Dubai: The UAE’s upcoming recovery plans for the economy will include “revisiting existing strategies”, according to a senior official with UAE Ministry of Economy.
“A new committee headed the UAE Minister of Economy is charting out short, mid and long-term recovery plans,” said Abdulla Al Saleh, Under Secretary of the Foreign Trade and Industry. “The strength of the UAE economy lies in its competitiveness and diversification strategy.
A historic moment
“We are living at a historical moment in human history. “This is not only a health crisis, but the impact is being felt everywhere – business, economy, social life, culture, relations between nations, travel and tourism, and more.
“We are accelerating into the digital economy earlier than imagined – our digital goals for 2030 are now being realized in 2020 due to the onset of COVID-19.”
Al Saleh was speaking at the sixth edition of the Sharjah Economic Ramadan Majlis, which was held virtually, and under the theme, “Impact of the UAE stimulus plan on economic stability and growth”.
Earlier this week, the UAE Government confirmed that a two-phase plan was being put together to counter the ill-effects of the COVID-19 attack. The first phase includes stimulus packages totaling Dh282.5 million to date, and the second will see the Government putting its weight behind a faster transition towards a full-scale digital economy. It will mean fast-tracking the deployment of 5G services as well as associated next-generation technologies.
“Although some sectors such as tourism, aviation, petrochemicals, and retail took a severe hit, some are seeing a rise in prominence including technology, R&D, healthcare, education and the food business,” said Fahad Al Gergawi, CEO of Dubai FDI. (Dubai Investment Development AgencyI.
“The UAE’s preparedness on the digital front is paying dividends now and these high priority sectors will see significant investments in the future.”
The COVID-19 pandemic is an “overall reality check for our lives, our government strategies and commitments, and our corporate policies. This government and the nation were put on virtual work mode over one weekend, and we did not falter.
“We are adapting to our new realities and we will come out of this stronger, not just as a nation but as one world.”
A full-on transition
Hussain Al Mahmoudi, CEO of Sharjah Research Technology and Innovation Park, calls the upcoming period as a transition from a “phase of fear to learning.”
“The UAE has proven its ability in harnessing technologies and adopting digital transformation strategies to improve productivity and boost economic output,” he said. “This pandemic has been instrumental in accelerating our journey to a more digitally powered world.
“Emerging technologies are today transforming business interactions and daily lives and going forward, will continue to drive advances in education, economy, healthcare, and society.”