The UAE's investment outlook looks positive as its policies to tackle the pandemic have infused confidence among investors, said Helal Al Marri, director general of Dubai’s Department of Economy and Tourism.
The world looks relatively scary for an investor amid new strains of Covid-19, a war in Europe, recession and inflation but the UAE's actions in the past 50 years have instilled confidence, he said at the inaugural edition of Investopia Summit in Dubai on Monday.
“The UAE’s resilience and [the] positive way in which it handles every challenge bring confidence to the world – not just from investors looking to set up their global headquarters here but also individual investors and talent looking to make the Emirates their home,” Mr Al Marri added.
The UAE’s resilience and positive way in which it handles every challenge bring confidence to the world
Helal Al Marri,
director general of Dubai’s Department of Economy and Tourism
The role played by the government is important in a transforming landscape, the official said.
“We don’t believe in protectionism and don’t have politics guide our decision making. Our economy is open and borderless, which makes investors feel safe,” he said.
The Central Bank of the UAE estimates the economy will grow 4.2 per cent in 2022, higher than a previous forecast of 3.8 per cent.
The UAE’s economy is expected to grow 4.9 per cent in 2022, according to Japan's Largest lender MUFG, while Dubai's biggest bank by assets Emirates NBD forecasts an expansion of 5.7 per cent and Abu Dhabi Commercial Bank estimates 5 per cent, supported by strong oil sector growth. Emirates NBD estimates the non-oil economy growing 4 per cent, while ADCB forecasts 3.5 per cent growth.
Many traditional sectors such as supply chain and logistics are undergoing tremendous pressure as a result of the health crisis and are changing.
“We’ve managed to make sure businesses are protected. We have partnered with the private sector since they are driving the evolution. We are learning from them on how to make the transition,” according to Mr Al Marri.
The UAE looked at the Covid-19 pandemic as an opportunity and went back to the drawing board to reduce its dependence on hydrocarbons, Mohammed Al Shorafa, chairman of Abu Dhabi Department of Economic Development, said.
Agriculture technology, FinTech, health care, biopharma and tourism are new focus areas for Abu Dhabi, he added.
“We show value-add to businesses in terms of political stability, a progressive government, an excellent monetary system, state-of-the-art digital infrastructure, 100 per cent ownership of businesses and easy access to talent,” Mr Al Shorafa said.
We are making the UAE recession-proof by investing in our economy as well as in other countries and technologies
Mohammed Al Shorafa,
chairman of Abu Dhabi Department of Economic Development
Replying to how the UAE plans to cope with an impending recession, he said: “The UAE is part of a global system. If there is a global recession, there will be a small impact on us, too. We are making the UAE recession-proof by investing in our economy as well as in other countries and technologies.”
Responding to a query about how the UAE is regulating digital assets, Mr Al Marri said “cryptocurrencies are often misunderstood”.
Banks and other multinationals are tiptoeing into the space and choosing the UAE to set up their base.
“As long as there is an enabling ecosystem to protect the vulnerable, the industry will thrive,” Mr Al Marri said.
The government has to be an enabler to create a cryptocurrency ecosystem, according to Mr Al Shorafa.
“Cryptocurrency is coming and we are trying to put it on steroids. We’ve to be dynamic and agile to create the right regulatory framework,” he added.
The UAE is also fully supportive of Saudi Arabia’s Vision 2030, Mr Al Marri said.
“Economies in the region are co-related. Every sector that evolves in the region makes it more relevant to the world.”
“For instance, the evolution of the tourism industry will allow our region to grab a larger share of global long-haul travel. The same applies to other sectors as well.”
UPI facts
More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions
The Year Earth Changed
Directed by:Tom Beard
Narrated by: Sir David Attenborough
Stars: 4
MATCH INFO
Rugby World Cup (all times UAE)
Final: England v South Africa, Saturday, 1pm
Read more about the coronavirus
How to protect yourself when air quality drops
Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.
Victims%20of%20the%202018%20Parkland%20school%20shooting
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2021 World Triathlon Championship Series
May 15: Yokohama, Japan
June 5: Leeds, UK
June 24: Montreal, Canada
July 10: Hamburg, Germany
Aug 17-22: Edmonton, Canada (World Triathlon Championship Final)
Nov 5-6 : Abu Dhabi, UAE
Date TBC: Chengdu, China
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Sinopharm vaccine explained
The Sinopharm vaccine was created using techniques that have been around for decades.
“This is an inactivated vaccine. Simply what it means is that the virus is taken, cultured and inactivated," said Dr Nawal Al Kaabi, chair of the UAE's National Covid-19 Clinical Management Committee.
"What is left is a skeleton of the virus so it looks like a virus, but it is not live."
This is then injected into the body.
"The body will recognise it and form antibodies but because it is inactive, we will need more than one dose. The body will not develop immunity with one dose," she said.
"You have to be exposed more than one time to what we call the antigen."
The vaccine should offer protection for at least months, but no one knows how long beyond that.
Dr Al Kaabi said early vaccine volunteers in China were given shots last spring and still have antibodies today.
“Since it is inactivated, it will not last forever," she said.
COMPANY%20PROFILE
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Bert van Marwijk factfile
Born: May 19 1952
Place of birth: Deventer, Netherlands
Playing position: Midfielder
Teams managed:
1998-2000 Fortuna Sittard
2000-2004 Feyenoord
2004-2006 Borussia Dortmund
2007-2008 Feyenoord
2008-2012 Netherlands
2013-2014 Hamburg
2015-2017 Saudi Arabia
2018 Australia
Major honours (manager):
2001/02 Uefa Cup, Feyenoord
2007/08 KNVB Cup, Feyenoord
World Cup runner-up, Netherlands
HEADLINE HERE
- I would recommend writing out the text in the body
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DEADPOOL & WOLVERINE
Starring: Ryan Reynolds, Hugh Jackman, Emma Corrin
Director: Shawn Levy
Rating: 3/5
GIANT REVIEW
Starring: Amir El-Masry, Pierce Brosnan
Director: Athale
Rating: 4/5
MATCH INFO
Uefa Champions League final:
Who: Real Madrid v Liverpool
Where: NSC Olimpiyskiy Stadium, Kiev, Ukraine
When: Saturday, May 26, 10.45pm (UAE)
TV: Match on BeIN Sports
UAE currency: the story behind the money in your pockets
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UAE currency: the story behind the money in your pockets
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Vidaamuyarchi
Director: Magizh Thirumeni
Stars: Ajith Kumar, Arjun Sarja, Trisha Krishnan, Regina Cassandra
Rating: 4/5