter the impact of coronavirus
Abu Dhabi: Despite global downturn, the UAE’s economy has remained one of the strongest and most resilient in the world, due to the economic stimulus package that countered the impact of coronavirus (COVID-19).
This was highlighted by Nasser Bin Thani Al Hamli, the UAE Minister of Human Resources and Emiratisation, during an international summit hosted by the International Labour Organisation (ILO) on Thursday.
He noted the UAE has taken measures that protected both businesses and workers.
Addressing the summit that carried the theme ‘Building a Better Future of Work’, Al Hamli said: “The UAE adopted a Dh256 billion ($70 billion) economic stimulus package, to support the economy and counter the impact of coronavirus... Exceptional measures have been taken to protect jobs and help businesses to survive. These include budget allocations to small and medium sized enterprises, reducing employer recruitment costs, the establishment of a virtual labour market and the automatic renewal of visas for workers.
“In the midst of this global downturn, the economy of the UAE remains one of the strongest and most resilient in the world, capable of responding to shocks with exceptional dynamism.”
UAE’s post-COVID-19 strateg
Al Hamli underlined: “We have already begun a process of implementing the country’s post-COVID-19 strategy, including a review of the institutional structure of the UAE Government, in order to maximise our capacity to benefit from digital innovations, artificial intelligence, and other future of work developments.”
The UAE minister noted the country “is investing to enhance the professional future of millions of people, providing them with the skills needed to respond to the requirements of the Fourth Industrial Revolution and an initiative launched early this year in partnership with the World Economic Forum to reduce the skills gap of the future.”
“With these measures, I am confident that we are laying a path for future prosperity in both the short and long term,” Al Hamli said.
The COVID-19 pandemic has affected how governments around the world are responding to the future of work challenges. In many cases, the pandemic has fast-tracked the adoption of new technologies, including the use of video conferencing and other remote working apps, leading to companies revisiting their business models. In 2019, the ILO adopted a Centenary Declaration for the Future of Work, which proposes a human-centric framework for stakeholders to adopt.