Dubai's retail sector will see a gradual recovery by the middle of 2021 as it carefully emerges from the coronavirus crisis that disrupted tourism, the chairman of Emaar Properties, the emirate's largest listed developer, said after Dubai Mall reopened.
Dubai will rebound from the crisis in "better shape" than other cities across the world, thanks to the size of its commercial hub and its lack of dependence on oil, Mohamed Alabbar, the mall's developer , told CNN.
"I don't see a V-shape," he said when asked about a timetable for a recovery based on data from businesses such as Dubai Mall and Noon.com.
"I expect that we really have to go gradually, moving upward towards the end of the year, if there’s no major outbreak there, then probably into end the of the first quarter next year to mid-next year maybe we’re back to normal."
Dubai, a regional tourism and business hub, imposed strict restrictions on movement and commercial activities in an effort to containing the Covid-19 virus.
In April, Dubai announced it would partially reopen its shopping malls after more than three weeks of restrictions. The malls, however, will be required to operate at 30 per cent of capacity.
The government's decision highlights the importance of the sector as a crucial pillar in Dubai's economy and a major draw for tourists under normal circumstances.
In the UAE and around the world, governments are weighing the difficult decision between protecting public health and reopening their economies as businesses buckle under the financial strain of prolonged closures.
Mr Alabbar said the reopening during the start of Ramadan, the "slowest two weeks of the year", provides the opportunity to "try to come back carefully, gradually" and to "fine-tune and adjust".
Economies in the Middle East and Central Asia are projected to contract 2.8 per cent in 2020 due to the coronavirus pandemic and falling oil prices, according to the International Monetary Fund.
"Global cities will go through change and adjustment, some better than others," Mr Alabbar said. "With [the] size of this city and the policy of government and no dependence on oil, the chance of this city to go back, it will go back, and we will be in better shape."
The UAE, the Arab world's second-biggest economy, introduced Dh282 billion in fiscal and monetary support, providing zero interest funding to banks to boost lending growth in the country.
The government has also launched a variety of other initiatives that range from discounted utility bills to waivers of fees to buttress the economy.
The Covid-19 pandemic has hit the global economy, which is set to contract 3 per cent this year and is projected to slide into the deepest recession since the Great Depression of the 1930s.
The outbreak has hindered international trade and paralysed the airline and hospitality industries.
The pandemic also led to the delay of major global events such as the Tokyo Olympics and the Expo 2020 Dubai until next year and the cancellation of the Hannover Messe for the first time in its 73-year history.
The IMF and World Bank were forced to hold their Spring Meetings online last month.
Mr Alabbar said hosting the world fair in 2021 would be "an ideal time".
"I'm 100 per cent sure the vaccine will be with us even if it goes to next year March or April, and I believe by October we should be all fine to really use the Expo as a time of celebration and reunite the world after these times," he said.
Our legal consultant
Name: Dr Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
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Labour dispute
The insured employee may still file an ILOE claim even if a labour dispute is ongoing post termination, but the insurer may suspend or reject payment, until the courts resolve the dispute, especially if the reason for termination is contested. The outcome of the labour court proceedings can directly affect eligibility.
- Abdullah Ishnaneh, Partner, BSA Law
SPEC%20SHEET%3A%20APPLE%20IPAD%20PRO%20(12.9%22%2C%202022)
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ASIAN%20RUGBY%20CHAMPIONSHIP%202024
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TOURNAMENT INFO
Fixtures
Sunday January 5 - Oman v UAE
Monday January 6 - UAE v Namibia
Wednesday January 8 - Oman v Namibia
Thursday January 9 - Oman v UAE
Saturday January 11 - UAE v Namibia
Sunday January 12 – Oman v Namibia
UAE squad
Ahmed Raza (captain), Rohan Mustafa, Mohammed Usman, CP Rizwan, Waheed Ahmed, Zawar Farid, Darius D’Silva, Karthik Meiyappan, Jonathan Figy, Vriitya Aravind, Zahoor Khan, Junaid Siddique, Basil Hameed, Chirag Suri
The years Ramadan fell in May
More from Neighbourhood Watch:
Killing of Qassem Suleimani
The%20specs
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Analysis
Maros Sefcovic is juggling multiple international trade agreement files, but his message was clear when he spoke to The National on Wednesday.
The EU-UAE bilateral trade deal will be finalised soon, he said. It is in everyone’s interests to do so. Both sides want to move quickly and are in alignment. He said the UAE is a very important partner for the EU. It’s full speed ahead - and with some lofty ambitions - on the road to a free trade agreement.
We also talked about US-EU tariffs. He answered that both sides need to talk more and more often, but he is prepared to defend Europe's position and said diplomacy should be a guiding principle through the current moment.
UAE currency: the story behind the money in your pockets
liverpool youngsters
Ki-Jana Hoever
The only one of this squad to have scored for Liverpool, the versatile Dutchman impressed on his debut at Wolves in January. He can play right-back, centre-back or in midfield.
Herbie Kane
Not the most prominent H Kane in English football but a 21-year-old Bristolian who had a fine season on loan at Doncaster last year. He is an all-action midfielder.
Luis Longstaff
Signed from Newcastle but no relation to United’s brothers Sean and Matty, Luis is a winger. An England Under-16 international, he helped Liverpool win the FA Youth Cup last season.
Yasser Larouci
An 18-year-old Algerian-born winger who can also play as a left-back, Larouci did well on Liverpool’s pre-season tour until an awful tackle by a Sevilla player injured him.
Adam Lewis
Steven Gerrard is a fan of his fellow Scouser, who has been on Liverpool’s books since he was in the Under-6s, Lewis was a midfielder, but has been converted into a left-back.
DMZ facts
- The DMZ was created as a buffer after the 1950-53 Korean War.
- It runs 248 kilometers across the Korean Peninsula and is 4km wide.
- The zone is jointly overseen by the US-led United Nations Command and North Korea.
- It is littered with an estimated 2 million mines, tank traps, razor wire fences and guard posts.
- Donald Trump and Kim Jong-Un met at a building in Panmunjom, where an armistice was signed to stop the Korean War.
- Panmunjom is 52km north of the Korean capital Seoul and 147km south of Pyongyang, North Korea’s capital.
- Former US president Bill Clinton visited Panmunjom in 1993, while Ronald Reagan visited the DMZ in 1983, George W. Bush in 2002 and Barack Obama visited a nearby military camp in 2012.
- Mr Trump planned to visit in November 2017, but heavy fog that prevented his helicopter from landing.
COMPANY%20PROFILE
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House-hunting
Top 10 locations for inquiries from US house hunters, according to Rightmove
- Edinburgh, Scotland
- Westminster, London
- Camden, London
- Glasgow, Scotland
- Islington, London
- Kensington and Chelsea, London
- Highlands, Scotland
- Argyll and Bute, Scotland
- Fife, Scotland
- Tower Hamlets, London
THE SPECS
Engine: 6.75-litre twin-turbocharged V12 petrol engine
Power: 420kW
Torque: 780Nm
Transmission: 8-speed automatic
Price: From Dh1,350,000
On sale: Available for preorder now
UAE currency: the story behind the money in your pockets
Some of Darwish's last words
"They see their tomorrows slipping out of their reach. And though it seems to them that everything outside this reality is heaven, yet they do not want to go to that heaven. They stay, because they are afflicted with hope." - Mahmoud Darwish, to attendees of the Palestine Festival of Literature, 2008
His life in brief: Born in a village near Galilee, he lived in exile for most of his life and started writing poetry after high school. He was arrested several times by Israel for what were deemed to be inciteful poems. Most of his work focused on the love and yearning for his homeland, and he was regarded the Palestinian poet of resistance. Over the course of his life, he published more than 30 poetry collections and books of prose, with his work translated into more than 20 languages. Many of his poems were set to music by Arab composers, most significantly Marcel Khalife. Darwish died on August 9, 2008 after undergoing heart surgery in the United States. He was later buried in Ramallah where a shrine was erected in his honour.
Killing of Qassem Suleimani
Killing of Qassem Suleimani
Nick's journey in numbers
Countries so far: 85
Flights: 149
Steps: 3.78 million
Calories: 220,000
Floors climbed: 2,000
Donations: GPB37,300
Prostate checks: 5
Blisters: 15
Bumps on the head: 2
Dog bites: 1
Tuesday's fixtures
Kyrgyzstan v Qatar, 5.45pm
Starring: Jamie Foxx, Angela Bassett, Tina Fey
Directed by: Pete Doctor
Rating: 4 stars
Mohammed bin Zayed Majlis