The UAE is once again proving to the world that its doors will remain open to global businesses despite the pandemic scare that led to cancellation and or postponement of several events around the world.
The nation is currently hosting three major events such as the International Defence Exhibition 2021 (IDEX), Gulfood 2021 and The Louvre Abu Dhabi’s first international exhibition of the year, Abstraction and Calligraphy — Towards a Universal Language.
Right from the outset of the COVID-19 crisis, the UAE authorities were convinced that it is not fear, rather, courage, fortitude and a strong commitment to public safety that should guide the nation through this unprecedented cataclysm.
Nearly, a year into the pandemic, the UAE has been largely successful in addressing concerns related to public health and economic recovery. The speedy fiscal and monetary policy support measures from the government and the Central Bank of UAE (CBUAE) have been instrumental in the resilience of the economy and the banking system.
While the massive monetary support such as the Dh256 billion Targeted Economic Support Scheme (TESS) from the CBUAE has been instrumental in keeping the banking system abundantly liquid, the move kept the private sector solvent in the face of a massive global economic slump.
Fiscal support from both federal and local governments in the form of various fee waivers, moratoriums and rent discounts came as huge relief to businesses.
Focus on health and safety
While supporting the economy and the livelihoods of people amid the crisis, the authorities never lost their focus on public health and safety. The gradual reopening of the economy in the second half of the year was backed by rigorous testing, sanitisation and public awareness.
The country has been successful in limiting the health impact of the COVID-19 due to its relatively young population and a range of effective containment measures, which have mitigated the spread of the virus and the number of deaths.
The UAE’s coronavirus vaccination is the world’s second fastest after Israel. The target is to immunise more than half of the residents by March and 90 per cent by June.
The huge global participation in all three events this week clearly is a vote of confidence in the UAE’s fight against the pandemic. The IDEX 2021 has participation from more than 900 exhibitors from 59 countries with more than 70,000 local and international visitors. Similarly, the Gulfood 2021 has the participation of 2,500 companies from 85 countries.
The UAE’s track record in effective containment of the spread of COVID-19 and the speedy vaccinations are sure to reflect in business confidence and economic recovery in the short to medium term. Clearly, the world has taken note of the nation’s commitment to public health while keeping its economy open for business.