Dubai is Recovering

A favorable milieu and optimism are prevailing amidst the business leaders in the UAE. According to UBS’ latest report, the UAE’s economic growth is projected to accelerate from 1.4 percent in 2021 to 4.3 percent in 2022 and 5.2 percent next year. It is a great omen. With businesses slowly coming out of their panic mode, there is an increasing level of optimism among consumers as well, despite 62 percent of households in the whole Arabian Peninsula experiencing a contraction in their income. It is also relatively safe to say that the catalyst to the recovery will be new entrepreneurs and entrepreneurial vision.

In particular, Dubai’s economy is set to expand by 4.5 percent in 2022. According to the preliminary data from the Dubai Statistics Centre, the economy grew 6.3 percent year-on-year in the first nine months of 2021, underpinned by a strong rebound in the hospitality, trade, and real estate sectors. After contracting by 3.7 percent in the first quarter, the economy expanded 17.8 percent and 6.3 percent in the second and third quarters of 2021, respectively. However, a heightened uncertainty prevails due to the war in Ukraine and the possibility of threats from COVID-19 variants.

The experts paint a realistic picture, wherein it is increasingly clear that the complete recovery would take time in the region, just like the rest of the world.The private sector has enormous responsibilities on its shoulders. Smart operational strategies would reduce the leaders’ pressure, not to mention the significant need to leverage IT in the process. The Arabian companies should keep their focus on the dynamic technology world and bring home the right technologies to propel the growth factor. Do let us know your thoughts.