With the Dubai economy poised for sustained growth thanks to the dynamic management of the pandemic and a sweeping array of reforms to boost competitiveness, it is the spirit of resilience that is under the spotlight at the GBF Latin America.
“One of the major characteristics of Dubai is its resilience, and those who have lived here long enough know this very well,” said Hamad Buamim, President & CEO, Dubai Chambers. “Whenever there is a challenge at a global scale, Dubai as the world’s foremost commercial hub gets impacted. But because of the resilience and dynamism that is integrated in the spirit of Dubai, we always bounce back stronger,” he said.
Citing Covid-19 as the most recent example, Buamim said the pandemic strongly impacted businesses in Dubai, especially in 2020. “But Dubai and the UAE governments undertook several bold reforms, provided a lot of incentives and cut a lot of costs for businesses – which allowed them to rebound strongly in 2021. Last year was one of the best ones ever if you look at trade, which bounced back by more than 30 per cent. Trade is now at a higher level than even the pre-pandemic era,” he said.
The pandemic also changed Latin America’s trajectory, hitting the region’s economies harder than anywhere else in the world. But governments in Latin America and the Caribbeans have pushed back with a set of reforms and initiatives that seek to consolidate market opportunities and transform their economies, finding close resonance with Dubai’s spirit of resilience.
