UAE national economy expected recovery in Golden Jubilee year
A recent report published by MEED magazine confirmed that the United Arab Emirate remains an attractive place to do business, with the approaching fiftieth anniversary of its founding, the “Golden Jubilee”.
UAE 50th anniversary in “Golden Jubilee”
MEED: UAE set for post-Covid recovery in 2021
The MEED report said that as the world recovers from the repercussions of COVID-19 in 2021, in the “Golden Jubilee” year. the United Arab Emirate will celebrate its 50th anniversary, in addition to hosting the Dubai Expo 2020.
The United Arab Emirate, through its enjoyment of one of the most diverse economies among producers, regional oil, huge sovereign wealth, and easy lines of credit, its economy was better positioned to weather the shocks of the COVID-19 crisis than many other countries in the region and around the world.
The report added: ‘While the global epidemic led to a drop in oil prices and disrupted certain industries, especially aviation, the United Arab Emirate dealt decisively with the crisis, limiting the number of cases, imposing basic sterilization rules for the COVID-19 pandemic, boosting testing capacity, and investing heavily in tests, and developing vaccines.
The report continued: “The state’s approach is to build confidence, and despite the profound impacts of the pandemic in the United Arab Emirate financial, travel and hospitality sectors, as the financial sector, which will be central to future growth, has received good support.
The report noted the government’s efforts to return to the new economic situation quickly, but safely, describing these efforts as positive, indicating that economic activity is showing signs of improvement, driven by domestic demand, as a large number of residents return to spending after months of restrictions imposed on daily activities, in the “Golden Jubilee” year.
UAE Project activity progress in the Golden Jubilee year
Projects activity in the United Arab Emirate continued, despite its decline, as activity in the primary energy and utility sector provides continuous opportunities for contractors.
The United Arab Emirate promises that there are approximately $ 868 billion of projects planned or in the process of implementation and about $ 132 billion in progress. Execution, the second largest project in the MENA region, Although there are undoubted challenges in the short term, the long-term prognosis remains sound. Regardless of what happens, the United Arab Emirate market will remain one of the largest project markets in the region, especially in the coming “Golden Jubilee” year.
The total value of existing projects in the UAE
The value of existing projects in the United Arab Emirate is more than $ 672 billion, of which, $ 417.7 billion is for construction projects, $ 82.9 billion for transportation projects, and $ 95.3 billion for oil and gas, and the project inventory consists of $ 63.7 billion for projects in the bidding phase, $ 492.9 billion for design or engineering work, and 114. $ 8 billion is under study.
United Arab Emirate is an attractive place to do business
The report concluded that as other regional economies continue to fluctuate, the United Arab Emirate will remain an attractive place to do business, and the postponement of Expo 2020 appears increasingly, in the “Golden Jubilee” year, that will allow Dubai to ride a wave of enthusiasm, after COVID-19, for new business opportunities, boosted by the epidemic, rather than Than to eliminate it.