Is the UAE Riding a Post-Pandemic Boom?
As vaccines become more widespread and the world slowly reopens, many nations are facing the challenge of recovering post-pandemic and addressing the changes that occurred over the past year and a half. The UAE is uniquely positioned to come out of the pandemic as a world leader, thanks to a number of initiatives that ensured that the pandemic’s impact on the nation was as small as possible.
The UAE topped many lists ranking the reactions of countries to the pandemic. Some of the initiatives launched by the UAE during the pandemic were:
- Quick and immediate lockdown in the beginning of the pandemic: by establishing a lockdown in the early stages of the pandemic last March, the UAE was able to limit the spread of the virus.
- Testing: the UAE offered various testing options to discover positive cases and even used K9 dogs to sniff traces of the virus at airport arrivals.
- Vaccination: the UAE was quick to approve various vaccination options and provided rapid vaccine distribution for its population, beginning in early 2021.
As we enter the final stages of the pandemic, the UAE is ready to fully establish itself as a global leader. Although the region was certainly not left untouched by the pandemic, a variety of factors will help push the country towards success.
Diverse Economic Portfolio
Although the UAE might be known for its focus on oil, its diversified economy means that its reach is quite vast. Oil prices are currently on the rise and the real estate market has also brought business to the region, thanks to attractive prices and residency opportunities for foreigners. The latest report from the IMF anticipates the UAE economy will grow 3.1% in 2021, thanks to vaccine rollout, tourism, and policies put in place by the government.
Emphasis on Digital
As many national and regional governments shut down during the pandemic to function at the lowest possible level, the UAE government took another approach. It moved many of its resources for citizens to apps and online to ensure that citizens and residents still had the resources they needed. In addition, the government launched a series of plans and initiatives, all with digital backings, to continue the country’s growth even when the future was so uncertain.
Like many countries across the world, the UAE economy relies heavily on tourism and took a significant hit during the pandemic. However, with its reputation as one of the best countries that handled the pandemic, early opening to tourists and rapid vaccine rollout, the UAE government is ready to once again build up its tourism, beginning with Expo 2020 Dubai, which takes place this fall.
New & Attractive Policies
One of the most successful actions that the government has taken over the past year has been the design and implementation of attractive initiatives to attract foreign investment to the area. No additional fees or capital for foreign owners, no UAE shareholder required, and the possibility of 100% foreign ownership are just a few of the new policies that have made the UAE an even more attractive nation for foreign investment.
If you’re looking for the next place to invest or incorporate your company post-pandemic, the UAE is the right choice. With a wide range of options, from free zones to mainland to offshore, we can help you narrow your options and answer any questions or concerns you might have. Contact us today & don’t miss out on the UAE’s swift COVID-19 recovery.
CEO, Europe Emirates Group