Alia Al Mazrouei, Advisor to the Chairman at Abu Dhabi Department of Economic Development. Image Credit: Supplied

Abu Dhabi: While the COVID-19 pandemic negatively impacted the global economy, it also gave rise to new business concepts and fast-tracked digital transformation across sectors and companies, said a new report by Khalifa Fund for Enterprise Development.

The ‘Future Market Trends Report 2022’ highlights the UAE’s economic ecosystem and the current consumer behaviour patterns, while also giving insights into how the UAE has made a fast recovery from the pandemic’s economic implications.

One key insight predicts post-COVID-19 GDP growth in UAE as a result of the governmental procedures which have been adopted to cushion the pandemic’s impact, alongside support from primary sectors.

According to the report, the pandemic, while having a negative impact on the global economy, helped escalate technological adaptations which have led to reducing development time span in priority sectors. This has triggered consumers’ tendencies to adopt a behaviour that is increasingly focused on wellbeing and the emergence of new technological healthy lifestyle trends.

The report also showed that flexibility and cost reduction have become the criteria to drive the future of the business, anticipating the governmental continuous support in developing and empowering entrepreneurship within the youth in the near future.

Alia Al Mazrouei, Advisor to the Chairman at Abu Dhabi Department of Economic Development, stated: “Khalifa Fund has always focused on a diverse array of tactics to guide entrepreneurs and support the UAE economy. The Future Market Trends Report 2022 is an effort to accomplish that same goal. I am confident that it will help businesses across the country in devising optimal operational strategies, which deliver improved services, and keep their target markets fully satisfied.”

“While health and safety will remain the primary economic drivers for the foreseeable future, entrepreneurs and business owners should continue researching their market and target customers’ needs to stay relevant. For businesses, it is important to respond proactively as It will help them maneuver within a rapidly changing market which is consistently growing.”

The report also indicates the UAE government’s efforts to counter the economic impact of COVID-19, such as stimulus totalling around 18 per cent of the UAE’s GDP. The majority of the Dh100 billion in financial help offered so far have been allocated for small and medium-sized enterprises and consumers.